Yes, we should trust the word of a known ponzi schemer that the stock market is a scam. Please explain how it is a scam.
You're off by an order of magnitude. Tether at 0.92 would indeed be probably cryptocalypse imminent, but it only went to 0.992 recently. It did hit 0.92 in the 2017 crash, though.
coinmarketcap.com
The rich get richer and the poor get poorer. These hedge funds managers no doubt exchange information with each other without giving any fucks or suffering any sort of consequences, have access to lots more information and can move money way faster than your average investor. They also hire mouthpieces to go on a television show or news program to publicly distort or hype a stock to millions of people, which manipulates the market. That's only off the top of my head without getting into all the issues like law makers in congress being allowed to play the market, which is insider trading.
Seriously. It's like taking the word of Elizabeth Holmes or the Wirecard CEO as insightful advice.
Even if all of this is true (which, yes, "the rich get richer" is a fundamental principle of investment), do you think this sort of quick money movement happens with index or mutual funds? What would the point be?
I'm not sure what you think a hedge fund is, but they have historically rarely beat the market in terms of returns, whatever information you think they are exchanging or are privy to isn't going to affect the average investor. Mouthpieces hyping stock on CNBC to retail investors is bad because they want them to buy in on bad information, but retail investors have no ability to affect the market, they don't have enough capital to do so. Law makers playing insider trading is bad and should be regulated, but again, that doesn't make the market a scam to the average investor.
It's main utility is privacy. Unlike Bitcoin, online banking, Paypal etc. Monero transactions can't be traced. It acts as a digital version of physical money.
What about when Citadel was colluding with Robinhood at the expense of average people, only to get bailed out with everyone's tax dollars? If that's not what rigging is, then idk what is. The entire GameStop fiasco shed light on things we've always assumed, but brushed it off.
How about you explain to me what exactly happened there, what was the collusion, what was illegal, and how citadel was bailed out with tax money.
Everything you just said is wrong, that's not what happened at all
I just found that the same person also made a Twitter thread back in April on the same topic, definitely worth a look:
Yeah, not to downplay those Reddit screenshots, but the one talking about losing 450k and losing their home is crazy to me. They don't have any money other than what they invested in that?
Greed is a bitch. It's not like "Don't put all your eggs in one basket" is an obscure phrase.
A top 10 market cap coin lost >99% of its value in the span of 3 days. $18 billion gone up in smoke.
I did not know about the 20% interest system, jesus, the amount of cash infusion it must have taken to keep this system working as long as it has must be insane
Yea, at the end of the day some people had put more than they can afford to lose.
Anytime I see 20% steady interest that always raises a Ponzi red flag with me. That's some Bernie Madoff shit.
