• A_norny_mousse@feddit.orgEnglish
    41·
    4 days ago

    Considering a single tweet can raise or lower stock prices by multiple %, yes.

    I would take it even further, though: the whole monetary system is becoming increasingly abstract and - in a way - meaningless.
    Long gone are the days where the banknote you are holding represented an actual piece of something valuable in some vault.
    Nowadays, the money you are using isn’t even backed by a banknote.
    You cannot even pull a Count of Monte Cristo on a bank anymore, but they have secured themselves against such action anyhow.
    Multiplying money is a fact that has its own rules and regulations.

    And so on. This was bad even before digital currencies (let me point to a short story by Michael Ende: Die Bahnhofskathedrale) and has gotten orders of magnitude worse.

    So yeah, stock market bad. And it’s as old as the whole financial system described above, and an almost indistinguishable part of it.

    I’d be glad if we could roll back the clock on all this, but I fear that madness is here to stay. Until some sort of collapse. Hopefully only a financial one.

    • explodicle@sh.itjust.worksEnglish
      8·
      4 days ago

      Long gone are the days where the banknote you are holding represented an actual piece of something valuable in some vault.

      This was bad even before digital currencies

      roll back the clock on all this

      For better or worse, Bitcoin is an attempt to do just that, to recreate a limited deflationary monetary system like the gold standard.

      • A_norny_mousse@feddit.orgEnglish
        6·
        3 days ago

        recreate a limited deflationary monetary system like the gold standard

        I don’t know enough about Bitcoin or the gold standard to concur, but I’d agree that the original idea of Bitcoin wasn’t bad, compared to where we are now.

        I used to take part in a moneyless exchange system. One main idea was that your credits decreased in value if you just left them on your account, thus making capitalism impossible, and encouraging people to keep it all alive.

        • explodicle@sh.itjust.worksEnglish
          2·
          3 days ago

          If we’re going to count the small percent of gold’s value that’s useful for jewelry, then we can count the small percent of bitcoin’s value that’s useful for secure time stamps. In both cases the overwhelming majority of today’s value is speculative, and they’d still be useful in a world without money.

  • NOT_RICK@lemmy.worldEnglish
    22·
    4 days ago

    OI, WHICH WANNA YEW GITS KEEP SPENDIN ALL YER TEEF SNATCHIN UP SHORTS ON MY WAAAAGGH? I OUTTA KRUMP YEW