113
Bitcoin briefly rises to record high over $70,000
(www.reuters.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 09 Mar 2024
113 points (84.2% liked)
News
23367 readers
1831 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
I knew a dude back in '07 who was real into stocks. Always trying to get me into it and always about it. Checking charts all the time. He ended up losing real bad and killed himself. What is your opinion on stocks?
My opinion is that I'm not a gambler and my goal in life is not to attain as much material wealth as possible.
But stocks are a respectable trade and Crypto isn't? I noticed you said people who make money on crypto are assholes, do you feel the same way for stockholders? Its just interesting that something you don't like affects every aspect of your life (stocks, and the influence they have on bigger businesses to flourish and add value to our economy). Imagine your world without stocks. That new phone and computer probably wouldn't be here, as a small example. Stocks are no different than Bitcoin other than one isn't connected to a country. But saying neither have value isn't telling the truth.
Please quote me saying that.
People who have their 401ks invested for them? No. People who play the stock market to get rich? Yes.
I have nothing but contempt for people whose goal it is to increase their material wealth through gambling. Especially the sort of gambling that will likely never really pay off unless you had plenty of wealth to begin with.
Material wealth as a goal is bad enough to begin with. Rich people making themselves richer by gambling their money on things like the stock market and cryptocurrency are not people I respect.
The products you consume and use on a daily basis (the proprietary chips in your phone and computer for example) only exist because they made money for shareholders. In other words if those rich people weren't making money on the stocks, the need for innovation would have never been to the point it is at now. And as far as the quote goes that was a question but I can quote where you said that dude avoided "being an asshole" for not making money in something you didn't like (bitcoin). Are you aware that business and free trade as a whole would be completely different without that same market that you hate? Why then call people assholes for investing in things? The venom just doesnt make sense. Also investing your 401K means requiring the services of these same rich folks you are against making money. Just doesn't make sense.
Yes, I've heard all that nonsense about how capitalism and rich people are essential for humanity's survival before.
The things I consume and use on a daily basis could be made by corporations owned by the people who work for them, not owned by people whose sole intent is to enrich themselves.
You know what capitalism and investment and the stock market has brought us? Planes that crash because stock buybacks are more important than safety.
Not for humanity, but for the new IPhone plus max 12K whatever the fuck comes out next, yes absolutely. And a worker owned factory would have never had the same level of innovation that the stock market has brought us here. Otherwise all the "worker owned" (lol) factories and countries wouldn't be trying to steal our shit all the time. The AI chips and all that shit would have never been, at least this soon, without making shareholders money. I hate it too dude I agree its fucked. But that plane you linked would still be a prototype in a military factory somewhere never seen by civillians if it hadn't been in a position to make tons of money to have it available to the public. I knwo that sucks dude, but that is the truth. To deny it is to lie to yourself. I will say that stocks serve a greater function than crypto there's no doubt to that. But to say one is a big scheme designed to fuck the little guy but the other one isn't is just false. So why can one be celebrated and welcomed by society (otherwise people sure wouldn't spend money on the new IPhone 12K whatever) and the other one people be called an asshole instantly if they think "man wouldn't it have been cool to have been in on that?"
Why would I give a shit about an unnecessary and wasteful new phone coming out? And why are you calling that innovation? What innovation?
Also, a huge amount of innovation, including the internet you're using right now, was government-funded.
It's a myth that capitalism is necessary for innovation.
You seem very invested (no pun intended) in the idea that gaining material things and money are what people should have as goals.
The phone thing directly affects competition in the proprietary chip market which affects the phone or laptop or other electronic device you are using to comment on here. The entire system and way of life you live is directly tied to the success of the stock market and in turn economy that system produces. And yes I am very invested in feeding my child, gotta have money to do that. I truly envy those who have never been homeless and have always had family and support to help them, maybe those people wouldn't understand the value of money the same way because they never had to steal for their food or starve. By the way, after I made this argument Bitcoin surpassed silver to become the 8th most valuable asset in the entire world. More than Coca Cola and Pepsi COMBINED. Being upset about it or wishing it didn't exist won't make it go away
"Capitalism isn't going anywhere, therefore it is a good thing" is a strange argument.
"Capitalism affects everything around me that I use daily" is the actual argument. And it does that through the stock market which you said yourself is like a gamble of money. But no, Bitcoin is the problem and everyone's just an asshole if they trade it or make money on it is what you had said to that dude. But not the hedge fund worker you give your 401K to?
I don't have a 401k. Why did you assume I had a 401k?