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- Oil Price Speculation
- What Are Stablecoins?
- Why the Bitcoin Craze Is Just Another Fad
- Shiba Inu coin is pointless, expert says
- ANALYSIS: Gensler Shares SEC’s Crypto Power Play
- Should You Buy Loopring After Its Plunge From a Record High?
- Why Bitcoin Matters
- Deshaun Speculation? 'Go Buy Bitcoin,' Snaps Texans GM
- We apologize for the inconvenience...
- China bans financial, payment institutions from cryptocurrency business
Oil Price Speculation
During troubleshooting, they raided his wallet. Then again, everything about money feels a little strange at the moment.
Or, at the very least, value has rarely felt so disconnected from reality. The concept of value is a fuzzy one, and valuation is often more art than it is science. Psychology has always played a role in money and investing — and there have always been bubbles, too, where the price of an asset takes off at a rapid pace and disconnects from the fundamental value.
Money is fundamentally, unalterably social. But why certain groups of people have trained their focus on certain items is hard to parse. Historically, the economy was theoretically based on labor and value creation at the individual level, and on the structural level, voting shares in companies based on their financial fundamentals and future value, said tech industry veteran Anil Dash, CEO of the programming company Glitch.
But that idea died long ago. And the purpose of our financial systems One of the first big stories of the year was the GameStop saga , and it was a fun one. They rallied behind a guy who goes by Roaring Kitty; in one YouTube video about GameStop, he pretended to smoke a cigar while wearing a cat mask.
There have been all sorts of efforts to ascribe some bigger takeaway to the GameStop story — perhaps it was a populist uprising or a sign that there was something very broken in the market.
But generally, most of the efforts to pull a concrete meaning out of GameStop fall flat. It was a relatively ephemeral incident where, as is often the case in investing, there were some winners and some losers. Dogecoin or NFTs or stock in theater chain AMC get popular online or in their social circles, and they turn around and think, why not? NFTs and Shiba Inu coin, they say, are clearly fake. During the financial crisis, for example, exotic financial instruments created out of subprime mortgages among Wall Street and banks helped take the economy down.
They also revealed regulators to be asleep at the wheel. Very recent history makes it hard to take the Very Serious People in finance and government seriously as responsible stewards of the global economy. The financial industry has gone to great lengths to create new financial products with the potential to do more harm than good in the name of making more money. A made-up quote from a Onion article gets at the attitude:. So much of the economy feels like a scam — the gig economy , student loans , the hope of retirement , a 9-to-5 job.
Consumers are always being tricked and squeezed by corporations. The promise of the middle class is fading fast, so for a lot of people, it just feels like you might as well lean into whatever financial chaos is available to try to hit it big. Dash is one of the originators of the NFT concept, but he worries about the clearly fraudulent nature of some dealings in the market.
What does that tell you? Value is ultimately a story, one we tell to ourselves and to others. The stock market soared during much of and , even during the depths of the pandemic, making it hard not to wonder what the whole thing is for. The federal government was able to deliver a lot of money through monetary and fiscal relief to keep the markets — and regular people — afloat. But whether or not the influx makes money feel fake depends on your perspective.
The state of the world and the economy can feel really hopeless. NFTs feel like a scam, but then again, so does everything. Becerra appears determined to stick with NFTs, despite having been very publicly scammed.
When he talks about them, he vacillates between speculator and true believer, in one moment saying he plans to sell them if the price gets high enough, in another talking about them with quite a bit of affection.
He knows the hype could fade. Becerra, who describes himself as a motivational speaker, high-performance coach, and entrepreneur, compares the current moment in crypto to the s. Of course, the dot-com boom ended in a bust. The value of random NFTs and cryptocurrencies skyrocket seemingly out of nowhere, sweeping up hundreds and thousands of people in the process. Sometimes, the bubbles burst fast because the investment falls out of fashion or it winds up being a pump-and-dump scheme, where fraudsters are creating a buying frenzy around certain assets only to suddenly dump them and flee.
The broader crypto bubble is still inflating. Some people in the industry acknowledge that most of this stuff is likely to implode. If you buy into the idea that a lot of this investing is pretty divorced from reality, then the question is how long this lasts.
How long the song keeps going depends on how long the people holding onto the assets can keep singing. If and when the bubble around some of these hyped investments bursts, a lot of people are going to get hurt and lose money. In NFTs, evidence suggests those who are already wealthy and powerful are the ones ruling the roost , just like in the stock market. While there are true believers in crypto projects, so much of it is just speculation, and venture capitalists and hedge funds are more likely to win the speculation game than the little guys caught up in the mania.
Hilary Allen, a law professor at American University who specializes in financial regulation, said the risk around so many speculative and contrived investments on the market is more tied to the potential ripple effects. Essentially, is the current moment the dot-com bubble or the lead-up to the financial crisis? Our mission has never been more vital than it is in this moment: to empower through understanding. Financial contributions from our readers are a critical part of supporting our resource-intensive work and help us keep our journalism free for all.
Financial gifts from readers help keep Vox free. Please consider making a contribution today. Money has never felt more fake. Reddit Pocket Flipboard Email. You can see this clearly in the markets in Crypto feels like a scam. So does a lot of the economy. Next Up In The Goods. Delivered Fridays.
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What Are Stablecoins?
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Why the Bitcoin Craze Is Just Another Fad
Online trading apps are drawing in novice investors willing to risk everything on volatile stocks. It started in November , around the time of the US presidential election. She started reading about cryptocurrencies online, and the more she read, the more ads for trading platforms she was served on her social media feeds. Unlike listed stocks, bitcoin can be traded 24 hours a day. Flushed with success, she pulled her money out of bitcoin, downloaded the brokerage app Trading , and started investing in other cryptocurrencies and stocks: Ripple, a cryptocurrency and platform; companies that invest in the legal cannabis industry; psilocybin research brands; Beyond Meat, makers of plant-based meat substitutes; BioNTech, a German biotechnology company; businesses developing gene-editing technology and psychedelic medicine; and gold and silver. She joined an investing group on the ultra-private messenger app Discord. By now, her entire news feed was about cryptocurrencies and stocks. Pretty quickly, everything began to fall apart.
Shiba Inu coin is pointless, expert says
Ripple's XRP, currently the world's fourth largest cryptocurrency as measured by CoinMarketCap, has suddenly leaped higher in a surge powered by WallStreetBets traders. Dogecoin and XRP have surged this week as retail traders organized via Reddit's WallStreetBets forum and groups on Telegram and Discord have colluded to "pump and dump" the digital tokens. Members of one Telegram group that has over , people in it have named XRP as a cryptocurrency to buy. Traders turned to cryptocurrencies this week after a long-running battle between bullish retail traders organised via Reddit's WallStreetBets and Wall Street hedge funds that have long been shorting GameStop shares reached its climax—with regulators and brokerages trying to calm frantic markets with heavy-handed restrictions. Tesla TSLA chief executive Elon Musk, who regularly posts about cryptocurrencies on Twitter, helped drive dogecoin higher before giving bitcoin a long-awaited tacit endorsement.
ANALYSIS: Gensler Shares SEC’s Crypto Power Play
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Should You Buy Loopring After Its Plunge From a Record High?
Indonesian Muslim cryptocurrency enthusiasts find a way around Islamic fatwa. Follow all the latest news from Beijing in our rolling Winter Olympics coverage. Trading of cryptocurrencies like Bitcoin has been declared forbidden for Muslims by the national council of Islamic scholars in Indonesia, as the popularity of digital currencies grows in the world's largest Muslim-majority country. During a recent online forum, Indonesia's quasi-governmental Ulama Council declared a fatwa, or a non-binding religious ruling, that cryptocurrency is haram — forbidden under Islamic law. An Ulama is a Muslim scholar who is recognised as having specialised knowledge in Islam.
Why Bitcoin Matters
Here are some of the most popular investing communities on Reddit, including a few you might not have heard of. This forum formed the genesis of the meme stock community that dominated news coverage in January The memes are nowhere to be found.
Deshaun Speculation? 'Go Buy Bitcoin,' Snaps Texans GMRELATED VIDEO: Unpacking the speculative tech, bitcoin wreck with a behavioral investing expert
The firm is actively searching for more Bitcoin-based investment opportunities. He does not personally own more than a de minimis amount of Bitcoin. A mysterious new technology emerges, seemingly out of nowhere, but actually the result of two decades of intense research and development by nearly anonymous researchers. Political idealists project visions of liberation and revolution onto it; establishment elites heap contempt and scorn on it. On the other hand, technologists — nerds — are transfixed by it.
We apologize for the inconvenience...
By Keith Griffith For Dailymail. The small traders who touted meme stocks such as GameStop last year are now tallying punishing losses as their favorite assets plunge amid wild market volatility. On Reddit 's WallStreetBets forum, which was at the center of the GameStop saga last January, bearish sentiment has taken hold ahead of the Federal Reserve policy meeting this week. With benchmark interest rates set to rise soon, riskier assets with long-deferred payouts have lost their luster, resulting in a brutal sell-off in meme stocks like GameStop, which dropped 11 percent on Monday and is down 35 percent this month. Similarly, Bitcoin has plunged nearly half from its November peak, entering what some are calling a 'crypto winter. I'm just gonna get high about it.
China bans financial, payment institutions from cryptocurrency business