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by awesome_dude 194 days ago
> And it turns out nobody cares, because to a first approximation nobody is in crypto for the libertarian principles. It is all about number go up; always has been, always will be. It's not even worth pointing out anymore.

I agree 100% - Meme stocks go brrrrrrrr

The idea that it's a currency that lives beyond the reach of governments is laughable (as soon as something goes bang a lot of the owners call for... regulators and government oversight)
2 comments
Animats 193 days ago
> I agree 100% - Meme stocks go brrrrrrrr

Mostly, meme coins go into a screaming dive after the initial pump. Go type some meme coin names into Coinmarketcap.

Except for Bitcoin and Ethereum, almost everything in crypto has crashed hard.

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awesome_dude 192 days ago
Neither ETH nor BTC are being utilised for anything other than "Money goes in, price goes up, weee more money should go in, I'm a financial genius"

It's incredibly difficult to see either instrument as a currency, or a share, or an asset other than the fact that other people will (at this point) buy it back off you for more than you paid for it.

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awesome_dude 192 days ago
FTR (because El Salvador is often mentioned because it had BTC as legal tender)

https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador

> The adoption was criticized both internationally and within El Salvador, due to the volatility of Bitcoin, its environmental impact, and lack of transparency regarding the government's fiscal policy. In 2024, El Salvador agreed to partially limit its involvement with Bitcoin as part of a deal made with the International Monetary Fund (IMF). In March 2025, The Economist wrote that El Salvador's bitcoin experiment had been a failure, bringing more costs than benefits to the El Salvador economy.[4]

> In 2025, Bitcoin was rescinded as legal tender in El Salvador.[5] Besides the aforementioned problems and hacking incidents, research showed it was rarely used by the public.[5]

The Central African Republic has had similar (well worse really) experience

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rjdj377dhabsn 193 days ago
People putting their self-interests before maintaining support for more general principles is par for the course.

Even the vast majority of free-market maximalists will support a government bailout of large banks or the auto industry if it will save their investment portfolio.

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