• DefinitelyNotAPhone [he/him]@hexbear.net
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    4 days ago

    If 401k accounts consistently 2008 on people, no one will bother putting money into them and the system will collapse. Given that’s literally a multi-trillion dollar industry, I’d like to cope and believe that the finance ghouls in charge are bright enough to not kill their golden goose by going all-in on $420KEK or whatever.

    • CarmineCatboy2 [he/him]@hexbear.net
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      4 days ago

      well the housing market is worth what, 100 trillion?

      I’d like to cope and believe that the finance ghouls in charge are bright enough to not kill their golden goose by going all-in on $420KEK or whatever.

      i’m afraid you’ve just lathed it

      • DefinitelyNotAPhone [he/him]@hexbear.net
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        4 days ago

        The difference is that subprime mortgages were being repackaged as safe investments and then used as fodder in retirement accounts. I severely doubt anyone’s going to try something similar with crypto (again, coping that Wall Street is at least smart enough not to shit in their own food here, this comment will age poorly, etc etc)

        • CarmineCatboy2 [he/him]@hexbear.net
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          4 days ago

          That’s the Greenspan Tragedy isn’t it? Rationally and taken as a whole the finance, banking and pensions system wouldn’t even think of doing this. But individually, Golden Parachutes can take managers very far indeed.

          That said, there’s no real reason to doom over this sort of ultimate financial fuckery. It’s like trying to doomsday prep for thermonuclear war. Ya ain’t surviving that.

        • hotcouchguy [he/him]@hexbear.net
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          4 days ago

          I severely doubt anyone’s going to try something similar with crypto

          I have no doubt it will be tried. It may exist already, there are publicly tradable corporations that have large crypto holdings, basically copying MicroStrategy’s strategy, and turning themselves into de-facto crypto ETFs.