How Crypto Became the New Subprime

Apple
oFJw78

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oFJw78
Jan 29 15 Comments

Per Paul Krugman of the New York Times: 44 percent of crypto #investors are nonwhite, and 55 percent don’t have a #college degree.

This is an insightful parallel to hit mainstream press. He's spot on. The #crypto community is virtually identical to the 2002-2010 real estate community. In fact, I would bet my life those washed out #mortgage brokers are all playing crypto casino today.

http://archive.today/2022.01.28-223517/https://www.nytimes.com/2022/01/27/opinion/cryptocurrency-subprime-vulnerable.html

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 TOP 15 Comments
  • Crypto markets are not even fraction of mortgage backed security back in '07. Sounds like fear mongering article by "finance expert"
    Jan 29 5
    • New / Eng
      suds_

      New Eng

       suds_
      > Bitcoin’s value is almost entirely speculative.

      Like the US Dollar that just gets printed when gov't decides we need more?
      Jan 29
    • The dollar is backed by the government, which is stable. Also the value of the dollar is pretty stable.

      Bitcoin went from 1 cent to like $70,000 in a decade. That’s 700,000,000%.

      The comparison to the dollar is quite flawed.
      Jan 29
  • Pretty racist to assume they are equivalent just because it's popular among people of color
    Jan 29 0
  • Google
    ⏲️

    Go to company page Google

    ⏲️
    Crypto is a volatile product that swings wildly for often no reason. Some people have struck big, but far more have lost lots of money “investing.”

    Crypto also offers no utility. People like to say it’ll “replace money” or whatever, but currencies are meant to be traded, not hoarded in hopes of selling high. It’s just another form of gambling.
    Jan 29 0
  • STMicroelectronics / Eng
    XEqc76

    Go to company page STMicroelectronics Eng

    PRE
    Amazon
     XEqc76
    How crypto became the new Supreme
    Jan 29 1
  • New / Product
    lac310

    New Product

     lac310
    All these crypto companies, DeFi, and DAO companies remind of mortgage processing firms that popped out of nowhere before the housing crash
    Jan 29 0