They are by no means currencies, although the global infatuation and greed for earnings give them the flattering label of “cryptocurrency,” in a doomed from the outset attempt to lend credibility and attract gamblers. You must have a hard heart and stomach to trade such currencies with unprecedented volatility.
In reality, cryptocurrencies are nothing more than an instrument – yet another – of pure speculation that has no intrinsic value. Buy a property and you will still have it if the market collapses. Buy stock on the stock exchange and you’ll still be a co-owner of the company if the market crashes. Buy Bitcoin and you’ll throw your laptop in the trash if its value evaporates (as it currently does) because this tool is just a little bit of code that you can’t do absolutely anything with and that someone else at the other end of the Pyramid just got the brilliant idea of selling.
This widespread hysteria indeed tells a trivial story that has happened many times. It reflects a collective contagion that has in the past inflated the valuation of assets that are far more tangible than cryptocurrencies – which in turn are as ephemeral as a summer romance – but are also as mundane as a game of musical chairs in which the number of seats are limited and the only people who can win are the ones who sell first. This market – which is now worth a few trillion dollars and euros less than before, having been heavily devalued in recent months – has value only thanks to other players who are pushing it higher and higher.
Worse – and even more worrying is that cryptocurrencies thrived on a fertile ground of young and precarious speculators and investors who did not have the means to trade stocks or real estate markets because it was too expensive for them. Let’s be realistic and honest: in a climate where new generations are much worse off than their predecessors, and in a situation where it seems so easy to make money by speculating thanks to deregulation and the complete liberalization of capital flows, crypto has sold a dream. to young people, who have found an ideal way to distinguish themselves from their predecessors.
In a world where inequalities are aberrant, where the vast majority of young people in the world can now qualify as the new poor, the only weapon at their disposal that has allowed them to make their mark has been cryptocurrency. This scam succeeded in convincing them that they could follow in the footsteps of the rich and powerful by exploiting a cutting-edge tool as a secondary hustle and bustle.
Unfortunately for these young people and for the defenseless, for whom crypto was literally an ideology enough to swear on it and only on it, rich investors have become even richer because only they have found themselves in the handcuffs of these platforms. and this farce of a market. Today, thousands of gullible investors are suffering head-on and down to the last penny this latest avatar in the era of rampant capitalism that knows how to thrive only on the backs of the most vulnerable corpses. There remain those who can afford to lose the least that they have been damaged and ruined.
For more information on Michel Santi, visit his website: michelsanti.fr/en
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