With the Euro tanking, world stock markets crashing, erasing $3T in retirement funds, global inflation, and entire nations going bankrupt...the G20 Financial Stability Buds are focused on global rules in October for...those risky cryptos
submitted 1 year ago by SoCo from (reuters.com)
[–]SoCo[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - 1 year ago (0 children)
As energy concerns and the risk of recession weighed on the outlook for the area, Euro plunges to fresh two decade low against US dollar. (which isn't rallying, so much as the article says, as just barely hanging in there better)
Stock market's fall has wiped out $3 trillion in retirement savings
Of course, Sri Lanka has recently claimed it has gone bankupt
[–]Canbot 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 0 fun2 insightful - 1 fun - 1 year ago (0 children)
Unfortunately crypto relies on people buying it using fiat currency. It's value literally defined by the exchange rate. And that exchange rate is entirely controlled by the fiat currency holders who buy it. And the same people who own the fiat currencies and manipulate them also manipulate the cryptos. They are just as fake, but far more easily manipulated. A collapse of crypto does not collapse the economy. There are no consequences.
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[–]SoCo[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - (0 children)
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