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https://fortune.com/2024/08/05/billionaires-134-billion-wiped-from-fortunes/
A teaspoon of progress. Now grab a shovel.
They’ll get it back. Dips are only ever temporary and markets always go up, over time. This will be true forever, until the heat death of the universe.
Since the economic system gone fully electronic there is nothing which can stop adding another 0.
You cant add another 0 to bitcoin unless you figure out how to convince more than 51% of miners to do it, the majority of users, and not collapse the price at the same time.
Not if you(your group) control the 80% of BTC.
Did you ever heard of the Crypto Whales?
Wtf are you even trying to say.
To make a change to the protocol, you need 51% of the miners to agree and implement it when blocks are mined.
But 51% of the miners isn’t enough because the users themselves can also revolt and fork away, which would destroy the price.
To add a 0, you’d need a massive (*super) majority buy in from all sides.
How much bitcoin anyone owns, even if someone owned 100% of it, has absolutely no bearing.
Mate there are easier ways to add a 0 and Im not talking about literally adding a fucking 0.
Then enlighten me, what does
Since the economic system gone fully electronic there is nothing which can stop adding another 0.
What are they adding the 0 to? Why does it have to be with our system being electronic?
An electronic system it’s easier to manipulate and it’s infinite, so if you thought capitalism will fall like Marx said, you are pretty wrong nowadays, capitalism it’s virtually infinite.
That’s only true for as long as growth under capitalism is possible, and until we have access to infinite resources, infinite growth is not possible.
The implication that capitalism will be with us until the heat death of the universe is soooo depressing.
capitalist realism
Capitalism has been with us since basically the beginning of humans if you think about it. The odds of it dying is about the same as you winning the powerball lottery 6 times in a row.
how could a government system based around money have existed long before money existed? let’s think things thru before we post
Don’t need currency for capitalism. There is bartering. I could start a company and pay my people in eggs bacon and cheese
?
Capitalism is a very recent concept in human history.
Only by conflating economics and capitalism could you come to the conclusion you just did.
If you consider capitalism to be exploiting labor for profit, sure. If you consider it the relatively precise description advanced in the 17th century onward, no.
Agreed, capitalism, in it’s textbook definition form only started existing around the industrial revolution when it succeded the mercantilist status quo.
Exploiting labour for profit can happen in any economic system, in practice.
Wait…is money fake?
Imaginary bullshit, at least this part.
I only pray it was a literal bloodbath.
Bulls make money, bears make money, pigs get slaughtered.
Buy low you apes.
Gotta have money to invest to invest.
I hear if you just don’t eat avocado toast and put $20 in a saving’s account every week from when you turn 18, you can invest in Bitcoin and become a billionaire.
I can’t live without my avocado toast and $15 cup of corporate coffee.
Fuck. What a scam.
Just buy some. Duh
I don’t really know what any of that means.
That’s a good start.
That’s not even a start really.
Stocks are on sale, that’s all monied folks see.
Buy the dip!
“swiped from their fortune”… If my 401(k) fell in half overnight, the media wouldn’t say it was swiped from me, they would say my retirement saving has “sagged” or somesuch.
For us old-timers, it reminds me of this scene in the Carl Sagan movie Contact where the ultra-rich SR Hadden played brilliantly hy John Hurt is talking to Jodie Foster’s character, Dr. Arroway.
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Holy shit my 401(k)s went down by around 8% which means Fortune article on me when‽ I lost more than Bezos!
The terms we usually use are “wiped out”. It happens fairly often
Awww poor fucking diddums. Won’t someone think of the multi billionaires?
…And yet they are all still billionaires.
Remember this in the future when you hear these people complain about higher taxes, they weathered this “loss” quite easily. So they can weather the “loss” of some of their wealth to actually support the country that allowed them to make billions in the first place.
And yet he still has so much money that if any one of us picked up a $20 bill every second for our entire lives, we still wouldn’t come close to having the amount of wealth he has.
It’s just obscene.
Wake me up when all billionares have lost so much money there are none left.
