Trump set to open US retirement market to crypto investments
Trump set to open US retirement market to crypto investments
www.ft.com
Donald Trump set to open US retirement market to crypto investments
50 comments
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They're just going to take it all. We'll all be penniless in our old age.
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What would the mechanism for this be?
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Do they want to be hounded by a geriatric militia?
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isnt this worthless fucking pig literally about to die of a heart condition? just hurry up already holy shit
im for real can we all hope really hard right now and try to will this to happen?
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Fuck it, lathe me up fam, I’m going in
Trump dances around the Epstein shit for a few more weeks, while setting things up for a nothing burger to actually be released. Just before it’s about to go out, his heart gives out. The US suffers a collective psychotic breakdown seen only in the schlockiest of 40k fiction. Balkanization quickly ensues
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Isn't like Vance and his handlers aren't on the same boat.
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not the point. nothing is gonna change obviously. im just sick of sharing a planet with these people
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Emailing the HR department to switch plans so I can get exposure to $BOOBA
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This is gonna be for Gen Alpha what the repeal of Glass-Steagall was for Millennials
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He is going to convince every fox news viewer to switch their entire 401k to trump coin
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He's going to mandate it via an executive order, and the Supreme Court will uphold it.
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"Trump not satisfied with current grift, needs to steal your retirement as well"
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What is the Marxist stance on Gresham's Law? Bad money pushes out the good. Obviously not the same thing in terms of currency debasement, but it's like, your retirement index fund is now competing with the latest influencer-backed tulip mania hypecoin.
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Cryptocurrencies are a form of bad money due to their speculative nature and lack of intrinsic value, and these assets will drive out more stable and productive forms of investment. Allowing retirement funds to invest in crypto exposes workers to short-term speculative investments, undermining the whole purpose of retirement funds.
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Neither the dollar nor crypto have any commodity value, so I'm not sure Gresham's applies here. I'd tie this closer to fictitious capital and the scramble over the rate of profit declining.
I'd also hope that retirement funds were managed to chase consistent if low returns over aggressive growth assets with high volatility like crypto, but who knows what finance bros are smoking/snorting these days.
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It's gonna suck when I have to explain to my grandma that her retirement fund is empty because all the apes are gone
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There should be 401k lotteries tbh. You buy bundles of tickets and put them in your 401k. Every 10 years they do a drawing. If you win, your 401k gets the money (no taxes).
Different corporations should run the lottery too, not the government.
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Figure out how to make em tax deductable and you got urself a billion dollar business.
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maybe workers will take more pro-active line about what exactly their retirement funds are being used for 🫠🫠🫠
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Genuine question: why is crypto investment significantly more suspect than the casino that is the stock market?
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It's not a "more suspect investment" as much as it is not an investment at all (in the marxist sense). Unless you are a crypto miner, you aren't a firm employing labor to produce crypto or process crypto transactions. You are literally the customer for crypto.
"Investing" in crypto currency by buying it is like "investing" in USD by buying USD paper bills, or "investing" in bread by buying bread at the supermarket. All in the hopes that you can then resell what you purchased at a higher price to someone else.
The only rational (in the mathematical sense) reason for anyone to buy currency of any type is to
- Keep liquidity for expected expenses in the future
- Purchase useful things that can only be purchased in that currency
However, a theoretically irrational action can be beneficial if you luck out. And the media tends to elevate the stories of irrational traders who lucked out, encouraging other people to behave irrationally.
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While the public face of the stock market is all hype-driven speculation, there is a sizeable chunk of the market built on real industry and established companies with consistent low level growth and stability which retirement funds usually target in addition to treasury bonds. Crypto has none of that, it's all rampant speculation and hype.
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there's even less regulation in crypto than in the stock market
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Well, you know how the stock market pretends to be attached to like actual material things like capital and workers doing stuff and commerce happening? I mean in practice it's all just the vibes that the dumbest and most credulous rich dipshits alive feel when they look at a stock's name, but they've at least got the pretense of being related to material reality. It also has a giant cult of frantic, desperate belief around it to keep pumping those vibes up which is further backed up by immense amounts of state violence.
Crypto abandons even that in favor of just being mask off a pure speculative commodity built by no one with no use value or material form. It's 100% pure vibes all the time, serving the purpose of pumping and dumping monopoly money so the grifters who know it's a grift and are well positioned to take advantage of it can make out like bandits while everyone else gets fucked as the latest scheme collapses.
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The fourth stage is pure simulacrum, in which the simulacrum has no relationship to any reality whatsoever.
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There is no expectation that it should go up (or down) because it doesn't generate cash flows or have industrial use. The price only reflects sentiment.
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Because it’s even way more made up. Stocks are at least tangentially related to the commodities the companies produce and their personnel.
Something like crypto derivatives (options) is bullshit on bullshit on bullshit, literally bs^3
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I thinks its just one more layer of abstraction at this point, basically one more middlemen. I'm pretty sure that behind all the stuff the big cryptoexchanges say, they just end up putting the dollars in the stock market, if not just straight up funding rug and pull projects to achieve their interest rates. In other words, they are literally just investment funds.
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50 comments
Might as well liquidate my 401k and take it to Atlantic City myself.