[Newsbot]

Title: In a pitch to cryptocurrency investors, Poilievre says he wants Canada to be 'blockchain capital of the world' | CBC News
Category: Political
Posted By: Scape
Date: 2022-03-28 13:24:12
Canadian

[DrCaleb]

Why do you want to make electricity more expensive for poor people who can't afford it, and make the environment more polluted so people can't live in it?

[Scape]

Cryptocurrencies are incredibly volatile. Dogecoin down ~80% from its peak last year, for example.

They're commodities, not currencies. There are reasons to buy and sell them, but hedging against inflation isn't one of them.

[DrCaleb]

I would rather put my money in bits of coloured glass and seashells.

[JaredMilne]

DrCaleb DrCaleb:

I would rather put my money in bits of coloured glass and seashells.

Old Man Harrison talked about using actual precious metals like silver as a hedge against hyperinflation.

If you're going to guard against hyperinflation, do it right!

[JaredMilne]

Otherwise, I'm not sure what the value in investing in something that wildly fluctuates and that most merchants and governments won't even accept payments in.

I'm not even sure how many people Poilievre thinks he can attract with this. Out of all the things I've seen conservative voters get wound up about, cryptocurrency is pretty much at the bottom. About the only thing I can think of is that he might be trying to keep far-righters from leaking to the PPC, or as I like to call it Bernier's Cuckoo Clock Vanity Project.

[DrCaleb]

JaredMilne JaredMilne:

Otherwise, I'm not sure what the value in investing in something that wildly fluctuates and that most merchants and governments won't even accept payments in.

I see it the same as the Dutch Tulip incident. Crypto only has value because people think it has value. Once they stop that, it has no value. When you can spend $5k on some crypto, and a couple months later it's valued over $5B, and you can never realize that value from it, then it's a Ponzi scheme.

[JaredMilne]

Oh, and then there was the Trailer Park Boys comic where a bunch of outsiders bought a vacant trailer and were really secretive about what was in it. The Boys break into the trailer because they think it's full of valuable stuff they can steal and find a bunch of bitcoin mining computers. Bubbles and Julian try to steal the bitcoins, but Ricky completely destroys the whole operation just by peeing on it. As Bubbles puts it, Ricky literally pissed away $100,000.

If you can literally destroy the economy just by peeing on it, that doesn't fill me with confidence.

[Thanos]

Crypto being the preferred currency of the Galt's Gulch types says all anyone needs to know about it. The old school counterfeiters of yesteryear deserved a million times more respect than any cretin pushing crypto ever will.

[DrCaleb]

Anyone who uses the 'criminals use it' reason for banning it has not been paying attention. Criminals use cash too, and cash is much easier to hide. Crypto is easily traceable.

[Thanos]

As the freedummies found out to their distress, despite years worth of being told by every repellent one of the conspiracy peddling salesmen they listen to that "the government can't track you with this!".

[DrCaleb]

Bitcoin investors tend to have low financial literacy, according to BoC research


Sure, let's let that guy run the country. What could go wrong?