The most obvious stupid scam ever conceived and they actually managed to hook a bunch of actual corporations
Square Enix, Nickelodeon, Coke, KFC, and more fell for this shit while regular people were laughing about how obvious a con it was.
Really puts into question the capitalist myth of the genius entrepreneur and the idea that these corporate types are rich because they are smart or deserving in some way.
They can’t prevent the fraud now because hedge funds don’t report when they short a company into the ground. They literally can’t audit these trillionaires
We’re talking about digital securities here. “GoogleCoin” if you will. It’s still stock, but on the blockchain.
If there are only 10 shares (tokens/NFTs/whatever), Blackrock can’t just go out and sell 100,000 shares to fuck up the price.
"Hey capitalists, I made this cool thing to prevent you from stealing! Do you like it?
…why is my car making this weird noi-"
Lol :')
Just to entertain the idea for a second that some shitcoin will actually level the global market. Let’s ignore the fact that there are plenty of ways to re-annonymize coins and all the other problems with it.
What would compel any holder of large capital to use it? What is the fulcrum of power that will stop these entities from using fiat currencies? If the global system right now benefits them so much (it does) why would they give it up and use something that doesn’t?
USD tanks, nobody trusts the american firms that shorted the entire world into the ground, world comes to terms with a need for a public ledger system to ensure that other nations aren’t fraudulently fucking up the other markets.
I 100% see this happening. It’s not a shitcoin, it’s not a crypto. It’s an NFT.
The firms agree to play ball or be blocked on the global systems of trade.
Why does China block certain US firms (known for abusive short selling) entry into the Chinese markets?
This is fanfiction. There’s no analysis of power, no analysis of capital, no understanding of the overwhelming problems with any blockchain technology.
And worse it’s boring. If you’re going to be a leftist crank about some weird thing, do aliens or something
Now hold on, block chains are totally capable of running programs. Smart contracts are a thing. This could be implemented, technically, in some fantasy world where things happen for no reason. Cranking about cryptography is cool and good.
Dont forget that in your fantasy world the program code would have to have 0 bugs!
Not really sure you’re addressing the topic at hand, nor arguing in good faith. Please disengage.
The periphery will simply align themselves with the existing Chinese pole of influence, why the need for a block chain? Surely a totally new economic technology would take decades to legislate, specify, code, verify, and implement? There’s no way it happens as a reaction to something, it would be like a space race level of effort
This would be an objectively good thing for retail traders in a few ways, though there’d be some hilarious issues from making stocks into digital bearer bonds - what do you do if I steal your Google coins, or if you die while holding them in a wallet with a lost key? Any answer that’s not “too bad lol” can only mean giving terrifying power to a DAO - or right back to the SEC
SEC having any power would be a first in the 100+ years of the stock market.
Maybe not over the stock market, but they certainly had enough to send a lot of web 3 nerds running