this post was submitted on 26 Jun 2025
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politics

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Now you can pay your McMansion with McDollars and help bring about the next subprime mortgage crisis.

all 37 comments
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[–] just_another_person@lemmy.world 48 points 4 days ago (3 children)

2008 called and wants it's stupid fucking ideas back.

[–] bacon_pdp@lemmy.world 14 points 4 days ago (2 children)

It is far worse. Like the end of the dollar having any value sort of economic destruction.

A cryptocurrency wet dream idea to make dollars worth zero and fuck everyone not in the ownership class…

[–] teamevil@lemmy.world 14 points 4 days ago

I mean that's pretty much the entire current plan of this administration

[–] Tiger666@lemmy.ca 0 points 4 days ago (1 children)

How is that different from using dollars?

Capitalists are already doing this with dollars and other forms of currency. Crypto is just one more scam just like money.

[–] bacon_pdp@lemmy.world 3 points 4 days ago (3 children)

One of the actual valid reasons for a government is the regulation of a standard currency established via political policy and regulated by the rule of law.

Wildcat currencies only harm the most vulnerable and benefit the most wealthy.

[–] phutatorius@lemmy.zip 3 points 4 days ago

Yep, cryptocurrencies are no more worthwhile than scrip, in-game tokens or Monopoly money.

[–] nanoswarm9k@lemmus.org 2 points 4 days ago

unregulated currency is an unlabled casino

[–] Tiger666@lemmy.ca 1 points 4 days ago (2 children)

"One of the actual valid reasons for a government is the regulation of a standard currency established via political policy and regulated by the rule of law".

Said the libertarian

Do you not see the contradiction of your political beliefs?

Anarcho-capitalism is not an actual political ideology. It is a contradiction of two ideologies.

AYN RAND WAS A FRAUD.

[–] phutatorius@lemmy.zip 1 points 3 days ago

AYN RAND WAS A FRAUD.

That implies she was deliberately deceptive. She was a crank, who believed her own bullshit, until it became inconvenient to do so.

And, despite libertarians' efforts to hijack it, state-managed currency has bugger-all to do with their defective, half-baked theories.

[–] bacon_pdp@lemmy.world 0 points 4 days ago

Library-socialist actually.

Odd that you think that a standard medium of exchange in a resource bound economy is a libertarian idea given that it predates capitalism and liberalism by more than a millennium.

[–] NatakuNox@lemmy.world 6 points 4 days ago

Turn your fake money and turn it into valuable assets the poor can't afford with their real money. Then simply rent out the property too the poors for twice the average family income.

[–] phutatorius@lemmy.zip 4 points 4 days ago

I remember liar's loans and how much they contributed to the 2008 crash.

Now Trump and his gang are mandating that kind of chicanery?

[–] ryper@lemmy.ca 21 points 4 days ago (1 children)

Can the consideration be "this person makes poor financial decisions"?

[–] ExtremeDullard@lemmy.sdf.org 7 points 4 days ago* (last edited 4 days ago)

The thing with cryptocurrencies is, if you create it out of thin air, mine it, hawk it or hoard it, you're a "crypto investor" - i.e. a swindler - and you can be said to be making good financial decisions - albeit not very moral ones - since you're probably making money out of the scam. However, if you buy or spend crypto and you think it's an honest alternative to traditional currencies, you're clearly a mark.

This mortgage thing puts anybody who goes for it squarely in the second category. Nobody who's in on the scam would do it.

[–] henfredemars@infosec.pub 19 points 4 days ago (1 children)

Yes please I’d like to apply to take out a loan for $1 million using this picture of an ape.

It’s like they want to be scammed on purpose.

[–] phutatorius@lemmy.zip 2 points 4 days ago

I have here a genuine, unique string of digits (I know it is, at least am nearly certain, it's a GUID).

You know what it's worth? Whatever some sucker will pay for it. Same as NFTs.

[–] partial_accumen@lemmy.world 14 points 4 days ago (1 children)

"The agencies were also instructed to consider other modern non-dollar assets such as Pokemon cards and Beanie Babies" /s

[–] phutatorius@lemmy.zip 2 points 4 days ago (1 children)

I'm going to qualify for a $2M mortgage with my pogs as collateral.

[–] partial_accumen@lemmy.world 1 points 4 days ago

Nice humblebrag. You don't need to use the plural of pog in your post here when you only have a single mint condition Alf pog as your $2M asset.

[–] SinningStromgald@lemmy.world 7 points 4 days ago

Pretty soon I will be able to use my boardgame collection as collateral for a mortgage.

[–] RizzRustbolt@lemmy.world 6 points 4 days ago

I'm sure that linking real estate assets to a volatile currency will totally work this time.

"25th time is the charm" they say.

[–] phutatorius@lemmy.zip 5 points 4 days ago

Is anything stopping them at considering those assets, and valuing them at zero?

[–] Guidy@lemmy.world 4 points 4 days ago (1 children)

Well I’m urging them to do no such thing and I’m also urging whoever urged them to go ahead and fuck off.

Banks should consider anyone with heaps of crypto as easily duped.

Lmfao what the shit is happening this is wild. It’s like they just decided to find all the ideas that are dumber than what started the 08 recession, and use them.

[–] melsaskca@lemmy.ca 1 points 3 days ago

I have a Trump trading card I want to use as collateral. Also, several old freezer burnt steaks in my freezer should cover all of the fees.