This is so sad. Crypto (including Bitcoin) serves as a money funnel while takes from economically insecure middle class retail investors and pours it into the pockets of the tremendously wealthy.
Food for thought, when there is currency inflation where do you suppose all the wealth goes and who is it taken from? Here I think we can use the word "take".
US dollar inflation has never been 60% per year AFAIK.
Checkout the book - End Times: Elites, Counter-Elites, and the Path of Political Disintegration by Peter Turchin
Or the HFT engineers producing research and products that speed up general compute, such as accelerating SHA and ED25519 signature verification, so that their trading shops get information faster?
I wonder if there are actually a lot of third-order, downstream effects that society gets by paying engineers to just make computers and telecommunications faster.
There's very good evidence that as the finance sector grows to be a larger portion of the economy (which it very much is compared to 50 years ago) that increasing inequality goes along with it, as the profits made in the finance sector are mostly rent seeking from the rest of the economy. You could also interpret it as a private tax on all other economic activity.
There is some value there, but the cut they get is likely too large already. Then again it is all just fake numbers...
Bitcoin "prints" around 1.74% currently and it's going to drop below 1% in April. The USD, although one of the more stable fiat currencies, is worlds apart from that. Looking at official Fed data you can see the base has been inflated by massive amounts just in the past 3 years alone! An increase of way over 60%!
Of course, the fact that the recent spike in monetary inflation coincided with a large hike in consumer prices over the past three years (which working class people have definitely noticed) as well as an asset price explosion, could have just been coincidence ;)
FX rate evolution is linked to many things (and sort of a random walk anyway) - I'd say you typically need quite high inflation/rates to see devaluation in line with uncovered interest rate parity type views, short-term it could also work the other way around at times.
This is why they have to continuously raise money and breathlessly celebrate it on social media and even on this site as if "raising capital" into the Series H is a good thing.
Sorry to disappoint you but it isn't going to stop.
At least with SPACs, they're securities and you can see their finances before you invest. They're also regulated by the SECs and audited.
With the vast majority of crypto, people who start them don't intend for them to be useful. People who start them intend to scam retailers. That's it. They make up a shitcoin, throw flashy parties, spend on marketing, and then sell their shitcoin on retail. Retail knows it's all a scam too but it's a game of musical chair.
FTFY