this post was submitted on 02 Feb 2024
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They put money in Bitcoin, but not the tech behind it. To them it's just stocks to be manipulated in order to get a profit.
I don't know why this is surprising. Capitalism is an economic system where the goal is profit. So, why would capital do anything other than seek profit? Nearly all technological advances have occurred through government or institutional investments, then capital flocks to it when someone finds a way to profit from it.
Thinking block chain is a solution to anything is naive. It does nothing to change the underlying system, or the incentives that drive our economy. Like any system, the interconnections between the things that make up the system, and the goal of the system must change otherwise everything will just settle back to the status quo.
For example: media streaming is becoming cable tv again. Nothing fundamentally changed about the system of delivering media, or the goal of the system which is to drive profit. Thus, we are moving quickly back to the same model of paying for media (renting it really) and watching ads to increase the revenue of the provider
Right?
Also, look at its price. It dipped, and came right back.
If anything, the financial consensus around this is exactly the opposite of what was being presented.