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'we can no longer fund social security after the rugpull crisis of 2027'
Social security is different from retirement savings accounts. If the government starts confiscating privately held 401k accounts en masse for some reason there's probably bigger things to worry about, like iodine pills and canned beans
damn you're right, i crossed my wires there for one moment. but, like, doesn't that just mean the government doesn't have to do anything? the industry will be deregulated into the crypto bubble and the 401k system will be one tether audit away from replaying the 2008 housing crisis.
If 401k accounts consistently 2008 on people, no one will bother putting money into them and the system will collapse. Given that's literally a multi-trillion dollar industry, I'd like to cope and believe that the finance ghouls in charge are bright enough to not kill their golden goose by going all-in on $420KEK or whatever.
well the housing market is worth what, 100 trillion?
i'm afraid you've just lathed it
The difference is that subprime mortgages were being repackaged as safe investments and then used as fodder in retirement accounts. I severely doubt anyone's going to try something similar with crypto (again, coping that Wall Street is at least smart enough not to shit in their own food here, this comment will age poorly, etc etc)
That's the Greenspan Tragedy isn't it? Rationally and taken as a whole the finance, banking and pensions system wouldn't even think of doing this. But individually, Golden Parachutes can take managers very far indeed.
That said, there's no real reason to doom over this sort of ultimate financial fuckery. It's like trying to doomsday prep for thermonuclear war. Ya ain't surviving that.
I have no doubt it will be tried. It may exist already, there are publicly tradable corporations that have large crypto holdings, basically copying MicroStrategy's strategy, and turning themselves into de-facto crypto ETFs.