Exactly. Direct your hate to the fed who is manipulating the market and toying with people's livelihoods.
No one is every happy with the fed - they lower interest rates: they're encouraging inflation and de-valuing the dollar. They raise interest rates: they're toying with people's livelihoods. What is the correct action to take, in your opinion?
Maybe trying to centrally plan the money supply is the same losing game as centrally planning your steel production?
There is a moral imperative to stop crypto/NFTs/etc, especially from those most vulnerable to it, the young.
We are putting the planet in peril already without the existence of this pointless technology, which represents the first net-negative invention of Computer Science. As a discipline we must evolve to apply an ethical lens to what we do, just as other sciences have had to do with time.
I follow climate change for a while. Especially the co2 concentration in our air, wild fires, droughts etc. I'm looking forward to burning less resources for just hashes. I'm also getting tired of having the same fruitless discussions. There are a lot of people who have never thought about a ton of implications of crypto. Real issues are ignored, unknown, or just never even mentioned.
Proof-of-work works fine with clean energy. You should direct your concerns at polluting forms of energy sources.
When there is a global surplus of clean energy then we can look to burn it on a distributed global casino.
Until then there are countless better ways to use it. And yes, Crypto isn't the only wasteful use of energy, but it sure is the most obnoxious.
Proof-of-work works fine with clean energy. You should direct your concerns at polluting forms of energy sources.
that would be fine logic if we had unlimited clean energy unfortunately as its supply is limited... it being consumed for useless work means it can't be used for useful work, and as a result dirty energy is being generated for that instead
You have it all backwards. The PoW is useful work because it helps secure my hard-earned savings against very high inflation my country is dealing with (I store my savings in Bitcoin). While many other (non-PoW) energy uses you have in mind are useless for me.
> it's bad if people lose their entire life savings
What is even worse is that those life savings will be collected by criminals and personalities alike. I'll be glad only if those people will be put in jail for running all those frauds and scams.
It's a Macro crash. SP500 is down -%5 YTD. Meta -37%, Netflix -65%. Lots of pain spreading. You shouldn't gloat or be happy. Give it a couple of more months like this, and lots of the HN audience would be worried about layoffs. The security of your average software developer job is strongly tied to market cycles. If you want a place to direct your hate and bitterness, I would do it at the architects of the BOOM/BUSTS…
Sure it's macro. But if crypto is dragging down the rest of the market what does that say about the market?
Yeah because the fed is hiking rates due to crypto causing inflation? Or it was crypto that was used for extreme QE? Or was it crypto that caused companies to inflate their stock values via buybacks?
Not to mention crypto marketcap and volume is a drop in the bucket compared to securities.
I have been sitting on cash since end of last year, I am finally seeing opportunities to buy at reasonable price: stocks and crypto. Stocks, cryptos, houses: people kept buying no matter the price, even though, it was so obvious that those prices were not sustainable. And we are finally seeing a proper correction. I think, houses are next in line.
Be careful of not trying to catch the proverbial falling knife!
There is still a ton of air down below :-)
If you go in, do it gradually in small trades, don’t try to « time the market ».
I'm genuinely confused. This current crash is not nearly as bad as several recent crashes. The fall in price in the big coins (Eth, BTC) seems downright modest. A bunch of new meme coins got obliterated, which is also normal and completely predictable. Why are people treating this as if it's going to be the fall of crypto? Because a peg broke? Have people not heard of Mt. Gox?
The millions of people that joined crypto joined many years after Mt Gox, no they haven't heard of it. A peg broke = a stable coin people thought was anchored to USD (ie= a safe place to park your money) suddenly lost 70% of its value overnight.
While I'm sure many people were laboring under the belief that a stablecoin couldn't fall, I've seen lots of commentary about various stablecoins not being properly backed by USD and thus being probable targets for an attack like this one, going back almost a year. I'm not arguing this isn't, in some sense, a 'big deal', but we've seen crypto as an asset class shrug off objectively worse disasters.
I could have made relatively decent chunk of money if I had just kept the little I had... But I'm really just too risk averse and believe in sanity that the things wouldn't actually go anywhere. Specially not to the 100x from point where I was. Then again, I also think most tech stocks are just stupid. Especially Tesla, but thankfully I'm not either betting against them. Let's see if I'm proven correct in long run.
People with this kind of "risk tolerance" usually dont take a risk even tho it would probably be totally "sane". If you think about it, many people make several million dollars over their life time but see it as to high of a risk to put 10k into something that could go to zero but it also could go to 100k or even more. That does not make much sense. The question should not be "should I risk the 10k? The question shou…
> many people make several million dollars over their life time but see it as to high of a risk to put 10k into something that could go to zero but it also could go to 100k or even more. That does not make much sense. The question should not be "should I risk the 10k? The question should be "am I in a financial position that allows me to lose 10k?"
I see where you're trying to go by framing a loss against lifetime earnings, but I think that could lead some investors to mislead themselves. Someone who is willing to bet 10K on black at the roulette table is almost certainly going to gamble more than once in their lives. The question should be, "am I in a financial position that allows me to lose 10k right now, and can I trust myself to walk away from the table if I do lose?"