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Ask HN: Is anyone else glad the crypto market is crashing?

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Re: Ask HN: Is anyone else glad the crypto market is crashing?

#351

Post by simonh »

jeromegv wrote: post #180
jonathan-adly wrote: post #63

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…

Comparing the stock market crash to LUNA/UST crash is not the same thing. Luna went from $100 to 1 cent. UST was also meant to be a stable coin, it was sold as being equivalent to stacking your money in a savings account, just stable currency that follows the USD value. Lots of people took their money OUT of many coins, and moved it to UST for "stability" thinking that their nest was safe during the storm. (Of course…

LUNA going down is the equivalent of a single stock collapsing, and a fairly minor one at that. OP is right, this is a generalised withdrawal of equity from volatile investments of all kinds. Exactly the same thing happened with the last market crash.

Re: Ask HN: Is anyone else glad the crypto market is crashing?

#352

Post by cyri »

protastus wrote: post #276

Bitcoin allowed me to quickly send money to a war zone (Ukraine) without dependency on a banking system. Wiring money overseas is a slow and precarious experience even in the best circumstances, and I was stoked to bypass all of that. That's innovation. Then there's a surreal amount of noise. The hundreds of altcoins, the blockchain buzzword, insane speculation, insane energy use and carbon emissions, drama about los…

we did that too but with donations towards an African country.

Re: Ask HN: Is anyone else glad the crypto market is crashing?

#353

Post by moultano »

wonderwonder wrote: post #320
moultano wrote: post #304

Earlier quoted context omitted.

Look up what a dividend is.

Amazon is one of the largest companies on earth. How much has it paid in dividends? Netflix? Alibaba?

Once Amazon decides that the prospects for continuing to invest in growing their business are lower, they will start paying dividends. In the meantime Microsoft and Apple already do.

Re: Ask HN: Is anyone else glad the crypto market is crashing?

#354

Post by ISL »

Weapons are instruments of fear; they are not a wise man's tools.

He uses them only when he has no choice.

Peace and quiet are dear to his heart.

And victory no cause for rejoicing.

If you rejoice in victory, then you delight in killing;

If you delight in killing, you cannot fulfill yourself.

https://www.wussu.com/laotzu/laotzu31.html

Re: Ask HN: Is anyone else glad the crypto market is crashing?

#355

Post by macksd »

I'm pretty perplexed by what crypto has become in practice. All the big selling points for me are that it's a currency (that almost nobody uses as a currency) with mathematically-ensured security (which goes away if, like many people, you're holding a lot of wealth in a centralized exchange that tries to dumb everything down for the entry-level consumer) and controlled inflation (which is defeated somewhat by the massively fluctuating prices all driven by hype and speculation) and the potential privacy (which is really only there in some currencies and / or if you never use any other currency) and lack of government involvement (which goes away if the government can tell you've been using crypto and decides to tax it like a security).

In the end, it's a bunch of crypto bros who want to show how much they don't depend on the government suddenly realizing that FDIC-insured accounts were actually developed for a reason. It's people calling dibs on numbers. And yeah - the blockchain has led to all sorts of interesting ideas, but the money you pump into the currency du jour isn't really worth anything once people move on to a new trend, or once your exchange is hacked, or whatever.

I've been getting told for months that I'm missing the train and making a bad decision by a guy who bought BTC at 60k and told me "everyone" was saying it was going to go past 100k. And apparently I was a fool for investing in property and a diversified stock and bond portfolio. So yeah - I feel somewhat vindicated right now.

Re: Ask HN: Is anyone else glad the crypto market is crashing?

#356

Post by root_axis »

llanowarelves wrote: post #198
gsibble wrote: post #98

I feel bad for people losing money, but crypto has not lived up to its potential at all, remains a solution looking for a problem, and is an environmental disaster. I used to be a huge believer. Brian Armstrong gave me my first Bitcoin in 2011 at District in SOMA. Electricity was included in my rent so I bought 10 video cards and mined for about two years on 5 systems. At a company I founded, I use Bitcoin to pay for…

Do you know of any other way to send electronic cash with no intermediaries (EDIT: financial institutions)? It's the first sentence of the whitepaper and ignored by 99% of people, including highly paid software developers. Whether or not you need that will depend on where the world goes. A CDBC social-credit system world presents a lot of incentives to use something else. And if you do need it, you need it ahead of t…

> Do you know of any other way to send electronic cash with no intermediaries (EDIT: financial institutions)

In practice you need a bank account to use bitcoin, there's essentially nobody who uses bitcoin that doesn't have a bank account, so the "no intermediaries" thing isn't really meaningful, nobody cares about this.

Re: Ask HN: Is anyone else glad the crypto market is crashing?

#357

Post by mcguire »

anotheracctfo wrote: post #268
JumpCrisscross wrote: post #243

Earlier quoted context omitted.

> thought crypto was supposed to be a hedge against the markets This made no theoretical sense from the start and has been quantitatively untrue for years.

More goalpost shifting. I've been hearing "Bitcoin is the new gold" and "Bitcoin is a hedge against inflation" since the beginning. Gold is down 2% and Bitcoin is down like 30% or something. Also please keep in mind this isn't Reddit, this is HN. The people here were there right at the beginning, and most of us played with the funny money while it was worthless. Some even became rich (Not me lol)! So don't fucking ga…

I can't count how many times people have explained here that Bitcoin is a "store of value". A store of value that can be down 40% YTD is...problematic. I mean, I guess the value is still there....

Re: Ask HN: Is anyone else glad the crypto market is crashing?

#358

Post by onlyrealcuzzo »

ISL wrote: post #345
onlyrealcuzzo wrote: post #256

Earlier quoted context omitted.

> We will lose actual human beings in this. There will always be people trying to scam people, and always people who get scammed. It's hard to feel bad about an inevitability. I get it if it's someone you personally know - but otherwise - it's just how the world works. It's like getting sad when a cheetah catches a gazelle.

It is different. People scamming people is like cheetahs engaging in cannibalism. Cheetahs, generally, are likely to be opposed. As long as there are sufficient prey/resources to go around, there is no intrinsic need for cheetahs to eat cheetahs.

Okay - that's cheetahs. Humans have an intrinsic need to scam other humans. It's been happening since the beginning of written history.

If we're trying to blame modern technology for a rise in scams - that seems misguided. It's better to just acknowledge that you need to be on your toes for scams from other humans. Some people are gonna fall for the scams - it's inevitable.

Re: Ask HN: Is anyone else glad the crypto market is crashing?

#359

Post by DeathArrow »

logifail wrote: post #335
UnpossibleJim wrote: post #260

Earlier quoted context omitted.

I will preface this statement by stating that I know nothing about the stock market and let my retirement account be handled by an investor... What real math is involved in predicting the stock market? I understand there is a lot of theory behind TRYING to predict it, just as there is a lot of study in trying to predict trends in the stock market, which is why you are better off investing in groups of stocks as oppos…

> What real math is involved in predicting the stock market? Given the apparently inability of active funds to routinely outperform passive funds[0], "not much" would be my response. One could be really cynical and reduce it to: some people get lucky, some of the time. That's all. [0] https://www.ft.com/content/06317e0e-b6bf-4fdc-9255-cf664cb92... ( https://archive.ph/NumMp )

>Given the apparently inability of active funds to routinely outperform passive funds[0], "not much" would be my response.

Renaissance Technologies and Two Sigmas are just two examples of firms that constantly beat the market using math, algorithms and machine learning. It's doable, but not easy.

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