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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?

#371

Post by id »

mjburgess wrote: post #306
id wrote: post #274

Earlier quoted context omitted.

There are also those of us who played with Bitcoin when it emerged, found it promising and mined it or bought some. Who took some profits along the way and never promoted it. Who still think it's a useful concept, _despite_ the hype that gets too much at times. For what it's worth, you seem consumed by your envy. Accept that crypto investors, even the most stupid ones, took a risk you didn't take and were rewarded ha…

Transfers of wealth from productive to unproductive industries arent risks worth rewarding, neither economically or with praise. It's slothful both as a personal vice, and as an economic activity.

A lot of economic activity is exactly that. Look no further than the big tech companies...

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

#372

Post by jl6 »

I don’t know whether this is a crypto crash or part of some wider downturn or maybe even not a crash at all, but I think it’s perfectly rational to welcome a market correction. Anything being wildly overvalued or undervalued causes bad decision-making and makes us all collectively net poorer.

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

#373

Post by kasey_junk »

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?

Amazon is doing a big stick buyback this year. Currently that’s a more tax efficient way to accomplish income production for most of its shareholders. Alibaba is doing the same.

Netflix has done buybacks in the past but their financials aren’t great right now.

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

#374

Post by annoyingnoob »

IAmWorried wrote: post #9

It's less that I'm glad the market is crashing, and more that I'm glad that the insufferable crypto bros are finally getting a punch to the mouth. Seriously, these people are the worst. Your average "crypto investor" has no skills, no mathematical foundations, nothing. Except for pure stupid luck, and the ability to spew inane crypto babble 24/7. And yes, they think they are much smarter than you, because they achiev…

Don't sweat it. People win the lottery too, but that does not make it an 'investment'. I've always thought of the lottery as a tax on people with bad math skills. You could win but you might have a better chance of getting struck by lightning.

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

#375

Post by dfgasdgsd »

jeromegv wrote: post #213
codyswann wrote: post #60

Earlier quoted context omitted.

They were on the wrong side of a massive bet and lost. Let's take the reverse and say they were on the right side of the bet and made millions and left everyone else behind to wallow relatively "poor". Would they feel sorry for those who didn't take the bet?

For many/most, a stable coin was the exact opposite of a bet. It's not mean to grow in value, it's not meant to lose value, it's just meant to follow USD. They didn't think they were taking a bet, they thought they were storing their assets in something equals to US dollar. That's what the whole industry has been telling them, that's why they are called STABLEcoin.

They weren't betting on Terra though, they were betting on Luna, which isn't pegged and is obviously a bet.

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

#376

Post by MisterBastahrd »

There are things that can be useful in the abstract and so antithetical to usefulness in actuality that it's not really worth getting into.

Like... the idea of using blockchain to ensure a decentralized * network.

We've HAD them before on the internet. They worked fine as long as the average person knew nothing about them. They don't work when 12 year olds and 4chan trolls and Trump groupies get access.

Wanna fix social networks?

Step 1: Recreate twitter.

Step 2: Make it compatible with user-created subscribable blocklists (and exception lists) that can be shared and modified.

Step 3: ???

Step 4: Profit

You never have to see anything but the content you like, and it's still "free speech" even under the most ridiculous faulty application of the term because the company isn't blocking anyone directly. List owner block someone you like? Add them as an exception.

Boom, social media solved, at least until people who are REALLY for personal responsibility decide it's too much trouble.

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

#377

Post by teucris »

MarcelOlsz wrote: post #293
5350-uiop-1130 wrote: post #178

Earlier quoted context omitted.

crypto dude bros are irritating, just stay off social media, what sickens me more is all these companies jumping on the crypto.nft.metaverse bandwagon, like f off seriously.

>just stay off social media, What do you do when literally everyone you know IRL is into it? Everyones brain has been warped by speculation.

Get some new IRL relationships. I find volunteering for a cause an amazing way to make new friends.

Source: I am in a tech-oriented urban environment and I know nobody who is into crypto.

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

#378

Post by kissgyorgy »

Yes, absolutely! The most people actually using crypto for payments are scammers and criminals (ex. ransomware), most of them is bad for the environment (huge energy consumption) and NFTs are basically a huge scam for non-technical people. I hope all these criminals go broke and there will be finally some actually useful things can happen.

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

#379

Post by epolanski »

UnpossibleJim wrote: post #260
IAmWorried wrote: post #9

It's less that I'm glad the market is crashing, and more that I'm glad that the insufferable crypto bros are finally getting a punch to the mouth. Seriously, these people are the worst. Your average "crypto investor" has no skills, no mathematical foundations, nothing. Except for pure stupid luck, and the ability to spew inane crypto babble 24/7. And yes, they think they are much smarter than you, because they achiev…

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?

Are we really comparing the two markets?

Owning a stock means owning a piece of a business. If you have all the stock in the world, you seized all means of production, good job.

If you own all the UnpossibleJimCoins in the world what exactly has changed? Oh but that coin is not insert another coin, it doesn't have the consensus/cult.

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

#380

Post by jeffwask »

dundarious wrote: post #83
jeffwask wrote: post #54

Earlier quoted context omitted.

So was the 1918 stock market crash but sometimes change only comes from pain.

There's no reason to think that change only comes from pain. There's also no reason to think that repeated boom and bust cycles are necessary and good. That would be a kind of Malthusian logic that has thankfully been abandoned when it comes to population studies -- it should not be accepted in economics either.

No reason except most of recorded history but if we throw that out sure humans aren't panicky herd animals that can't assess risk or long term plan.
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