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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?

#611

Post by Mehringotio »

cdiddy2 wrote: post #567
Mehringotio wrote: post #538

Earlier quoted context omitted.

Exactly! Bitcoin incentive to NOT make it viable. Instead of putting a Powerline there or building a smelter or something else, Bitcoin is easier and makes more money quicker. This is not a good thing right now this is still bad. And as soon as you have Bitcoin mining there, no one wants to underutilize it because it is inefficient. Now your miner is motivated to run even more and get more money Do you really believe…

Do you really believe a Bitcoin miner would accept being shut down for most of the day? - yes, as the hardware cycles have slowed down this has become more and more viable to use old hardware some of the time. Instead of putting a Powerline there or building a smelter or something else, Bitcoin is easier and makes more money quicker. - I assume there is already a powerline to any wind/solar farm. The issue is the neg…

Of course it might not be economical viable.

Bitcoin is not the solution it's part of this problem because it's decoupled from that market.

It pushes into a market which is bound by different rules.

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

#612

Post by colesantiago »

can16358p wrote: post #569
colesantiago wrote: post #568

Earlier quoted context omitted.

Such as being the fastest way to do gambling and speculation which the majority of people are using it for. 'DeFi' projects that gets hacked all the time with people losing their money in all cases. Pretty useless and broken for anything else, because it is not solving anything than useless blockchain puzzles that we both know are no good for the earth.

Well I've already gave perfectly valid examples from my own life, and you keep telling that it's only for gambling (which is a valid use case too anyway). I don't have any more time to waste with non-open mindeds.

Anecdotes is not evidence or at all valid and is completely worthless.

> you keep telling that it's only for gambling (which is a valid use case too anyway).

With all speculation that is the majority of what everyone is doing in the crypto space, this still proves it is pretty useless for anything else as I said.

Nothing has changed, more people like yourself included will continue to glance at the price of this worthless tokens and lose money in the process.

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

#614

Post by piva00 »

skrtskrt wrote: post #296
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…

The math that most investors (not traders) use isn't necessarily about trying to predict the market, at least in the short term - but to get signals like "this company is over/undervalued compared to competitors or compared to the size of market its targeting" etc. These types of analysis don't necessarily predict anything on their own especially in the short term, though they likely do have value in the long term wh…

Exactly, the industry of trading relies on building good models. Running analysis to uncover more data points is part of it.

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

#615

Post by tommit »

nathanvanfleet wrote: post #512
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…

"Who still think it's a useful concept" Narrator: It wasn't

I understand that this is what I get for clicking on a yet another HN crypto hate thread, but your comment is pretty snarky and offers nothing to the discussion. The comment you replied to was entirely in good faith, there is no need for such remarks, this isn't reddit.

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

#616

Post by can16358p »

colesantiago wrote: post #612
can16358p wrote: post #569

Earlier quoted context omitted.

Well I've already gave perfectly valid examples from my own life, and you keep telling that it's only for gambling (which is a valid use case too anyway). I don't have any more time to waste with non-open mindeds.

Anecdotes is not evidence or at all valid and is completely worthless. > you keep telling that it's only for gambling (which is a valid use case too anyway). With all speculation that is the majority of what everyone is doing in the crypto space, this still proves it is pretty useless for anything else as I said. Nothing has changed, more people like yourself included will continue to glance at the price of this wort…

Besides already using crypto for legit purposes, I don't know about your losses but I'm happy with the nice car that I've bought with the right crypto investments.

Keep crying.

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

#617

Post by id »

Layke1123 wrote: post #593
id wrote: post #348

Earlier quoted context omitted.

Are you also bitter about people who win the lottery or in a casino? I never asked anyone to take risks, and buying into unproductive assets is usually not a good idea. Neither is gambling. But holding this kind of resentment will eat at you. If other people get lucky, you should be glad, not hateful.

This isn't lucky, but besides that, no, I'm not happy when a very small percentage of our population "gets lucky". We should have 80% of this country be able to afford a home, a vehicle, have affordable healthcare, and a minimum of 4 weeks vacation in the modern 21st century. Everything else is just a smoke screen to make "your lucky existence" justified compared to the masses who did nothing wrong except be born int…

Why only 80%? Why not 100%?

Assuming by country you mean the US, just being born there is already incredible luck. I have no idea what you're talking about really, there will always be people with less "luck". I work very hard, consider myself very lucky in general, but also unlucky in some aspects. And hell, I can't afford a home either, but I'm okay with that because I don't expect society to hand me one.

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

#618

Post by crowbahr »

MrMan wrote: post #110
breakds wrote: post #21

But everything is connected. Beware of the fluctuation/crisis in the other markets which might be triggered by what's happening in the crypto market.

Thats not what is happening

It's not entirely unrelated that the Dow is down by 8% over the last month and many tech stocks dropped by that much in only a few days after Q1 earnings reports

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

#619

Post by MagnumOpus »

vinay_ys wrote: post #483
epolanski wrote: post #379

Earlier quoted context omitted.

> 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.

Owning a stock is not the same as having controlling interest in the business and being able to take home your share of profits (or suffer your share of losses) from the business. It is interesting how the mind works to confuse these two things. Also, in the limit, if you owned all the stock in the world, you have destroyed the stock market. Because ultimately, stock market is about speculating the future potential o…

> Also, in the limit, if you owned all the stock in the world, you have destroyed the stock market

Dead wrong, and indeed that is the difference to crypto.

If you own all Bitcoins in the world, it is worth nothing and your net worth is zero. If you own all stocks in the world, you can direct all of those public companies to pay a large chunk of their profit to you every month in dividends, and make those companies do whatever you want them to do (research a way to build a Mars colony, or build better fusion reactors or pay off politicians to do your bidding), which is real power and real wealth.

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

#620

Post by dudeinjapan »

maerF0x0 wrote: post #101
dudeinjapan wrote: post #43

Earlier quoted context omitted.

In biblical times, God became angry at all the douchebags in the world so he caused a giant flood to kill everyone (except for Noah, who was a mensch apparently.) Spoiler alert: it didn't work. There are now more douchebags than ever before.

God had remorse at what he had done and made a covenant to never do it again*. One of the morals of the stories is that the means it would take to wipe evil off the earth isn't worth it. * at least that way

He will get around to it again sooner or later.
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