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

#1

Post by blueberrychpstx » Thu, May 12, 2022, 4:45 PM UTC

Obviously it's bad if people lose their entire life savings and all that dead horse beating disclaimer stuff.

I fancy myself as a somewhat esoteric idea person, and so when I first discovered cryptocurrency a few years ago, I was very excited to explore the mind bending ways we can build __NEW__ things.

Instead, JPEGs and skeuomorphic representations of traditional financial vehicles in web3 space.

I'm hoping this crash and those in the future rid the space of the toxic backrooms these $30,000 jpegs provide access to and get us to collectively work on building really exciting cool new things.

What do you all think?

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

#2

Post by coding123 » Thu, May 12, 2022, 4:53 PM UTC

Lol, I don't think it's a crash. It's probably most likely 2 or 3 whales that have colluded on a correction and re-purchase strategy. I mean I just don't trust any of it any more. It's more or less completely unregulated (not that the regulated market isn't manipulated too)

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

#3

Post by hindsightbias » Thu, May 12, 2022, 4:53 PM UTC

You just don’t get it. Bitcoin performing worse than the stock market is a feature!

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

#4

Post by joezydeco » Thu, May 12, 2022, 4:54 PM UTC

I'm glad that a long overdue reality check is coming. But I'm incredibly sad that many, many small fish will lose their entire life's savings in the hours and days and weeks ahead. I've already seen random social media postings of attempted suicides, or talk of it. We will lose actual human beings in this.

And, what's worse, is that the real grifters and crooks will walk away clean once again. There isn't enough time or justice in this universe to nail them all and that's a crime in itself.

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

#5

Post by devKnight » Thu, May 12, 2022, 4:55 PM UTC

NFTs are basically tulip mania and beanie babies all over again.

I've been wondering when it would crash, didn't expect it to happen this quickly. NFTs i mean.

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

#6

Post by Jensson » Thu, May 12, 2022, 5:02 PM UTC

coding123 wrote: post #2

Lol, I don't think it's a crash. It's probably most likely 2 or 3 whales that have colluded on a correction and re-purchase strategy. I mean I just don't trust any of it any more. It's more or less completely unregulated (not that the regulated market isn't manipulated too)

Do you think the stock market crash was due to a few whales trying to game the market as well? Both fell due to the same effect, people who invested their savings in index funds/crypto now wants top cash out, so they sell.

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

#7

Post by egfx » Thu, May 12, 2022, 5:03 PM UTC

Those $30,000 jpgs will be replaced by $300,000 gifs.

Remember it’s Bitcoin. What goes down must come up, again.

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

#8

Post by UncleEntity » Thu, May 12, 2022, 5:05 PM UTC

Jensson wrote: post #6

coding123 wrote: post #2

Lol, I don't think it's a crash. It's probably most likely 2 or 3 whales that have colluded on a correction and re-purchase strategy. I mean I just don't trust any of it any more. It's more or less completely unregulated (not that the regulated market isn't manipulated too)

Do you think the stock market crash was due to a few whales trying to game the market as well? Both fell due to the same effect, people who invested their savings in index funds/crypto now wants top cash out, so they sell.

If you get caught manipulating the stock market you go to prison.

Crypto world, not so much.

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

#9

Post by IAmWorried » Thu, May 12, 2022, 5:06 PM UTC

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 achieved better financial results than you did while only doing 1/1000 of the work to get there. I truly hate the fact that these people are so rich. It makes me want to move to Alaska and just try to ignore society for the rest of my days.

This came off as pretty bitter. I apologize, but I am bitter, and I'm having a shit couple weeks.

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

#10

Post by colesantiago » Thu, May 12, 2022, 5:08 PM UTC

I hope it ALL goes away. I completely hate this space with every vested bone in my body.

Even if it takes a huge recession to wipe these cryptobros and casino tokens out, I would be glad.

Obviously would not like the collateral damage that this inflicts on all these so called small 'crypto investors' but as long as this triggers tight regulations to make these tokens, illegal, unusable and banned completely as to make the common person not touch these tokens, then that is a good thing for all humanity and we can start to concentrate on more worthwhile issues.

I really hope this space gets destroyed sooner than later.