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.
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?
#22Those $30,000 jpgs will be replaced by $300,000 gifs. Remember it’s Bitcoin. What goes down must come up, again.
You ever hear about companies filing for bankruptcies, the stock becomes worthless. What goes up and down may disappear.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#23Earlier quoted context omitted.
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.
Occam's razor: if people are selling all other kinds of assets to cash out then people are likely selling crypto to cash out as well. If you believe otherwise you'd have to explain why people would sell their stocks but not sell their crypto.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#24[deleted]
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#25Is anyone surprised considering some central banks are going to be launching their own crypto? Its almost like the secret experiment with crypto is over, and I'm saying this as one of the first bitcoin miners.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#26Earlier quoted context omitted.
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.
S&P total market cap is almost $40 trillion. Btc market cap is about $600 billion. One is completely unregulated and not connected to anything physical. It seems it would be a lot harder for "whales" to crash something like S&P due to its high market cap and regulations.
Right, which is why it is ludicrous to believe this crash is due to some whales. That was my point. If only bitcoins dropped but not the stock market he would have a point, but as is its drop looks similar to the stock market.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#27Bitcoin is at $30K. I'd hardly call it "crashing". It has erased its gains from the last year, sure, but so has the broader stock market. And "growth stocks" are performing a lot worse in the same period.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#28NFTs 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.
Did anyone actually buy NFTs or was it just a bunch of people saying "this is worth X"?
It was the perfecting money laundering vehicle. "I made a picture of an ape and 'some random anonymous person' bought it for $1M!"
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#29I just hope this will finally make GPU prices come back down to earth after two generations of nonsense.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#30I'm not a fan of crypto, but don't get happy when any market crashes. The worst part is the very few big-time Bitcoin evangelists I knew personally got into it super early, for no better reason than it seemed to pattern match their Randian Objectivist proclivities and they really hate the Fed, people with little to no technical background who had gotten by in the past via things like couch surfing with women who had money, playing poker full-time, and taking glamour shots of teenage girls they found on the Internet. Those people were in early enough that they're still rich almost no matter what. It's only the late stage investors getting crushed.