Bitcoin hit nearly these lows twice last year in January and July. The crypto market has always been highly volatile, crashes are routine.
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?
#52I doubt it's crashed forever, I think a lot of what we're seeing right now is because of the long overdue reckoning for the "stablecoins" that people have been treating as if they're worth $1 despite knowing it was a lie for years. That destabilizes the markets really badly since so much trading either used them as USD stand-ins or used the credit mechanisms they enabled to push up volumes. People didn't stop believing in magic, that's a longer process.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#53In March of 2000, I registered the domain "TheTulipFund.com" [1] with a manifest of goods used to pay for Tulip bulbs infected with the crazed virus, which was lifted Levine's book[2] on viruses. It started as a joke around a dinner party about buying up dead dot coms. At the time, my company was preparing to go public in April. The joke was on me.
Meanwhile, NFTs -- I have to wonder what's different.
[1] https://web.archive.org/web/20020928142349/http://www.thetul...
[2] https://www.amazon.com/Viruses-Scientific-American-Library-B...
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#54Look at the Terra sub or the replies on Twitter to the official account. Normal people losing all their life savings and a lot of them are contemplating suicide. It's actually really really sad. https://www.reddit.com/r/terraluna/
So was the 1918 stock market crash but sometimes change only comes from pain.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#55It only looks like it is crashing when you look at it on a linear scale. Because a linear scale makes the same swings (percentage wise) look larger during times when the price is higher.
When you look at the Bitcoin chart over the last 10 years on a log scale, you see that a halving over a timespan of 6 months is completely normal given the volatility.
The volatility has been always like this. The only thing that changed is that the price is at an all time high (in terms of orders of magnitude) at the moment.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#56I'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…
I blame Congress and the SEC, they’ve had plenty of time to regulate the crypto casino but they have not done so. Now people will suffer.
But wasn't that the big pull of crypto? Decentralized, unregulated, blah, blah, blah?
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#57I'm down about half of the 1% of my savings that I put in carefully selected crypto in the off chance that it actually lived up to its potential, and I'll hold because there will probably be at least some bounce on the other side of this. So I'm not "glad", but I'm hardly ruined by it.
As for the people who bet their entire life savings on it, fools and their money soon parted. Part of being an adult is that if you're a fool, it's on you. For every person doing things right with a legit sob story there's at least 10 who only make their situation worse regardless of any support they're given
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#58It'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'm not gloating just yet. If you bought Bitcoin at literally any other time than the two peaks that have occurred over the last year, then you're still way, way, way up. Bitcoin was last at its current price between those two peaks, a little less than one year ago. Of course, NFTs and all that were just so obviously nonsense that I don't even think it's worth commenting on.
As soon as it was clear that Bitcoin was going to be a commodity instead of a currency (why use it as a currency to buy a pizza this week when it could buy you a car next week?), it was clear it was now a pyramid scheme. That's why I didn't invest in it. What I hadn't counted on was how gullible people were for pyramid schemes.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#59It'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…
> This came off as pretty bitter. I apologize, but I am bitter, and I'm having a shit couple weeks.
You shouldn't be, these cryptobros have been orchestrating general scams, rugpulls, hype scams, pump and dumps and all this having an effect on normal people's lives.
Do not be sorry.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#60Look at the Terra sub or the replies on Twitter to the official account. Normal people losing all their life savings and a lot of them are contemplating suicide. It's actually really really sad. https://www.reddit.com/r/terraluna/
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?