It doesn't help this kind of discussion to put everything under the "crypto" umbrella. There are good projects and bad ones.
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?
#72It'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 disagreeing with you but I don't think this is healthy. This shouldn't be eating you from the inside. "What good is envy? It’s the one sin you can’t have any fun at." - Charlie Munger
I don't know about OP but I definitely don't feel envy toward these people. I try to imagine myself in their shoes and just can't imagine myself spewing the same garbage or being the same kind of chauvinistic dick about something like this.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#73Earlier quoted context omitted.
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.
I could have made relatively decent chunk of money if I had just kept the little I had... But I'm really just too risk averse and believe in sanity that the things wouldn't actually go anywhere. Specially not to the 100x from point where I was.
Then again, I also think most tech stocks are just stupid. Especially Tesla, but thankfully I'm not either betting against them. Let's see if I'm proven correct in long run.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#74I only care in so much as I might be able to get some graphics cards at MSRP soon.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#75No? Why would anyone be "glad" about this? It says a lot about your personality to be that happy/glad about anything "crashing", whether you agree with it (crypto in this case) or not. Also, just a friendly reminder that NFTs don't equal crypto.
Of course there are things you can legitimately be glad about crashing. CO2 emissions, crime rates, frequency of famines, etc. Whether you count the event in question among such blessings is a legitimate topic of debate.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#76Crypto and other speculative assets are reasonable investments when inflation and interest rates are low - this allows toleration of high risk profiles. When inflation/interest rates rise, theres generally a cash exodus to safer assets.
Monetary policy for the past decade has made it "reasonable" to take a much more risky portfolio stance, that situation has changed, and everyone is realizing it at about the same time.
And so we're seeing the paper tiger of crypto valuations - once the market situation changes such that crypto is too risky, everyone leaves and dumps what they have. It just took 10 years for people to learn that the hard way.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#77Yes, I'm glad for the opportunity to buy more Bitcoin at this discounted price.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#78It'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.
Of course those peaks were a function of demand being high, so more people bought in then than at other times.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#79I would actually prefer for it to continue seeing how many scammers pivoted to crypto.
I hadn't had a question from my mother about the legitimacy of the spam she's getting in months.
Also, from all this drama, a whole culture emerged:
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#80Earlier quoted context omitted.
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.
I'm not clear on the logic here to be perfectly honest, even if I broadly agree that the real innovation with Bitcoin died when it was clear it would never be a currency.
But gold is also a commodity, and I don't think I've ever heard it called a pyramid scheme.