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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?

#101

Post by maerF0x0 »

dudeinjapan wrote: post #43
colesantiago wrote: post #10

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 mak…

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

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

#103

Post by colesantiago »

dudeinjapan wrote: post #43
colesantiago wrote: post #10

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 mak…

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.

It needs to completely go by any means necessary. laws, regulation, education all done swiftly.

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

#104

Post by nwiswell »

dionidium wrote: post #96
nwiswell wrote: post #80

Earlier quoted context omitted.

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.

"Buffett calls gold an “unproductive” asset, which, as defined in his 2011 letter to shareholders, means “assets that will never produce anything, but that are purchased in the buyer's hope that someone else — who also knows that these assets will be forever unproductive — will pay more for them in the future.”" Source: https://grow.acorns.com/warren-buffett-why-gold-is-an-unprod...

Yes, that's true of commodities generally. They are worth what people will pay for them; they do not produce cash flows. A pile of copper is not productive either.

The fair criticism, I suppose, is that the "compelling reasons" a person might pay for a pile of copper are much more numerous than for gold (or bitcoin).

But, OK: think of fine art for a moment... it is also an unproductive asset, the value of which depends wholly on what other people feel like paying, since there is no immediately profitable economic activity in which you can engage with a Monet (unlike the pile of copper). Are you therefore calling fine art a pyramid scheme? I think we are watering down the definition into meaninglessness.

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

#105

Post by damon_c »

This whole thing was like if there was a jQuery bubble back in 2008 or so. jQuery came along and was amazing and useful and enabled a whole bunch of great new ways to do things and made a lot of stuff much easier.

Now imagine it also enabled a huge range of financial adventures which got some people rich and some people poor and caused most normal people to hate jQuery. That would be silly. jQuery is still a useful tool. It's not just for pumping and dumping tokens... It's great for manipulating DOM elements too!

I hope maybe this crash will help people realize that public permissionless distributed databases and the cryptographic primitives that make them secure can, like jQuery, be used to generate new amazing software products that previously could not exist and are not just about get rich quick schemes.

--edited for formatting/clarity

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

#106

Post by Ekaros »

_23sd wrote: post #52

I 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 believi…

I'm kinda wondering just how long this market can keep burning money away and still keep the prices up. Or take them up again. It would be one thing if these were cheap to run, but they are insanely expensive. And seem to provide little value outside few things.

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

#107

Post by maerF0x0 »

dundarious wrote: post #83
jeffwask wrote: post #54

Earlier quoted context omitted.

So was the 1918 stock market crash but sometimes change only comes from pain.

There's no reason to think that change only comes from pain. There's also no reason to think that repeated boom and bust cycles are necessary and good. That would be a kind of Malthusian logic that has thankfully been abandoned when it comes to population studies -- it should not be accepted in economics either.

it might have been better said

"for some change only comes from pain"?

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

#108

Post by paxys »

damon_c wrote: post #105

This whole thing was like if there was a jQuery bubble back in 2008 or so. jQuery came along and was amazing and useful and enabled a whole bunch of great new ways to do things and made a lot of stuff much easier. Now imagine it also enabled a huge range of financial adventures which got some people rich and some people poor and caused most normal people to hate jQuery. That would be silly. jQuery is still a useful t…

The difference is that people actually did a lot of useful things with jQuery instead of just talking about its potential nonstop for a decade.

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

#109

Post by marcosdumay »

nwiswell wrote: post #80
joecot wrote: post #58

Earlier quoted context omitted.

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.

People buy gold on the expectation that it won't lose to inflation. That's why it isn't a pyramid, an exponential curve is well contained if the exponent is exactly 1.
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