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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?

#111

Post by maerF0x0 »

paxys wrote: post #27

Bitcoin 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.

for me my company stock has erased the gains since ~late 2018. BTC is up 10x in that period.

People have just lost a sense of proportion that investing timelines are 5-40 years. Investing for "moon gains" in time periods less than that is for suckers, save for maybe people who are building a new business.

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

#112

Post by mattwilsonn888 »

joecot wrote: post #58
dionidium wrote: post #50

Earlier 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.

You don't understand what a commodity is - or you don't understand what Bitcoin is.

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

#113

Post by [deleted] »

junofan wrote: post #100
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…

Damn. Why? Can’t regulate the whole planet. Might be better to let go of the hate…

[deleted]

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

#114

Post by at_a_remove »

No, not especially. If you don't care for it, ignore it.

And if you think that a crash is going to clear the way for anything you want, there's a principle from PT Barnum about sucker production. The get rick quick schemers will "pivot" to something else.

Some higher-end video card prices will go down. That'll be nice.

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

#115

Post by wollsmoth »

haunter wrote: post #37

Look 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/

no matter how much you believe in any investment, diversification is key to building a winning portfolio. I am really sympathetic to these people, but if you're reading this protect yourself financially.

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

#116

Post by searchableguy »

vmception wrote: post #15

I’m really excited about it, I do take issue with people still not knowing what parts of crypto aren’t crashing and are working very well. To me that still seems intentional, but at the very least its annoying. People dont know why “Magic Internet Money” - a stablecoin - is a meta-meme on re-appropriated skepticism of all crypto while being designed decently well, much better than TerraLuna (overcollateralized, compa…

What do you think are the best investment play for a decade right now in the crypto market?

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

#117

Post by mattwilsonn888 »

jonathan-adly wrote: post #63

It's a Macro crash. SP500 is down -%5 YTD. Meta -37%, Netflix -65%. Lots of pain spreading. You shouldn't gloat or be happy. Give it a couple of more months like this, and lots of the HN audience would be worried about layoffs. The security of your average software developer job is strongly tied to market cycles. If you want a place to direct your hate and bitterness, I would do it at the architects of the BOOM/BUSTS…

Says a lot about this site's bias that this even needs to me said (how under a rock do you have to be not to know the macro crash happening right now isn't localized to crypto?). Your comment should either be so obvious that it isn't necessary or so obvious that its the top comment.

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

#118

Post by damon_c »

paxys wrote: post #108
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.

People are doing useful things with public distributed databases and cryptography as well. Unfortunately it has been largely overshadowed by the greed. This is an artifact of human involvement.

Mathematics implementations and new data storage paradigms are still our friends here at HN. Aren't they?

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

#120

Post by [deleted] »

uoaei wrote: post #85
olalonde wrote: post #71

It doesn't help this kind of discussion to put everything under the "crypto" umbrella. There are good projects and bad ones.

I don't personally see utility in any technology coming out of the crypto space to be useful to our society long-term. Helium (the LoRaWAN routers) is interesting but mostly dead in the water because who uses LoRaWAN except for specialists who build their own mesh network? How are you defining "good"?

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