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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?

#121

Post by colesantiago »

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…

> Might be better to let go of the hate…

So that more blockchain opportunists, web3 wanderers and crypto trojan horses blossom in the next cycle, chant the same 'this time is different' screed and cause another crash?

No. This blockchain cycle needs to stop, now that we know that they have no solutions or usecases other than gambling.

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

#122

Post by ChrisLTD »

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…

Boom & bust cycles seem to be a built in “feature” of market economies. The architects are not trying to create booms and busts per se, but they are trying to manage them so they aren’t as devastating as 1929.

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

#123

Post by blibble »

olalonde wrote: post #82
Mehringotio wrote: post #38

I follow climate change for a while. Especially the co2 concentration in our air, wild fires, droughts etc. I'm looking forward to burning less resources for just hashes. I'm also getting tired of having the same fruitless discussions. There are a lot of people who have never thought about a ton of implications of crypto. Real issues are ignored, unknown, or just never even mentioned.

Proof-of-work works fine with clean energy. You should direct your concerns at polluting forms of energy sources.

that would be fine logic if we had unlimited clean energy

unfortunately as its supply is limited... it being consumed for useless work means it can't be used for useful work, and as a result dirty energy is being generated for that instead

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

#124

Post by Avalaxy »

gsibble wrote: post #98

I feel bad for people losing money, but crypto has not lived up to its potential at all, remains a solution looking for a problem, and is an environmental disaster. I used to be a huge believer. Brian Armstrong gave me my first Bitcoin in 2011 at District in SOMA. Electricity was included in my rent so I bought 10 video cards and mined for about two years on 5 systems. At a company I founded, I use Bitcoin to pay for…

Im in the same boat. Started with bitcoin in 2013, bought ethereum in the presale, did freelance app development for all sorts of crypto startups (including coinbase). Was a true believer in the technique. But over the years it became clear it was never going to have a big impact. We went from people armiring the tech, to people with no knowledge about the tech, but with big dollar signs in their eyes. Then in 2016 I decided to sell all my crypto coins and move on to a different field. In hindsight, I lost out on millions. But ah well, cant forsee the future. Those crypto bros who think they can are just deluded. What theyre doing was never any better than gambling.

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

#126

Post by cryptica »

I'm glad that it's crashing in spite of a large chunk of my portfolio being in crypto. The degree of complacency in the space had gotten absurd and completely detached from any economic or even technological reality. Current top projects seemed to intentionally squander all the money which was invested. It was so bad, it looked as though the biggest investors wanted them to waste the money.

I'm also glad that the stock market crashed too. I hope it all goes to 0 and new, better projects and companies can grow out of the ashes. It's scams all around.

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

#127

Post by anm89 »

You are comparing the worst of crypto markets to the best of traditional markets. NFTs are like the equivalent of Peloton in the the traditional world. A nonsense concept made to raise capital from people who like a shiny narrative but can't be bothered to think through the details.

Yeah a lot of dumb hype settled in crypto, crypto is naturally suited to that and that's never going to change. But there's plenty of dumb hype in markets that should know better.

Anyway crypto doesn't seem to be that different than the world around it and it has performed drastically better than traditional markets since the bottom of march 2020

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

#128

Post by maerF0x0 »

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.

there are isolated cases of useful things done with some of the top names in crypto.

El Salvador helped break the backs of the international money transfer companies charging usurious prices for a simple ledger entry.[2]

Cardano is helping to build projects that are corruption and coercion resistant[1]

I'm sure others could come up with examples.

What has been unreal is the bubble though. People have tried to get rich quick off these things, meaning the use and utility value is much less than the speculative. Some of these projects have brought millions and maybe billions of value, but collectively maybe even now they seem to be over priced.

[2]: https://www.cnbc.com/2021/09/09/el-salvador-bitcoin-move-cou...

[1]: https://africa.cardano.org/

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

#130

Post by jjeaff »

nwiswell wrote: post #104
dionidium wrote: post #96

Earlier quoted context omitted.

"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 depen…

You can charge admission to view fine art in person.
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