Not really it's just crashing because there is derisking going on due to the unstable period we are experiencing along with the upcoming rate hikes, so to me it looks like there is going to be a comeback and no one will learn anything.
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Ask HN: Is anyone else glad the crypto market is crashing?
171–180 of 670 posts
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#172Earlier quoted context omitted.
> 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.
The majority of people I know who are into crypto buy the hype and believe their own bullshit. The cynical opportunists seem to be a minority.
11 years now I fall into the category of people you are all collectively referring to as "crypto bros"
The only difference being I don't shill pyramid schemes on the internet for profit.
I kinda sit back and wait and take profit when it makes sense to me.
I certainly don't tell other people about it when I do it.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#173>Instead, JPEGs and skeuomorphic representations of traditional financial vehicles in web3 space.
As with previous crypto crashes, the chaff is gonna die, and the grain will remain (Bitcoin, ethereum, maybe a few others). Then a new spike to a new all time high will occur after the next bitcoin halving.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#174It'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…
Sure it's macro. But if crypto is dragging down the rest of the market what does that say about the market?
I doubt crypto is the driver. Seems more likely that institutional investors are pulling out of cryptos as inflation spikes. So crypto crash is an effect, not a cause.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#175It'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…
Exactly. Direct your hate to the fed who is manipulating the market and toying with people's livelihoods.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#176I 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.
Increased energy usage is increased energy usage. The underlying argument here is proof of working isn't actually burning this energy for any useful purpose and the excess clean energy production should be directly offsetting dirty energy production instead.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#177It'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…
Alaska is overcrowded with all the people who fled the dot.com era.
Can you share how are these two things related?
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#178It'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…
crypto dude bros are irritating, just stay off social media,
what sickens me more is all these companies jumping on the crypto.nft.metaverse bandwagon, like f off seriously.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#179Earlier 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 wish we had a better phrase than "pyramid scheme", because IMO anything that's a "scheme" has people who know better at one end, and I really don't think there's anyone involved in crypto that is deliberately "winning". What's a phrase for when everyone is getting scammed, and not by any one person, but by an idea? Where there are no winners, only lucky and unlucky. Pyramid trap? Pyramid quagmire? IDK, but "scheme"…
crypto mania, similar to tulip mania.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#180It'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…
Comparing the stock market crash to LUNA/UST crash is not the same thing.
Luna went from $100 to 1 cent.
UST was also meant to be a stable coin, it was sold as being equivalent to stacking your money in a savings account, just stable currency that follows the USD value. Lots of people took their money OUT of many coins, and moved it to UST for "stability" thinking that their nest was safe during the storm. (Of course their trust was misplaced as it was not equivalent to keeping your money at the bank, but that's what they were led to believe)
It's equivalent as if banks were bankrupting all over the place in the United States with no bank insurance from the government.
No common measure comparaison with the SP 500 being down for a few months (or even a few years).