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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?

#181

Post by hn_version_0023 »

11101010001100 wrote: post #159
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…

Sure it's macro. But if crypto is dragging down the rest of the market what does that say about the market?

I like to quote Reggie Watts, from his TED talk:

“What can you do when the entire economy is based on lies?”

Such an uncomfortable chuckle from the crowd!

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

#182

Post by taurath »

jeffreyrogers wrote: post #161
colesantiago wrote: post #59

Earlier 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.

Until the money goes away, at which point it becomes as it always has been about getting rich and not about any of the ideals.

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

#184

Post by tOUSSia »

IAmWorried wrote: post #9

It'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…

you are correct about the bitter part. Maybe, just don't focus on things you can't do anything about.

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

#185

Post by antisthenes »

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...

At least gold has a certain amount of practical, physical uses.

Connector plating, jewelry, dentistry, optics plating for [james webb].

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

#186

Post by jcpham2 »

vmception wrote: post #146
searchableguy wrote: post #116

Earlier quoted context omitted.

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

Hmmm Well money isn't leaving the crypto space, its just in other more resilient stablecoins, so its ready to pounce or “ape-in” to anything at a moment’s notice. USDC and Tether have still $130billion collectively issued. Not moving much up or down. In which case, popular things that sold off are still worth watching. I usually miss the bottom hoping for a steeper sell off. Look for things that extract value, and ac…

Always enjoy reading your comments, sir.

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

#187

Post by vkou »

next_xibalba wrote: post #144
ChrisLTD wrote: post #122

Earlier quoted context omitted.

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.

Whereas permanent poverty is a built in feature of non-market economies. Seems like an easy choice to make.

Permanent poverty is also a defining feature of feudalism, which is the end game of any unmanaged market economy.

That's another reason markets get a little bit of steering.

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

#188

Post by jjeaff »

mattwilsonn888 wrote: post #117
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.

I thought crypto was supposed to be a hedge against the markets.

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

#189

Post by mordymoop »

I'm genuinely confused. This current crash is not nearly as bad as several recent crashes. The fall in price in the big coins (Eth, BTC) seems downright modest. A bunch of new meme coins got obliterated, which is also normal and completely predictable. Why are people treating this as if it's going to be the fall of crypto? Because a peg broke? Have people not heard of Mt. Gox?

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

#190

Post by tombert »

Avalaxy wrote: post #124
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…

My uncle used to brag about how good of a blackjack player by talking about how he would win enough to pay off the cruise he was gambling on. We never had the heart to tell him that all that does is prove that he got lucky; professional blackjack players only average a return of 3-5% profit.

That's how I feel about the crypto (and to a lesser extent stock) bros. The future is unknowable, and even people who trade these thing professionally make fairly marginal gains (that they make up for in quantity); saying you made millions from bitcoin just says "this guy got really lucky!".

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