I made some money in 'crypto' over the years.
I had always thought of the whole phenomenon to be one sustained by less than average white men / boys giving away their historically dubiously gotten privilege to slightly smarter Asian/Russian fraudsters.
As a trained computer engineer, I am sad that the technology is deficient.
Ask HN: Is anyone else glad the crypto market is crashing?
201–210 of 670 posts
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#202I'm sorry that people have lost a lot of their money but I'm glad there is a reckoning now rather than later when it might have roped in even more people.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#203It'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…
Another view : Curiosity is profitable. If you spent some time digging into the technologies and trying them out, you ended up buying a bunch of tokens/coins to play with, and sometimes they just handed out early users money. It isn’t all jpegs and cheaters- lots of interesting technology problems.. read some of the white papers you will find skill and mathematics in loads.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#204It's what is called Schadenfreude in german.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#205I'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?
The millions of people that joined crypto joined many years after Mt Gox, no they haven't heard of it.
A peg broke = a stable coin people thought was anchored to USD (ie= a safe place to park your money) suddenly lost 70% of its value overnight.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#206Look 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.
I find this to be the most hugely under-rated comment in this entire thread. Crypto is a diversification tactic in 2022 - that's it.
Everyone should have some sense of self-preservation and protect themselves from a market downturn. And the way you do this is to not put all your eggs in the same basket.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#207Earlier 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"…
Mania or bubble. I don't consider crypto market overall to be any type of scam or scheme. Just like I don't consider stock, or housing market to be one. Even if there is insanity, scams, schemes and fraud inside all of them.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#208It'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…
That's apparently how the human psyche works. You attribute to skill what was dumb luck. Very common in the stock market too.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#209Crypto is highly volatile in general - we have seen this before.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#210Personally, I don’t have any shred of empathy for people who bet their hard earned money on silly coins.
If they had won (in the greater fool game), most of them would have celebrated all the way and deluded themselves that they were savvy investors.
Play stupid games, don’t be surprised when you get stupid prizes (e.g, losing your life savings).