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Ask HN: Is anyone else glad the crypto market is crashing?
231–240 of 670 posts
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#232My theory is that the crash was caused by terra's attempts to defend the UST peg, and now that they have effectively abandoned the peg by halting the terra blockchain, we may see other crypto prices recover. (Not financial advice, obviously. I could easily be wrong.)
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#233I'm glad that a long overdue reality check is coming. But I'm incredibly sad that many, many small fish will lose their entire life's savings in the hours and days and weeks ahead. I've already seen random social media postings of attempted suicides, or talk of it. We will lose actual human beings in this. And, what's worse, is that the real grifters and crooks will walk away clean once again. There isn't enough time…
“And, what's worse, is that the real grifters and crooks will walk away clean once again. “ It’s always the little guys who lose their shirts. The big guys who caused the problems get celebrated.
So true. Yes there are a minority making huge sums of money in crypto but most are young or naive people putting in savings they need and HODLing this trash until it sinks.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#234Earlier 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...
At least gold has a certain amount of practical, physical uses. Connector plating, jewelry, dentistry, optics plating for [james webb].
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Re: Ask HN: Is anyone else glad the crypto market is crashing?
#235The sooner the crash the less overall harm it will do. Right now the crypto sector is still small enough it probably won't demolish the world economy the way the 2008 debt crisis did. Although it's already bad for some countries foolish enough to get in deep, like El Salvador.
The big one is going to be Tether. When that inevitably fails I think it will kill 80% or more of the cryptocurrency market.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#236Earlier quoted context omitted.
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.
The purpose is to secure my savings against inflation and confiscation. It is a very useful thing, I assure you.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#237I have been sitting on cash since end of last year, I am finally seeing opportunities to buy at reasonable price: stocks and crypto. Stocks, cryptos, houses: people kept buying no matter the price, even though, it was so obvious that those prices were not sustainable. And we are finally seeing a proper correction. I think, houses are next in line.
> I have been sitting on cash since end of last year, How do you feel about the recent spick in inflation? I have also been sitting on some cash for a year, and its buying power has definitely fallen. I find it now hard to see if prices will fall or wags will go up, so the cash I have will be of less relative worth.
Check TIPS (Treasury Inflation Linked Securities)[0] for a way to stay liquid but still get inflation protection.
[0] https://www.treasurydirect.gov/indiv/products/prod_tips_glan....
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#238Earlier 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"…
Speculative bubble. Or just bubble.
People buy it because they expect the price to go up. The price goes up so more people buy it expecting further gains. The fundamentals arguably don't justify such a high price, and so you have a speculative bubble. Eventually, the bubble will pop and most investors will lose money.
I suspect BTC is a bubble because everything it does can be done better by other things. I also suspect that Lightning is fundamentally insecure. If you analyse the true intentions of the people who use it, there's no sober purpose; they just want it because they expect the price to go up. It's not about helping the developing world; because if it was, then there are better but more boring ways of doing it. Hence, it's a bubble built from speculation.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#239I 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…
Do you know of any other way to send electronic cash with no intermediaries (EDIT: financial institutions)? It's the first sentence of the whitepaper and ignored by 99% of people, including highly paid software developers. Whether or not you need that will depend on where the world goes. A CDBC social-credit system world presents a lot of incentives to use something else. And if you do need it, you need it ahead of t…
> with no intermediaries?
You're connecting to some nodes, right, to send the transaction? Those are intermediaries. Very very few holders of crypto run their own nodes, these days.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#240I 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…
By "potential" do you mean "potential stated by crypto investors & startup founders" or like...something more objective?