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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?

#241

Post by darawk »

jeromegv wrote: post #180
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…

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…

Nobody compared it to Luna UST. Luna/UST is not the crypto economy, just as Facebook is not the stock market.

The general crypto economy and the general stock market have declined similarly in volatility adjusted terms.

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

#242

Post by AlexandrB »

jonathan-adly wrote: post #221
AlexandrB wrote: post #199

Earlier quoted context omitted.

No one is every happy with the fed - they lower interest rates: they're encouraging inflation and de-valuing the dollar. They raise interest rates: they're toying with people's livelihoods. What is the correct action to take, in your opinion?

Maybe trying to centrally plan the money supply is the same losing game as centrally planning your steel production? You kinda never win unless you stop playing.

So you're suggesting we go back to each private bank issuing their own bank notes?

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

#243

Post by JumpCrisscross »

jjeaff wrote: post #188
mattwilsonn888 wrote: post #117

Earlier quoted context omitted.

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.

> thought crypto was supposed to be a hedge against the markets

This made no theoretical sense from the start and has been quantitatively untrue for years.

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

#244

Post by darawk »

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…

You're absolutely correct. The total ignorance of HN on all matters of finance is incredibly grating.

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

#246

Post by coldpie »

jeromegv wrote: post #213
codyswann wrote: post #60

Earlier quoted context omitted.

They were on the wrong side of a massive bet and lost. Let's take the reverse and say they were on the right side of the bet and made millions and left everyone else behind to wallow relatively "poor". Would they feel sorry for those who didn't take the bet?

For many/most, a stable coin was the exact opposite of a bet. It's not mean to grow in value, it's not meant to lose value, it's just meant to follow USD. They didn't think they were taking a bet, they thought they were storing their assets in something equals to US dollar. That's what the whole industry has been telling them, that's why they are called STABLEcoin.

I've got a stable bridge to sell you, only $10k.

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

#247

Post by system2 »

Patrol8394 wrote: post #147

I 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.

No, houses aren't next in line. Crypto has no value but houses serve a purpose and there is real demand and need for it.

Housing market might correct a little but you won't see a $1M Los Angeles house going down to $300k. Maybe $925k but no further than that. There is no time in human history housing crashed and never came back. It moves down a little, then goes up again. Remember 2008.

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

#248

Post by bendtheblock »

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…

Regulation can’t come soon enough. These are risky assets at best. People are getting hurt.

Just think how much real tech talent has been wasted on this pointless experiment. This could have gone into fintech, greentech, healthtech, proptech etc anything else really that creates real value.

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

#249

Post by beaconstudios »

ChrisLTD wrote: post #122
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.

indeed, this is broadly acknowledged and studied in macroeconomics: https://en.wikipedia.org/wiki/Business_cycle

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

#250

Post by idea55 »

arcticbull wrote: post #167
mattwilsonn888 wrote: post #112

Earlier quoted context omitted.

You don't understand what a commodity is - or you don't understand what Bitcoin is.

Ah the classic coiner refrain. Thanks bud. We do. We really, really do. We've spent many years learning exactly what those things are thanks to all this insufferable nonsense. I know more about crypto than practically 90% of the crypto community. I know all the personalities, the history, the fraud, the crime, the grift. I've read countless whitepapers. I've learned about 'traditional' finance. All because of the bri…

The best scientific explanation for why Musk is rich is our social system requires we implicitly believe and repeat that idea due to political training which is hand me down gossip from parents.

He’s even said he’s propped up by others.

You are being annoyed with people when they’re not reciting the right semantics? Some form of just stick to the script?

The entire internet is full of insufferable bullshit brigading of opinions because that’s what it’s for.

I’ve been online since the 80s for the weird. Now it’s full of insufferable normies.

Maybe it’s outlived it’s usefulness as a social engagement tool.

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