Bitcoin hit nearly these lows twice last year in January and July. The crypto market has always been highly volatile, crashes are routine.
It will be back up around by end of 2024 and rinse and repeat. I can find similar posts from previous years.
Ask HN: Is anyone else glad the crypto market is crashing?
251–260 of 670 posts
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#252Earlier 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.
Whats the point of storing your life savings in something tied to the US dollar instead of just holding it in US dollars? I genuinely don't understand.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#253It'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…
I'm not disagreeing with you but I don't think this is healthy. This shouldn't be eating you from the inside. "What good is envy? It’s the one sin you can’t have any fun at." - Charlie Munger
I'm not sure I'd take a billionaire's view on envy. It always comes off as "Let them eat cake" to me.
I'd rather listen to someone closer to the bottom, who actually had to sacrifice for that viewpoint, like Jesus or a well adjusted homeless person.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#254Earlier quoted context omitted.
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.
I meant financial institutions but you are correct yes
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#255It'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…
This. I cannot stand the modern crypto bro. I've met some truly insufferable people. The term "New Money" doesn't even do enough justice to how horrible these people behave.
I think how the SV techbros in this thread view cryptobros is probably fairly similar to how most of society views SV techbros.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#256I'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…
> We will lose actual human beings in this.
There will always be people trying to scam people, and always people who get scammed. It's hard to feel bad about an inevitability.
I get it if it's someone you personally know - but otherwise - it's just how the world works.
It's like getting sad when a cheetah catches a gazelle.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#257I'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.
It was almost impossible to be alive in 2017 and not learn about crypto (and also watch it tank).
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#258Earlier quoted context omitted.
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…
> Do you know of any other way to send electronic cash with no intermediaries? Well, you rely on a bunch of intermediaries, but the profit incentive outweighs the power of any large (but still minority) intermediary blocking specific transactions at will.
Good point, I meant financial institutions, which is actually the term used in the whitepaper, not intermediaries.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#259It'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…
The "crash" in MT FAANG (that's a thing?) (-25%,-40%,-45%,-23%,-38%,-72% (whoa),-24%) is very likely people moving money out of stocks that they put into stocks because they could not get any return on bonds and other assets. It's a financial crash; none of the fundamentals have markedly changed.
Of course, the fundamentals have been horrible because the economy has been in a bad way for several years (certainly, after March 2020, but it wasn't great before then) but the stock market has been divorced from the actual economy longer than that.
Here's some pretty charts:
Wilshire 5000 / GDP Ratio https://www.longtermtrends.net/market-cap-to-gdp-the-buffett...
Dow / GDP Ratio https://www.macrotrends.net/2574/dow-to-gdp-ratio-chart (Yeah, the Dow is a horrible index, but check out that period from 1966 to 1982. The 1970s were not a happy time, either economically or financially.
The architects of boom/bust cycles are...you. I hope you picked up on the lessons from 2000 and 2008 and saved some of that six-figure average software developer pay.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#260It'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…
I will preface this statement by stating that I know nothing about the stock market and let my retirement account be handled by an investor...
What real math is involved in predicting the stock market? I understand there is a lot of theory behind TRYING to predict it, just as there is a lot of study in trying to predict trends in the stock market, which is why you are better off investing in groups of stocks as opposed to a singled stock (there you go, that's the grand total of what I know about the stock market). But so far as shorting stocks (betting that they'll fall) and buying stocks (betting that they'll rise), there isn't much real math, is there? Isn't it all just a gamble? Not even a statistical gamble, like dice or cards, but a public market analysis with the uncertainty of public trading and public sentiment thrown in, not to mention the hope of government bailouts on occasion?
I don't see a huge amount of difference in crypto except for physical assets, which don't cover the stock price for public companies, generally.
Now, how horribly wrong am I? I'm willing to admit I missed the mark, entirely as I don't understand trading. That's what my broker does.