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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?

#321

Post by Layke1123 »

id wrote: post #274
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…

There are also those of us who played with Bitcoin when it emerged, found it promising and mined it or bought some. Who took some profits along the way and never promoted it. Who still think it's a useful concept, _despite_ the hype that gets too much at times. For what it's worth, you seem consumed by your envy. Accept that crypto investors, even the most stupid ones, took a risk you didn't take and were rewarded ha…

This to me reads as such.

"Hey, look, just take risks, because if you don't, you'll be poor AND bitter."

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

#323

Post by mirceal »

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…

people fear what they can't understand / hate what they can't conquer.

there is a distinction here to be made between the various crypto implementations and blockchain as an idea/technology. Cryptos will come and go, there will always be a new scam to run (crypto or not) but IMHO blockchain tech is here to stay.

Do you hate the cruptobros? too bad. Do you also hate stocks? Or options? Or the housing market? Or inflation? People are always greedy AF. I like it when people go all doom and gloom when bitcoin goes down 50% but nobody bats an eyelid at netflix being down 70% YTD, or Facebook down 45%, or Tesla 40%. The whole market is down 20%.

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

#324

Post by NotAnEnemy »

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…

I will probably trade my karma for this comment, but have you looked into other protocols ? You mention the processing fees and the finality time, I've heard of several projects that are already better than Ethereum on this such as Hedera Hashgraph, Avalanche or Algorand.

Saying that "crypto has not lived up to its potential at all" merely 12 years after Satoshi mined the first bitcoin is laughable if anything. It took 15 years of the internet to have Facebook. It took 27 years (!!) of the internet to have something like TikTok. How can you say that crypto will amount to nothing ?

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

#325

Post by lovingCranberry »

colesantiago wrote: post #121
junofan wrote: post #100

Earlier quoted context omitted.

Damn. Why? Can’t regulate the whole planet. Might be better to let go of the hate…

> Might be better to let go of the hate… So that more blockchain opportunists, web3 wanderers and crypto trojan horses blossom in the next cycle, chant the same 'this time is different' screed and cause another crash? No. This blockchain cycle needs to stop, now that we know that they have no solutions or usecases other than gambling.

I like buying my cocaine with BTC/Monero.

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

#327

Post by Ekaros »

nobodyandproud wrote: post #220
joecot wrote: post #58

Earlier 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.

There is a different interpretation: Crypto enabled tax dodgers and black markets. It’s a use case I didn’t consider a decade ago.

Black markets are also interesting question. How high coin value you actually need for them to operate? Certainly not tens of thousand, probably a few hundred would still be enough. If crypto was token for exchange.

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

#328

Post by ordinaryradical »

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…

This is a great perspective and I largely agree with it. There needs to be a "return to sanity" market-wide.

That said, regarding your perspective on crypto's limited utility, I just want to point out there's a crypto few folks have paid attention to which actually addresses your issues head-on: Nano is a feeless and PoW-less crypto which has been around for a few years and was started by one of the early contributors to Bitcoin. Nano is not a "hot coin." It's seen little market speculation and it's not programmable and riding the smart contract wave; it does one thing well: transacting. It's free (as in truly and completely free, fee-less, zero cost), near-instant (This seems to me the holy grail, so I'm always surprised that discussions of crypto on HN don't mention it or even that that veterans like yourself don't seem to know about it. Maybe it's still too young/obscure? But I think it will see significant interest post-crash as it fulfills the initial promise of crypto—it's money you can by a coffee with, send across borders at zero cost, make micro-micro payments with, etc... you know, like real money, just better.

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

#330

Post by rot13xor »

JumpCrisscross wrote: post #243
jjeaff wrote: post #188

Earlier quoted context omitted.

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.

The crypto believers told me US dollar would enter hyperinflation very soon and Bitcoin will be the only viable currency because it has a finite supply.
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