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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?

#341

Post by aww_dang »

junofan wrote: post #100
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…

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

If only society were a deterministic machine where we as the operators had perfect knowledge of the internal state.

If society and economics were a computer, if we were the infallible geniuses we think we are, we could simply compose a software to centrally plan society.

This is the impression I get from cryptocurrency haters on this site.

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

#342

Post by barnabee »

helloworld11 wrote: post #278

Oh what a perfect post in which to see all the absurdly emotional, dismissive, ridiculous crypto hate that this site's commentators just can't seem to stop grasping at rise to the surface.... A supposed "hacker" community filled with people who will reach for any convoluted reason they can to utterly sling shit at a whole complex range of technologies that despite its many bad uses has also proven to be a very intere…

Very well said.

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

#344

Post by cdiddy2 »

yabones wrote: post #164
olalonde wrote: post #82

Earlier quoted context omitted.

Proof-of-work works fine with clean energy. You should direct your concerns at polluting forms of energy sources.

There is no clean energy, just some that are cleaner than others. For every solar panel, there's a pile of toxic garbage that must be dealt with after ~20 years. It's unquestionably better than the billions of tonnes of CO2 that would be produced by the equivalent coal plant, but it's still a problem. There is no "ethical consumption" of cryptocurrency.

Why is it ethical for you to fly in a plane and run your clothes drier but not for someone in Afghanistan to buy food and protect their money by using bitcoin?

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

#345

Post by ISL »

onlyrealcuzzo wrote: post #256
joezydeco wrote: post #4

I'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.

It is different. People scamming people is like cheetahs engaging in cannibalism.

Cheetahs, generally, are likely to be opposed. As long as there are sufficient prey/resources to go around, there is no intrinsic need for cheetahs to eat cheetahs.

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

#346

Post by mirceal »

alexis2b wrote: post #237
runarb wrote: post #192

Earlier quoted context omitted.

> 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... .

yes, securities from the same people that brought you the inflation. what could possibly go wrong?

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

#347

Post by mirceal »

system2 wrote: post #251
dahdum wrote: post #51

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.

buy some bitcoin if you believe in this. don't spend more than you can afford to lose

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

#348

Post by id »

Layke1123 wrote: post #321
id wrote: post #274

Earlier quoted context omitted.

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."

Are you also bitter about people who win the lottery or in a casino?

I never asked anyone to take risks, and buying into unproductive assets is usually not a good idea. Neither is gambling. But holding this kind of resentment will eat at you. If other people get lucky, you should be glad, not hateful.

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