I'm glad that the over-populated bubble is shrinking.
The scams and low quality projects will die and true web3 projects that aren't only for quick cash but for actually building something will stay.
Just like the dotcom boom.
Ask HN: Is anyone else glad the crypto market is crashing?
401–410 of 670 posts
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#402Earlier quoted context omitted.
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.
...this is actually a very astute observation. I think HN could benefit from some self-awareness sometimes.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#403Earlier quoted context omitted.
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.
This is not true. If you take a bitcoin miner and put it on a gas well that is leaking methane which is 10x worse than CO2 and burn that methane to create CO2 you are increasing energy usage and cleaning the environment. https://www.bloomberg.com/opinion/articles/2022-05-03/methan... If you have already mined coal burning in a field and instead take that coal and put it through a generator and mine bitcoin with it yo…
The disconnect isn't that energy usage is bad, it's that many folks view bitcoin as a waste with no economic value.
Burned methane/negative priced reproducible energy/excess energy in general would be better spent on more valuable energy intensive pursuits such as desalinization, metal smelting, direct air carbon capture....
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#404I'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?
You’re focusing on the price of bitcoin. Bitcoins market cap during Mt Gox was a few billion. Today it’s over a trillion. Luna going from a market cap of close to 100 billion to basically worthless in a few days is like 50 Mt Gox incidents in terms of wealth destruction. Bitcoin has market cap swings larger than the loss during Mt Gox in minutes these days.
Underscores the fallaciousness of thinking paper gains are wealth.
Profits aren't real until you have to pay taxes on them.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#405Me. I got psychologically raped by bitcoin-rich feminists from Berlin and I hope their shit burns down.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#406Earlier quoted context omitted.
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 oppos…
>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. Stocks represent part of real businesses which produce real goods or real services. So they are tangible. Crypto are just some bits somewhere. They don't represent anything meaningful.
Is a "dollar" tangible? It's just a number on a paper.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#407I'm glad that it's becoming a lot less likely for new people to be sucked into the insanity. As long as "number go up" there will always be a bigger fool, and so the cycle perpetuates itself. When number go down, the supply of new fools becomes much smaller, and maybe the whole scam will recede into memory.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#408Earlier quoted context omitted.
Transfers of wealth from productive to unproductive industries arent risks worth rewarding, neither economically or with praise. It's slothful both as a personal vice, and as an economic activity.
> Transfers of wealth from productive to unproductive industries arent risks worth rewarding Down that path lies authoritarianism: who decides what is productive? Is art productive? Is your comment on HN productive? Is beer productive? Is Haskell productive? Are you productive? It isn’t hard to argue most everything is non-productive. Remove all non-productive uses of money or time, and what is left?
It's not surprising to me whatsoever that within that same sentence that as you said, "leads to authoritarianism", is a reference to absolute morality and sin.
The scariest part of this line of thinking being so common is that it has happened! We've bench-marked humanity towards productivity before: dosed drinking water with amphetamines instead of fluoride and outlawed art and mandated labor at tank factories. Productivity!
Down that path lies authoritarianism, but more than that: down that path lies mass murder. What could be more productive than removing those who block productivity?
I appreciate your comment but I am always blown away by how kindly people respond to that idea of "unworthy activity", as if its not one of the cruelest ideas a person can possibly have. It's more common here because it's a community of engineers - we work with complex automations all the time - so it's only a natural mistake to see humanity as a complex automation too, and want to engineer it. But I still can't forgive the callousness.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#409It'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've seen a few "insufferable crypto bros" that are overjoyed to see the markets crashing. Just like any other investment, there's a subset of people who don't want to see stable prices and steady increases. They want extreme volatility because that means a chance for extreme profits (and loses).
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#410Earlier 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...
Doesn't that apply just as well to public stocks, at least at the scale of most retail investors? Like sure, you "own part of the company" and the company might produce things, but I'm pretty sure everyone knows deep down that they're just purchasing in the hope that someone else with the same mindset will pay more for them in the future.