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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?

#431

Post by throwawaytemp27 »

conorcleary wrote: post #414
capableweb wrote: post #394

Earlier quoted context omitted.

> Owning a stock means owning a piece of a business That is clearly not true. What you own, is something worth X amount of Y, where Y is what other believe it is worth. "Means of production" has a very specific meaning and what you're saying is not it.

Branching off, what I feel is more important is that in brokers like Robinhood you don't even OWN the underlying security of your investment; you're renting it. Not even that... you're being lied to about owning it.

What are you talking about?

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

#432

Post by camillomiller »

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…

The crypto market was worth $3 Trillion in November, and it's worth 1.5 Trillion today. It's A LOT of money, but it's a popped cyst at best in comparison to the smallest securities market. So it's a seismic event, for sure, but it's not systemic. Comparing it to the banking system collapsing with no insurance doesn't make much sense.

The market crash is the inevitable consequence of stopping the pandemic liquidity faucet. We were waiting for this for quite a while now, and with the FED having to rein in two years of crazy, a massive market correction was inevitable. The fundamentals of most companies are still firmly there, so they're mostly underperforming. There'll be casualties, but this was a much needed purge.

Just don't check your 401k balance for the rest of the year.

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

#433

Post by EVa5I7bHFq9mnYK »

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 a lot of people with no skills that are richer than you. Are you hating all the people who inherited money? Should any person born in poor country hate people born in rich countries?

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

#434

Post by babypuncher »

onlyrealcuzzo wrote: post #358
ISL wrote: post #345

Earlier quoted context omitted.

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.

Okay - that's cheetahs. Humans have an intrinsic need to scam other humans. It's been happening since the beginning of written history. If we're trying to blame modern technology for a rise in scams - that seems misguided. It's better to just acknowledge that you need to be on your toes for scams from other humans. Some people are gonna fall for the scams - it's inevitable.

> Humans have an intrinsic need to scam other humans.

I reject this hypothesis; only assholes have an intrinsic need to scam other humans. And rather than accept this as an inevitability, the assholes should be regulated and ostracized to the point where their impact on humanity is negligible.

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

#435

Post by netsharc »

lolpython wrote: post #388
root_axis wrote: post #356

Earlier quoted context omitted.

> Do you know of any other way to send electronic cash with no intermediaries (EDIT: financial institutions) In practice you need a bank account to use bitcoin, there's essentially nobody who uses bitcoin that doesn't have a bank account, so the "no intermediaries" thing isn't really meaningful, nobody cares about this.

If you live near a Bitcoin ATM[0] or in one of the 10 US states[1] where LocalBitcoins still operates, you can transact solely in cash. [0]: https://www.bitcoin.com/get-started/how-to-locate-and-use-a-... [1]: https://coingeek.com/localbitcoins-restricted-to-only-10-sta...

With the ATM taking some of your money for its convenience...

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

#436

Post by wonderwonder »

moultano wrote: post #412
wonderwonder wrote: post #361

Earlier quoted context omitted.

So the hope that eventually the powers that be at Amazon will feel magnanimous at an undetermined date in the future is what makes it not a pyramid scheme at the moment?

What makes it not a pyramid scheme is that by owning the stock you own part of Amazon, and Amazon makes money by providing a service to users. The inflow of money comes from the users of its product, not future suckers.

If Amazon makes a million or trillion dollars, none of that money goes to shareholders. The only thing that affects the value of the amazon stock you hold is the willingness of someone else to buy that stock from you at a price higher or lower than what you purchased it for. Your return on investment on Amazon stock is 100% reliant on the purchases of future suckers. If tomorrow every one just decided not to buy Amazon shares anymore the value of that stock is 0 as it relies on future suckers for exit liquidity.

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

#437

Post by surfpel »

MattyMc wrote: post #423
UnpossibleJim wrote: post #260

Earlier 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…

> What real math is involved in predicting the stock market? I have a MSC in Statistics, studied quantitative finance. Generally I'd agree with you. For general investing there's often little math involved other than some simple ratios and comparisons. Three numbers I look at most often are the Price-to-Sales ratio, Gross Profit %, and annual revenue growth. There's no complex math involved here at all. Where investi…

> There is some very interesting and fun maths involved in this process that is beyond the scope of general investing.

Are there some search terms or resources you would recommend looking into to learn more about this fun maths?

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

#438

Post by RichardHeart »

Yes, I am. I called the top on roughly the day over a year ago. You'll be mad about this part though. It will find a bottom. I will buy that bottom. And it will make new all time highs. Then a few years after, you can post your anger / relief thread cycle again. It keeps oscillating higher and higher. There's some real innovation hidden in the mess, and it still truly is the best performing asset class that has ever existed in history. BTW, everything is crashing, so hopefully you don't own any of those things, or someone else's post about being happy the things you owned crashing might seem crass to you right? lol.

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

#439

Post by missedthecue »

sertorius wrote: post #314
missedthecue wrote: post #282

Earlier quoted context omitted.

How is that money laundering? You'd have to buy ethereum with cash, but at that point why bother with the NFT? Just sell the Ethereum on coinbase and you've laundered the money.

Coinbase has KYC ("Know your customer") policies explicitly to comply with anti-money laundering. https://help.coinbase.com/en/coinbase/managing-my-account/up... Edit: besides that, the point of 'laundering' money is basically to get it into a form where it is officially yours, in the light, with taxes paid. The NFT is a conceivably 'legitimate' transfer of value. I made a thing and sold it for money, and declared an…

well coinbase was an example. You can simply 'sell' yourself the ethereum. I just don't see the need to involve NFTs after you already own the crypto.
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