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Ask HN: Is anyone else glad the crypto market is crashing?
581–590 of 670 posts
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#582I'm not really invested or care for crypto, I'd rather it not be around. But I don't see how this is any different than when bitcoin hit $17k and also "crashed" and everyone talked about how this was the end and crypto had a good run. Then it got even bigger. Now that you have institutional investors in this pie and not just those dudes you knew in college, its not going anywhere. People are automatically putting ret…
This time interest rates are going up, inflation is going up, and commodities are going up. "Only when the tide goes out do you discover who's been swimming naked". Well, cryptobros don't even have a fig leaf...
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Re: Ask HN: Is anyone else glad the crypto market is crashing?
#583Earlier quoted context omitted.
> People buy it because they expect the price to go up. Some* people buy it because they expect the price to go up. Other people are switching to bitcoin because it is better money than their local currency. > everything it does can be done better by other things Like what? Trustless transfer of money governed by a protocol that is highly decentralized and secure.
> Other people are switching to bitcoin because it is better money than their local currency. USD, EUR, GBP and CHF are less volatile. The countries that manage them all have good credit ratings. Compare to BTC which has lost >55% of its value in the last 6 months. And you're calling that a currency? Using safe fiat, or even gold, would be the "boring" solution because it doesn't go up in value much. If anything, it…
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Re: Ask HN: Is anyone else glad the crypto market is crashing?
#584Earlier quoted context omitted.
> People buy it because they expect the price to go up. Some* people buy it because they expect the price to go up. Other people are switching to bitcoin because it is better money than their local currency. > everything it does can be done better by other things Like what? Trustless transfer of money governed by a protocol that is highly decentralized and secure.
> Other people are switching to bitcoin because it is better money than their local currency. USD, EUR, GBP and CHF are less volatile. The countries that manage them all have good credit ratings. Compare to BTC which has lost >55% of its value in the last 6 months. And you're calling that a currency? Using safe fiat, or even gold, would be the "boring" solution because it doesn't go up in value much. If anything, it…
Who said anything about boring vs exciting? You’re projecting.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#585Earlier quoted context omitted.
> Crypto doesn't have that quality even hypothetically And does paper fiat have intrinsic value? Bitcoin is trustless money. It's mindblowingly amazing that we now have trustless money. We've never ever had that before. That is the value.
> And does paper fiat have intrinsic value? Yes, to the extent that people with guns will enforce its value (as I mentioned above). > Bitcoin is trustless money. It's mindblowingly amazing that we now have trustless money. We've never ever had that before. That is the value. You'll have to forgive me if I disagree that "mindblowingly amazing" constitutes "intrinsic value".
> You'll have to forgive me if I disagree that "mindblowingly amazing" constitutes "intrinsic value".
100% agree. I did not mean to argue that the value is in the fact that it is amazing. The value is in the trustless money network.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#586The one thing I can’t stand about the criticism towards the present NFT space is when people heavily reduce the current market to ‘jpgs’. you’re not purchasing or trading images, that’s only how it appears.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#587No post body was provided.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#588Earlier quoted context omitted.
> when it was clear it would never be a currency But it IS a currency.. It is uses for daily payments and legally considered a currency in multiple countries today. I fully expect that list to balloon up over time. You're talking about USA in 2022 and not the rest of the world or the future.
Turns out it doesn't matter if the currency is trustless if you still have to trust your counterparty anyhow. In fact it's worse in most cases, since you can't seek recourse from trusted financial intermediaries (chargeback, etc). For 99.9% of daily cash-equivalent transactions it is significantly clunkier than the new "FinTech" solutions: Venmo, CashApp, Zelle, etc. For purchases, credit cards generally actually off…
> Venmo, CashApp, Zelle, etc.
These are layers on top of the dollar. I agree they’re a great consumer experience.
Why not equally nice layer on top of bitcoin?
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#589Earlier quoted context omitted.
> And does paper fiat have intrinsic value? Yes, to the extent that people with guns will enforce its value (as I mentioned above). > Bitcoin is trustless money. It's mindblowingly amazing that we now have trustless money. We've never ever had that before. That is the value. You'll have to forgive me if I disagree that "mindblowingly amazing" constitutes "intrinsic value".
> You'll have to forgive me if I disagree that "mindblowingly amazing" constitutes "intrinsic value". 100% agree. I did not mean to argue that the value is in the fact that it is amazing. The value is in the trustless money network.
You keep using the word trustless, but Bitcoin is at best no more trustless than any other currency. You are falsely equating your balance not being able to be arbitrarily changed with it's value being stable. Only the latter (spending power) matters for a currency.
Bitcoin requires you to trust at least three things: Others will exchange it with you. Governments will not make holding/using it illegal. It will not lose it's value overnight. There is absolutely no reason to believe these will continue to be true.
Re: Ask HN: Is anyone else glad the crypto market is crashing?
#590Earlier quoted context omitted.
It's very likely you put your life on the line every day with things that can't be proven. That is engineering after all.
> your life on the line Your life at 0.00000x% risk is one thing. I'm fairly relaxed about that. Your capital at - say - 50% risk of total loss is another. I don't play that game.
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