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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?

#591

Post by moistly »

munificent wrote: post #506
naravara wrote: post #472

Earlier quoted context omitted.

I think it's simpler than that. The ideology of the post-90s/post-Reagan neoliberal era inculcated a set of hyper-capitalist values that posited humanity as "homo economicus" and operated as if we are little more than producing, consuming animals who exist to mechanically produce generic "economic output" and consume "utility." This is a deeply unsatisfying and spiritually empty existence. This leads to all the behav…

As a gen-xer, I agree wholeheartedly that the 80s transition of Americans from being people to being "consumers" was a soul-sucking cultural exercise that has created misery all around. But crypto bros aren't trying to escape that. They are doubling down on being homo economicus because now they're investing in financial objects that are completely decoupled from even representing something as meaningful as a share o…

Elon can’t start shipping people off to Mars soon enough, then. When the bros all F off to space, maybe we can finally get some peace and tranquility.

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

#592

Post by senectus1 »

I definitely get a sense of schadenfreude when i see the particularly toxic communities in the crypto market suffering.

but i don't particularly want to see cryptocurrencies fail in general.

I think atm I see this a a "reset" or cleansing. There was too many obvious scams and well dressed and marketed pyramid schemes. This will collapse a lot of them.

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

#593

Post by Layke1123 »

id wrote: post #348
Layke1123 wrote: post #321

Earlier quoted context omitted.

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.

This isn't lucky, but besides that, no, I'm not happy when a very small percentage of our population "gets lucky". We should have 80% of this country be able to afford a home, a vehicle, have affordable healthcare, and a minimum of 4 weeks vacation in the modern 21st century.

Everything else is just a smoke screen to make "your lucky existence" justified compared to the masses who did nothing wrong except be born into this system.

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

#594

Post by Layke1123 »

noduerme wrote: post #478
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…

When I launched a home built casino in 2011, I bought 5000 BTC to initially bank it. I didn't want to take BTC, I wanted to get licensure in Malta and take credit cards. But I didn't have any investment, or $500k to buy a license. I just had good software, so I launched it in BTC as a proof of concept and to try to earn enough to bootstrap the cost of licensing. Long story short: That project is long gone. I viewed B…

When 9 people in a group of 10 see one person get lucky by owning more than 90% of the available assets around them and not seeing an iota of it going to them, you are about to get a lesson in how unlucky you can also be.

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

#595

Post by moistly »

acchow wrote: post #422
ChrisLTD wrote: post #122

Earlier quoted context omitted.

Boom & bust cycles seem to be a built in “feature” of market economies. The architects are not trying to create booms and busts per se, but they are trying to manage them so they aren’t as devastating as 1929.

But they're booming much harder and busting much harder... Should the fed have stepped in to prevent a flash freeze in liquidity in March 2020? Probably. Did they go way way way too far? Maybe. Did they go way way too far in Aug 2020 and Nov 2020 and Dec 2020 and Jan 2021, etc? Definitely.

Did they ever fix the problems that led to the 2008 crash? I don’t think so.

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

#596

Post by matheusmoreira »

rot13xor wrote: post #330
JumpCrisscross wrote: post #243

Earlier quoted context omitted.

> 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.

Finite supply doesn't even matter anymore since exchanges are now operating like banks with fractional reserves, loans and everything. Through credit they can inflate away the value of cryptocurrencies as much as they want. The entire financial system was reinvented on top of bitcoin, it's the worst possible outcome.

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

#598

Post by gonehome »

Zetaphor wrote: post #565
dropnerd wrote: post #543

Earlier quoted context omitted.

where are the builders? are they even on hn anymore?

I wouldn't be surprised if they got tired of the constant negativity when anything related to crypto is mentioned. I thought this was supposed to be a forum of like minded people interested in technology and its potential applications. Ever since the start of this last bull market it's felt incredibly hostile to anyone even remotely interested in blockchains and related tech. Maybe it's always been like this, I've on…

HN has always had its knee-jerk negativity and dumber biases on some topics, but the extremeness around the crypto stuff really is something novel imo. I find it not worth engaging on the topic here at all anymore (and I've tried earnestly a few times).

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

#599

Post by [deleted] »

logifail wrote: post #525
nightski wrote: post #477

Earlier 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.

[deleted]

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

#600

Post by CuriousSpider »

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…

Would you be able to recommend any online resources or books on the more complex math? It sounds interesting.
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