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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?

#601

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…

I upvoted your comment. Not because I like it, or I agree with it, but because it validates my assumption on why HN hates crypto so much.

I senserely hope your weeks will get better.

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

#602

Earlier quoted context omitted.

Sure it's macro. But if crypto is dragging down the rest of the market what does that say about the market?

Yeah because the fed is hiking rates due to crypto causing inflation? Or it was crypto that was used for extreme QE? Or was it crypto that caused companies to inflate their stock values via buybacks? Not to mention crypto marketcap and volume is a drop in the bucket compared to securities.

Crypto marketcap is a huge lie.

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

#603

Earlier quoted context omitted.

> I'm looking forward to burning less resources for just hashes. you do not understand or don't want to understand why those hashes are necessary. Are you okay with burning resources for running a bloated financial system or sponsoring "innovators" out of public money? Are you okay with the money you worked hard for to literally lose value due to inflation? Are you okay with a society where if we stop producing and c…

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

#605

Earlier quoted context omitted.

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.

But this is the nature of a casino. One out of ten people gets a big payout for the same basic actions. If you're among the other nine people like I am, you take it in stride. You don't jump and cannibalize the guy who won. Not least because your self-esteem shouldn't be contingent upon how much money you have compared to someone else. People who win big randomly can't really be proud of what they have. But if you know you earned and deserve what you have, you can have pride. True pride in yourself is more valuable than money. I see this every single day with the ultra-rich I work for. The ones who got it by luck have no self control or pride. They'll soon lose it. I really don't care if they have more goodies than me. But that's because I have pride in myself, and it's ugly and despicable to base your self worth on comparing what you have to other people's material wealth.

In fact, frequently I feel sorry for them because they seem so desperate to be friends with me - because my life experience had been "real" and presented me with real shit they never had to deal with. They lack more for true friends than you or I. And I can't covet what they have when I can see, plainly, that I wouldn't want to trade places with them. And that a lot of times they want to trade places with me.

We all die. Happiness and bliss is just as likely to find you in a park behind a dumpster as in a penthouse. All the rest of the angst about judging who deserves what is just a waste of the time you have on this earth to define yourself independently.

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

#606
post #297

Is anyone surprised considering some central banks are going to be launching their own crypto? Its almost like the secret experiment with crypto is over, and I'm saying this as one of the first bitcoin miners.

> central banks are going to be launching their own crypto? That'll be permissioned/private blockchains (if at all), though, without that PoW nonsense.

a permissioned blockchain will distribute power to the politically connected. imagine rulesets on who has priority to transact during a market downturn.

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

#607
post #52

I doubt it's crashed forever, I think a lot of what we're seeing right now is because of the long overdue reckoning for the "stablecoins" that people have been treating as if they're worth $1 despite knowing it was a lie for years. That destabilizes the markets really badly since so much trading either used them as USD stand-ins or used the credit mechanisms they enabled to push up volumes. People didn't stop believi…

stablecoins are fine if they're backed correctly. ust wasn't

did you know the money market (the "dollars" in your brokerage account) broke the dollar and the government bailed it out?

https://www.investopedia.com/articles/economics/09/money-mar...

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

#609

Earlier quoted context omitted.

In this case it's our responsibility not to undermine those sanctions. While I'm not an expert in Afghanistan politics, I follow the Russian war and don't think we should support them by providing bitcoins

So you think people should starve rather than use bitcoin? What about using it to support democracy in Russia? https://www.reuters.com/world/europe/navalny-ally-urges-dono...

I voted for a political party and I'm not an expert in foreign affairs.i don't have the insight necessary.

Therefore it's not my place to break sanctions my country opposes onto another.

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

#610

Earlier quoted context omitted.

No. Bitcoin would still compete for other things which are much more critical toost people on our planet. Things like a storage battery. Or melting aluminum or other ors.

Things like a storage battery - we already have a battery shortage with not enough to power electric car manufacturing. Or melting aluminum or other ors - this doesn't work because the load is extremely fickle. You have to be able to turn on/off easily and frequently. other things can certainly come along and compete for the power. Its not like bitcoin mining isn't price bound. It always seeks the cheapest energy reg…

I only brought examples.

We are in such a bad place from a co2 point of view, if my examples don't work, we need to incentive to find better things.

Bitcoin is not better. It probably still consumes more wasted than just keep burning it.

After all the mining itself needs cooling (ac), Asics miners and local infrastructure (a gas engine)

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