The Great Crypto Grift May Be Unwinding • Hacker News Board

Re: The Great Crypto Grift May Be Unwinding

#121

Post by unclebucknasty » Thu, May 19, 2022, 4:04 AM UTC

etaioinshrdlu wrote: post #23

Crypto cannot create wealth, only move it around. If too many people become crypto-rich and try to spend it on real-world assets, the assets will just inflate in price. What can happen is that crypto could replace other forms of money. Governments will likely fight this tooth and nail however, because crypto is currently an anti-government technology.

>Crypto cannot create wealth, only move it around. If too many people become crypto-rich...

Not really understanding this. If crypto is just moving wealth around, then how can "too many" people become crypto-rich?

Re: The Great Crypto Grift May Be Unwinding

#122

Post by HFguy » Thu, May 19, 2022, 4:04 AM UTC

gfodor wrote: post #62

Crypto crashes every couple years and of course it has grown immensely since the last crash so the scale and scope of these kinds of “analyses” grow with it. I’d imagine in 5 years in the next big crash it will be the top news around the global for many weeks.

You seem to assume an increase in the future.

It boomed and busted in 2017. Then wasn't going anywhere for years until central banks generated massive liquidity and all assets jumped (because cash went to zero and pushed everyone out on the risk curve). That's direct cause and effect.

Given the liquidity is being taken away, what is going to save the day for Crypto next? What would cause it to recover to previous highs? I don't think recovery is predestined.

Anyway, what is to say bitcoin shouldn't be $10,000? Or $1000? Or $1?

Re: The Great Crypto Grift May Be Unwinding

#123

Post by gwicks56 » Thu, May 19, 2022, 4:04 AM UTC

sk0g wrote: post #104

WFHRenaissance wrote: post #96

The issue here is actually pretty easy to grok. Crypto is a new market, so there is a historical amount of information asymmetry between consumers and producers. This brings a lot of scammers to the space. A lot of crypto is definitely bullshit, but there are some use-cases that I admire that aren’t just gambling on Shit coins.

> you’d be an idiot to ignore the realistic and adopted use-cases Ignoring the hostility, what would you list as the realistic and adopted use-cases for crypto?

Do you think SciHub has a reason or right to exist? Financial censorship is real and growing.

Re: The Great Crypto Grift May Be Unwinding

#124

Post by randomhodler84 » Thu, May 19, 2022, 4:05 AM UTC

arcticbull wrote: post #107

odsb wrote: post #99

Earlier quoted context omitted.

how is BTC not fundamentally sound. You can literally take 1 Billion dollars worth of BTC and cross the border without anyone questioning you. How does that not change how you see things ?

Fundamentally sound as what ? - As a currency, it's garbage. Currencies are inflationary to incentivize spending. A deflationary currency incentives hoarding, and harms the economy by dropping velocity. All the worst periods in history have been deflationary, not inflationary. Currencies benefit from being able to respond to changes in population, to shocks, to changing demographics. And they shouldn't cost a fully-r…

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Re: The Great Crypto Grift May Be Unwinding

#125

Post by nickv » Thu, May 19, 2022, 4:05 AM UTC

sk0g wrote: post #104

WFHRenaissance wrote: post #96

The issue here is actually pretty easy to grok. Crypto is a new market, so there is a historical amount of information asymmetry between consumers and producers. This brings a lot of scammers to the space. A lot of crypto is definitely bullshit, but there are some use-cases that I admire that aren’t just gambling on Shit coins.

> you’d be an idiot to ignore the realistic and adopted use-cases Ignoring the hostility, what would you list as the realistic and adopted use-cases for crypto?

Duh, it's the realistic and adopted use-cases!

Re: The Great Crypto Grift May Be Unwinding

#126

Post by DANK_YACHT » Thu, May 19, 2022, 4:05 AM UTC

roflyear wrote: post #44

DANK_YACHT wrote: post #11

Earlier quoted context omitted.

BTC is down 53% from ATH. NFLX is down almost 75%. PTON is down over 91%. You'd actually be better off investing in BTC than in many tech darlings. I don't own any crypto, but I don't think it's fair to single out crypto in the middle of a broad tech downturn.

Yeah. The difference is you don't have people claiming the SPY or Netflix will triple each year for the next ten years. People have literally commented that about BTC and other crypto. The thought process people have regarding crypto is entirely different. It's a completely different beast. Closer to something like GME, but at least with GME GameStop was able to sell stock and pay off their debts...

Cathie Wood has said she expects ARKK to get 50% annual returns[0] despite being down 57% YTD and over 30% since she made the statement (more than BTC). Pointing to what "others" have said as some type of broad argument about an underlying security doesn't make sense. There are charlatans everywhere.

[0] https://www.etf.com/sections/features-and-news/cathie-wood-s...

Re: The Great Crypto Grift May Be Unwinding

#127

Post by oh_sigh » Thu, May 19, 2022, 4:05 AM UTC

4pkjai wrote: post #50

latchkey wrote: post #3

> On Monday, the Financial Times published an interview with Sam Bankman-Fried, the founder of the FTX crypto-trading exchange, in which he said bitcoin doesn’t have a future as a means of payment because it is too complicated and environmentally costly. https://twitter.com/SBF_FTX/status/1526098754163687424

I think he's a little biased because he's heavily involved with Solana

This style argument is the exact opposite of "putting your money where your mouth is".

If he really believes BTC has no future, why wouldn't he invest in alternatives?

Re: The Great Crypto Grift May Be Unwinding

#128

Post by [deleted] » Thu, May 19, 2022, 4:05 AM UTC

WFHRenaissance wrote: post #96

The issue here is actually pretty easy to grok. Crypto is a new market, so there is a historical amount of information asymmetry between consumers and producers. This brings a lot of scammers to the space. A lot of crypto is definitely bullshit, but there are some use-cases that I admire that aren’t just gambling on Shit coins.

[deleted]

Re: The Great Crypto Grift May Be Unwinding

#129

Post by minimaxir » Thu, May 19, 2022, 4:06 AM UTC

WFHRenaissance wrote: post #96

The issue here is actually pretty easy to grok. Crypto is a new market, so there is a historical amount of information asymmetry between consumers and producers. This brings a lot of scammers to the space. A lot of crypto is definitely bullshit, but there are some use-cases that I admire that aren’t just gambling on Shit coins.

> A lot of crypto is definitely bullshit, but you’d be an idiot to ignore the realistic and adopted use-cases.

If crypto was self-regulating to disincentivize said bullshit, then it wouldn't be an issue.

Instead, the bullshit is a feature, not a bug, and thus overshadows any legit use cases of crypto by association.

Re: The Great Crypto Grift May Be Unwinding

#130

Post by razemio » Thu, May 19, 2022, 4:06 AM UTC

sk0g wrote: post #104

WFHRenaissance wrote: post #96

The issue here is actually pretty easy to grok. Crypto is a new market, so there is a historical amount of information asymmetry between consumers and producers. This brings a lot of scammers to the space. A lot of crypto is definitely bullshit, but there are some use-cases that I admire that aren’t just gambling on Shit coins.

> you’d be an idiot to ignore the realistic and adopted use-cases Ignoring the hostility, what would you list as the realistic and adopted use-cases for crypto?

You can proof that a digital file existed at a given time and hasn't been altered since. It is something that I use on a daily basis.