61–70 of 366 posts
> TerraUSD was touted as a blue-chip cryptocurrency. Let me stop you right there. Terra was a barely 2 year old shitcoin. I don't think you know what "blue-chip" means.
The term blue-chip originates from gambling. I think it's perfectly fine to use it in the context of cryptocurrencies.
I occasionally get asked by relatives and friends of what to invest in. Now I'm no expert but I guess in the valley of the blind the one-eyed man is king. Thing is what I tell them seems to bore them because, well, it's boring. My advice is basically this: Put your money in a broad index fund and don't look at it for 10 years. In giving this advice you start to realize it's not what people want to hear. It's not that…
> It's not that they want to get rich quick. They just want to make a lot of money really fast. In their defence, I feel like this is fuelled by media FUD as well as FOMO from the ever-widening wealth gap. A combination of inflation and unaffordable housing along with stagnant wages means that even with everyone in the family working jobs, you can’t even afford a yearly vacation. If the wealthy elites don’t realise t…
Its not so hard to see why people feel their only option is riskier bets.
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Surely if you believe crypto is coming to an end in the next few years there is some way to profit.
Not buying and keeping your currency elsewhere may just be a totally reasonable alternative.
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That assumes you are able to hold a short position for the indefinitely long irrational period in which the bubble can grow unpredictably large and your gains increasingly negative. It’s therefore also irrational to take a short position. The sensible thing to do was to stay away - and I think it’s perfectly fine for people who did so to smugly say ‘I told you so,’ presuming they did indeed do that.
Surely if you believe crypto is coming to an end in the next few years there is some way to profit.
> Keith Baldwin, a 44-year-old surgeon who lives outside New Bedford, Mass., saved $177,000 during the past decade. Last year he took his savings and bought USD Coin, putting it in a crypto account that paid a 9% annual yield. A surgeon saved 177k over 10 years? Something else might be going on here.
What's amazing is that this person put his name in the WSJ as a gullible fool who can now be targeted by spearphishing scams (including that Crypto Recovery scam that has was even spamming HN recently) and shunned by his peers and potential clients.
Ok I’ve never tried to look into TerraUSD or other stablecoins before. So I have $100. I use that to buy $100 worth of Terra because it’s pegged to USD. Then I can.. sell it for $100? What’s the point? If they promise returns where are they supposed to come from? If my coins are pegged to USD how do they appreciate? Or is the idea they just give me more for holding? But if the coins are pegged where do they get the m…
Terra had a sister coin called Luna which it planned to use to keep Terra stable. Luna had the price dynamics of ETH or BTC, where it's value depended solely on the whims of the market. The whole thing was a perpetual motion machine that failed very predictably. Matt Levine has some good coverage.
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People are so smug when they say “I told you so.” It really bothers me. On every negative story about crypto, so many people comment “hur dur financial regulation dur”. But that’s so easy to say after the fact. If these people really could foresee these events happening, then they could have made a lot of money by taking short positions. That would be a lot more impressive to me than taking cheap opportunities to fee…
There are ~18000 cryptos, and out of all those, maybe two worth owning. Do I need to go open short positions on 17998 assets before I can tell people "don't buy shitcoins"?
I occasionally get asked by relatives and friends of what to invest in. Now I'm no expert but I guess in the valley of the blind the one-eyed man is king. Thing is what I tell them seems to bore them because, well, it's boring. My advice is basically this: Put your money in a broad index fund and don't look at it for 10 years. In giving this advice you start to realize it's not what people want to hear. It's not that…
I think index funds are better seen as "savings" than "investments" in most people's mind.
Ok I’ve never tried to look into TerraUSD or other stablecoins before. So I have $100. I use that to buy $100 worth of Terra because it’s pegged to USD. Then I can.. sell it for $100? What’s the point? If they promise returns where are they supposed to come from? If my coins are pegged to USD how do they appreciate? Or is the idea they just give me more for holding? But if the coins are pegged where do they get the m…
Earlier quoted context omitted.
Do you also welcome retail investors that haven’t heard of HN?
Welcome? Not sure what you mean. I maintain a similarly opinionated Twitter feed. It’s also to be clear not my responsibility. This whole “nobody could have known” is as asinine as it was predictable.