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The crypto crisis has created an advertising vacuum

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Re: The crypto crisis has created an advertising vacuum

#91

Post by AlexandrB »

ipaddr wrote: post #41
xwdv wrote: post #5

Bitcoin has been dropping about 10k per month the last few months. The next big 10k drop should come around the middle of July, and in August I predict the price will be in the low thousands.

At 5,000 you are back to fanboy 2018 holdings who won't sell.. this group is much bigger now The hedge funds and large funds listed have retreated. This category will go lower but jump in when the bottom hits. We could drop another 10,000 but I doubt it unless there a whale who stop believing and are part of selling off?

> At 5,000 you are back to fanboy 2018 holdings who won't sell.. this group is much bigger now

Aren't there more bitcoins in circulation now than in 2018? I know it's not a ton more, but if BTC drops to the same market cap as in 2018, the price of each coin will actually be less than $5000.

Re: The crypto crisis has created an advertising vacuum

#92

Post by grumpitron »

ditonal wrote: post #63
hn_throwaway_99 wrote: post #3

"And nothing of value was lost." This was one of the top voted posts in the Austin subreddit recently: https://old.reddit.com/r/Austin/comments/vmtmul/finally_some... Seriously, during other crashes, I remember thinking of the real negative externalities that happened during the crash, e.g. many economists have drawn lines to the current housing supply crunch due to underinvestment after the Great Recession. I don't…

Hacker News has gotten overwhelmingly anti-crypto to an extent it’s as bad an echo chamber as many pro-crypto echo chambers. People have such a hatred for crypto they are overjoyed to celebrate a crypto crash. They were annoyed people they disliked were getting rich and now feel “vindicated” the bubble is popping. But…have people actually looked around? Airbnb stock is down 80% in the last 6 months. Netflix, Twilio,…

From what I can see, ABNB stock closed at 91.41 on Friday, and the 52 week high was 212.58. That comes out to the stock being down 57% by my calculations, but could be I’m missing something.

Still down a lot, but not quite 80%.

Re: The crypto crisis has created an advertising vacuum

#93

Post by danieltillett »

labrador wrote: post #77
labrador wrote: post #57

Earlier quoted context omitted.

For those wondering like me, AAVE is "African American Vernacular Language"

This is a case where I wish the person that downvoted me would leave a comment. What did I do wrong?

The E in AAVE is English not Language.

Re: The crypto crisis has created an advertising vacuum

#94

Post by woodruffw »

ditonal wrote: post #63
hn_throwaway_99 wrote: post #3

"And nothing of value was lost." This was one of the top voted posts in the Austin subreddit recently: https://old.reddit.com/r/Austin/comments/vmtmul/finally_some... Seriously, during other crashes, I remember thinking of the real negative externalities that happened during the crash, e.g. many economists have drawn lines to the current housing supply crunch due to underinvestment after the Great Recession. I don't…

Hacker News has gotten overwhelmingly anti-crypto to an extent it’s as bad an echo chamber as many pro-crypto echo chambers. People have such a hatred for crypto they are overjoyed to celebrate a crypto crash. They were annoyed people they disliked were getting rich and now feel “vindicated” the bubble is popping. But…have people actually looked around? Airbnb stock is down 80% in the last 6 months. Netflix, Twilio,…

> They were annoyed people they disliked were getting rich and now feel “vindicated” the bubble is popping.

This doesn't accurately reflect the source of my opprobrium, or many other commenters here. I don't particularly care about whether cryptocurrencies make people stinking rich. I care that they're terrible for the planet, morally and civically corrosive, and have hurt people that I care about (in the forms of scams, lies, and false advertising around returns).

As far as I concerned, many (but not all) of these critiques apply to the last 15 years of startups as well. The proximate causes might be slightly different (adtech and cheap VC money), but the outcomes are very similar. So you won't find me dancing on one grave and sobbing over the other. I'll be practicing my Hopak[1] instead.

[1]: https://www.britannica.com/art/hopak

Re: The crypto crisis has created an advertising vacuum

#95

Post by blablabla123 »

ditonal wrote: post #63
hn_throwaway_99 wrote: post #3

"And nothing of value was lost." This was one of the top voted posts in the Austin subreddit recently: https://old.reddit.com/r/Austin/comments/vmtmul/finally_some... Seriously, during other crashes, I remember thinking of the real negative externalities that happened during the crash, e.g. many economists have drawn lines to the current housing supply crunch due to underinvestment after the Great Recession. I don't…

Hacker News has gotten overwhelmingly anti-crypto to an extent it’s as bad an echo chamber as many pro-crypto echo chambers. People have such a hatred for crypto they are overjoyed to celebrate a crypto crash. They were annoyed people they disliked were getting rich and now feel “vindicated” the bubble is popping. But…have people actually looked around? Airbnb stock is down 80% in the last 6 months. Netflix, Twilio,…

Yeah being purely positive or negative isn't any good. Although BTC shouldn't be benchmarked with Airbnb but with USD/EUR...

Bitcoin itself isn't a scam, in fact it has (or had) really ambitious goals. But the dynamics in the last years are quite scammy because not many things are bought with BTC. Maybe PoS will bring something new

Re: The crypto crisis has created an advertising vacuum

#96

Post by labrador »

mason55 wrote: post #82
brendoelfrendo wrote: post #44

Earlier quoted context omitted.

> When I was growing up in America, people said they "had to stand in line" but now they say "had to stand on line" Is this a generational/regional thing? I'm an East Coast millennial and I never hear people say "stand on line." The "in a minute" example I believe comes from AAVE, if it was present in The Wire it was probably common in the Baltimore lexicon long before that show hit HBO.

AFAIK, stand “on” line is pretty much an NYC thing

People in the Bay Area of California all started saying it too

Re: The crypto crisis has created an advertising vacuum

#97

Post by stephc_int13 »

loeg wrote: post #76
ditonal wrote: post #63

Earlier quoted context omitted.

Hacker News has gotten overwhelmingly anti-crypto to an extent it’s as bad an echo chamber as many pro-crypto echo chambers. People have such a hatred for crypto they are overjoyed to celebrate a crypto crash. They were annoyed people they disliked were getting rich and now feel “vindicated” the bubble is popping. But…have people actually looked around? Airbnb stock is down 80% in the last 6 months. Netflix, Twilio,…

Actually, anti-crypto sentiment is good and pro-crypto sentiment isn’t. “Both-sidesing” this is nonsense.

I hate crypto with passion, from the beginning, but intellectually I am still on the fence.

It might be as bad, shallow and devoid of value as any other Ponzi scheme of Tulip Mania, and this is sentiment I have about it, but this is not proof.

What if the haters are too biased to see the real value of the so-called "blockchain"?

Only History will tell.

Re: The crypto crisis has created an advertising vacuum

#98

Post by scyzoryk_xyz »

ditonal wrote: post #63
hn_throwaway_99 wrote: post #3

"And nothing of value was lost." This was one of the top voted posts in the Austin subreddit recently: https://old.reddit.com/r/Austin/comments/vmtmul/finally_some... Seriously, during other crashes, I remember thinking of the real negative externalities that happened during the crash, e.g. many economists have drawn lines to the current housing supply crunch due to underinvestment after the Great Recession. I don't…

Hacker News has gotten overwhelmingly anti-crypto to an extent it’s as bad an echo chamber as many pro-crypto echo chambers. People have such a hatred for crypto they are overjoyed to celebrate a crypto crash. They were annoyed people they disliked were getting rich and now feel “vindicated” the bubble is popping. But…have people actually looked around? Airbnb stock is down 80% in the last 6 months. Netflix, Twilio,…

Well, those of us who work on problems that need solutions and products that solve those real problems, we don’t need to worry. We’re just enjoying our popcorn watching the show.

I have however reliably found that the HN crowd has rarely been emotional in arguments regarding crypto. For some reason, the anti-crypto arguments being thrown around here have been very convincing, and the pro-crypto arguments less so. But no one here has “silenced” anyone, it’s a public forum.

However, if I were in crypto, I would be extremely worried that one of the biggest tech communities, with “hacker” in the name isn’t really on board with crypto.

Re: The crypto crisis has created an advertising vacuum

#99

Post by Zamicol »

cowtools wrote: post #68
mjburgess wrote: post #50

A friendly reminder that crypto is negative-sum. If everyone who has taken money out returns it to everyone who has put money in, then there's a net loss. Why? Because money was taken out to pay the electric companies for mining, to the tune of 10-20Bn so far. Has that money generated real returns anywhere? Nope. Nothing was manufactured, created, or improved. The sum is negative. All past and present holders of cryp…

I think there is some net utility cryptocurrency provides as a means of payment, but the cryptocurrency "community" has largely veered away from that narrative since bitcoin and others have butted heads with their transaction volume issues.

What is Ethereum, chopped liver?

Those that disagreed with the small block Bitcoin plutocrats moved to other projects, mainly Ethereum.

Re: The crypto crisis has created an advertising vacuum

#100

Post by cowtools »

mjburgess wrote: post #83
junofan wrote: post #72

Earlier quoted context omitted.

If I buy Monero using dollars and use the Monero to transact anonymously, what have I lost without realizing it?

What did you buy with that Monero? Sure, if you can exchange coins for goods consistently, then the value of that basket of goods is the value of the coin. ie., take a BTC and go to every store, across the economy, and exchange it for goods. Do that until you've spent all the BTC. Divide by the number of BTC, and that's a reasonable estimate of the value. However, since you can't do that... and, indeed, doing anythin…

I don't think it's a fair comparison. monero (and almost every other modern cryptocurrency) has reasonable fees due to its dynamic blocksize.

Additionally, the tokenomics of monero are somewhat inflationary as of last month, they've activated a constant block reward.

The development of BTC as a payment system are very complicated. There was a long period from 2017 where you've had two competing mechanisms for low-fee payments: BCH (Bitcoin Cash, fork to increase blocksize), and BTC-LN (Bitcoin Lightning network, gossip network of multisig accounts). This really fragmented the userbase and slowed down BTC's adoption as a payment system.

I'm not saying comparisons to BTC are meaningless, I'm just saying that BTC is a bad example of a "typical cryptocurrency".

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