The article is quite repetitive so I may have missed it, but does it explain the impact on advertising as a whole? Advertising for crypto surely has taken a hit, but has this "created an advertising vacuum" or removed a very small percentage over overall ad spend, in a category that many publishers didn't want to touch anyways?
The crypto crisis has created an advertising vacuum
111–120 of 146 posts
Re: The crypto crisis has created an advertising vacuum
#112But the guy who wrote the article is sure ad spend on crypto is coming back. Maybe not. Most of crypto works like a Ponzi scheme. Gains to early investors come from later investors. Eventually, you run out of suckers. We're there. Last 24 hours: - Someone pulled another $160 million out of USDT. Look at their market cap graph for the last 3 months. Every few days, somebody pulls out another $100 million+ amount. Pret…
I think people overuse the phrase "Ponzi scheme". You could argue that most stocks are Ponzi schemes. I haven't seen a damn dime from some companies.
All things being equal, a company that doesn't pay a dividend, made $10B last year and $11B this year is worth more than it was a year ago because it could pay a dividend, or it could sell, or it could liquidate. There are ways to get money, even if the shares have no buyers.
Or another way, if AAPL went to $0 and I bought up all the shares, it still prints money, and I could tell the board I want a dividend. It has some amount of intrinsic value in extreme situations. If I own all of some cryptocurrency (and maybe I do!), there's no way to extract value without finding a sucker to sell to.
Re: The crypto crisis has created an advertising vacuum
#113"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,…
> Bitcoin has actually done much better then most of the tech stocks, especially if you look at a 2 year chart.
Only if you look at the 2-year chart (or longer). That includes the tail end of the Tether-fueled market manipulation drive, and at longer scales the entire speculative boom.
Anyway, why are you so concerned about people being "anti-crypto"? You seem to think that everyone makes value judgements based only on how well something performs financially.
That might be relevant if you are an investor. But I am sure there will be more services like AirBnB if it fails, as the concept is sound. Cryptocurrencies on the other hand have certainly enjoyed their time in limelight for a while already, but have failed to deliver any meaningful mass market products (if you discount investing - which is indeed exactly akin to buying AirBnB stock without ever going on a holiday.)
Re: The crypto crisis has created an advertising vacuum
#114"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,…
I don’t support the grave dancing. Especially because it sometimes involves real graves - people have certainly died (typically suicide) from this crypto downturn.
I think celebrating this “crash” is primarily driven by the cryptocurrency community being so insufferably obnoxious to promote their self-serving agenda (“Have fun staying poor”). There’s a natural desire to celebrate the downfall of a community that has been exhibiting such a condescending superiority complex during this run.
I suspect that suicide rates, other wider societal effects, etc are higher with cryptocurrency because (in addition to other factors) it becomes the entire identity to most people in the space - hence the obnoxious Thanksgiving crypto bro archetype.
For these people the crypto crash is more deeply felt because I’m sure for many of them it’s about much more than the financials. They take it really personally to the point where it can strike to the core of who they are. This is especially dangerous given other than constantly hawking their favorite coin they are handing a significant portion of their well-being to a market they have absolutely no control over. Scary.
They also tend to be risk seeking to the point of desperate/reckless, inexperienced, easily influenced, generally unsophisticated, etc. It’s the shoeshine boy giving stock tips. I also think that due to the volatility it likely attracts legitimate gambling addicts at a much higher rate (and the resulting jump in suicides and shattered lives).
I can’t recall it being common to post suicide hotline numbers on various forums, etc when a stock goes down 80%…
If I’m doing any grave dancing at all it’s due to the most obnoxious of them just finally shutting up about crypto. It gets old so quickly.
I have a contact on LinkedIn who is a high level executive at a crypto company you’ve heard of. His activity on LinkedIn is the most childish, obnoxious, and often times offensive I’ve ever seen from a professional in a professional setting. It blows my mind this is how he conducts himself in public on a professional social media platform.
His conduct along with activity, stories, interviews of other major figures (think SBF-types) adds yet another data point on just how far blockchain is from real relevance to the general public.
I keep thinking - if an executive at that level from a bank or any non-crypto related financial anything made these posts they would be fired more or less instantly. This guy was promoted to his current position a few months ago.
He went from at least one absolutely ridiculous FOMO/if you don’t buy in you’re a moron/have fun staying poor post daily to first disappearing for a week (likely managing fallout) to now occasionally posting some lighthearted saying maybe once a week or so.
Humble pie.
Even though I essentially can’t stand this person (and many like them on Twitter) I find their personalities and activity to be a really interesting observation into the space.
Re: The crypto crisis has created an advertising vacuum
#115Bitcoin 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.
We’re learning how much leverage went into puffing up the crypto bubble. Bond yields go up, loans get called, crypto fire sale. The Fed meets last week July, if they telegraph another monster hike (looks likely, but they might lose their nerve) it’s gonna another crypto bloodbath.
What another monster hike? Fed did only tiny 0.75 percent point increase in interest rate to 1.5%-1.75%. Inflation is 8.6%. Right interest rate hike would be 7 percent point.
Re: The crypto crisis has created an advertising vacuum
#116Earlier 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,…
I absolutely fall in the category of crypto haters, for technical, political and moral reasons, and I can't help but feel some joy and excitement when I see it crashing. Of course I am aware of my strong bias, I don't think I will ever be neutral on this subject, but it does not matter as this bias is only affecting my personal decisions. Is it even possible to build a neutral judgment on this thing?
The point I derive from this is: Cryptocurrency hate will distract you from seeing the bigger picture and dealing with it.
Celebrating that bad things burn when good things burn for the same reason (economic downturn) seems like it’s either uninformed or a coping strategy.
Re: The crypto crisis has created an advertising vacuum
#117Earlier 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,…
Airbnb is down 58% from its 52-week high. I'm not sure the point you're making though. Even if high-flying stocks went down 99% that's not a defense of crypto per se. "Stocks go down" isn't a redemption of the crypto narrative. That said, if you did want to use tech stocks as a comparison, Bitcoin is the flagship asset of crypto, and meant to be the most stable (deflationary etc.) so more akin to Apple. Apple is esse…
> "Stocks go down" isn't a redemption of the crypto narrative.
It’s not, but “reality catching up on speculative, excessive growth” isn’t purely a cryptocurrency thing; they’re just so much a symptom of everyone wanting in on that tech stonks that only VCs could afford.
It’s funny how “the Uber of X” was an admirable description, considering that whole economic model is being questioned right now. Perhaps it just wasn’t the case that Uber was the Uber of Uber.
Re: The crypto crisis has created an advertising vacuum
#118"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,…
Crypto was foisted on us so hard in the past 2 years that people are celebrating it's downfall because it means not being insulted by the marketing of it all. It was vapor, it was a scam that created desperation in many people during some of the most troubling times we've had in history.
I had to work extra hard to try and convince family members to not sink their hard earned savings into it, and worried that the hype train would affect many I knew when it actually did crash, during one of the worst economic periods in recent history...
It did crash hard, despite how many promises were made. NFTs also were proven to be insecure. Web 3.0 was based on totally fraudulent claims by opportunistic people... That is why people are celebrating the current peril it is in, and also why no one accountable ever really wants to step up and own the failure of it all.
Re: The crypto crisis has created an advertising vacuum
#119"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,…
It turns out that some things are just bad, and pretending there's a false balance is just being half-way to scam town.
Re: The crypto crisis has created an advertising vacuum
#120Earlier quoted context omitted.
This is not responsive to my comment.
You're stating that there is a non-negotiable right and wrong, and that cryptocurrency is in-defensively wrong (e.g. "Literally Hitler"). I ask you to justify your position then.
> are cryptocurrency supporters "literally hitler" now?
If you really wanted to see someone argue that position nobody-but-you brought up, here you go: https://youtu.be/XpH3O6mnZvw