Is this the end of crypto? • Hacker News Board

Re: Is this the end of crypto?

#111

Post by jjgreen » Thu, Nov 17, 2022, 5:09 PM UTC

ren_engineer wrote: post #38

Laaas wrote: post #10

The mainstream response to this debacle is a bit incomprehensible. FTX was the antithesis of cryptocurrency; it was a centralised exchange, that was also trying to become a bank, and was AFAICT trying to kill DeFi [0]. The failure/success of FTX has no relation to the soundness of cryptocurrency. I do however hope that this crash means fewer people will speculate on the prices such that it can finally stabilise a bit…

awfully convenient how SBF was highly connected to the current leaders of the Federal Reserve and SEC and all this went down right as they are pushing for a Central Bank backed digital currency and gives them the perfect excuse to try and kill off actual crypto thesis-antithesis-synthesis

This place needs more dialectics

Re: Is this the end of crypto?

#112

Post by nineplay » Thu, Nov 17, 2022, 5:10 PM UTC

I'm not a crypto user so I may not understand the ramifications, but while I can see why "imminent death of crypto" headlines seem like clickbait, is it fair to say that this is the end of the crypto exchanges? This is the end of the your average Joe investing in crypto because they saw a cool ad during the Super Bowl?

I could understand how that would translate to "gone" in the practical sense. There will still be the true believers and get-rich-quick believers and criminals, but it will be completely out of the public's view. No more ads and stadiums and F1 sponsorships.

Re: Is this the end of crypto?

#113

Post by WrtCdEvrydy » Thu, Nov 17, 2022, 5:10 PM UTC

lupire wrote: post #66

ryanSrich wrote: post #42

Earlier quoted context omitted.

Exactly. FTX.com wasn't even legal in the US. The Terra/Luna crash was WAY worse for people, and that didn't do much to scare people away. BTC has held above $16k, which is really saying something considering the circumstances.

BTC, A deflationary currency that lost 75% in value in a year, despite all the problems coming from projects that aren't even BTC.

> A deflationary currency that lost 75% in value in a year

I don't know, my BTC is still worth one BTC.

Re: Is this the end of crypto?

#114

Post by lupire » Thu, Nov 17, 2022, 5:10 PM UTC

Nursie wrote: post #31

Laaas wrote: post #10

The mainstream response to this debacle is a bit incomprehensible. FTX was the antithesis of cryptocurrency; it was a centralised exchange, that was also trying to become a bank, and was AFAICT trying to kill DeFi [0]. The failure/success of FTX has no relation to the soundness of cryptocurrency. I do however hope that this crash means fewer people will speculate on the prices such that it can finally stabilise a bit…

It was everything cryptocurrency - flim-flam, inflated values, the whole thing being based on hot air, technological pipe-dreams and unrealistic ideals. Like it or not, this is the cryptocurrency ecosystem, and it has everything to do with cryptocurrency being an unregulated wild west of dodgy finance, scams and fraud. Cryptocurrency has enabled this stuff. You might not like that this is where it's gone, but it is a…

To be clear, Bitcoin was never meant as unregulated money, it was meant as an non-manipulatable supply of money. Nothing in Bitcoin is incompatible with government regulation of your computers or behavior.

Re: Is this the end of crypto?

#115

Post by grzes » Thu, Nov 17, 2022, 5:10 PM UTC

i would say that it is just begining

Re: Is this the end of crypto?

#116

Post by sgt101 » Thu, Nov 17, 2022, 5:10 PM UTC

There will be another go around - at least one.

Next time will be different(TM) There will be a new breed of crypto entrepreneurs(TM). There will be a new generation of smarter, more savvy, sophisticated investors (TM). Everyone will wear crisp white cotton this time. They will be blonder, or darker, or more vegan.

The wheel will spin again, some people will steal some money off other people who will loose everything.

Re: Is this the end of crypto?

#117

Post by cryptonym » Thu, Nov 17, 2022, 5:11 PM UTC

bertman wrote: post #2

"Any headline that ends in a question mark can be answered by the word no." -Betteridge's law (Although in this case I wish the answer would be yes)

Another headline ending with a question mark: https://www.nasdaq.com/articles/will-crypto-recover-heres-wh...

I think we hit a paradox.

Re: Is this the end of crypto?

#118

Post by lupire » Thu, Nov 17, 2022, 5:12 PM UTC

ren_engineer wrote: post #38

Laaas wrote: post #10

The mainstream response to this debacle is a bit incomprehensible. FTX was the antithesis of cryptocurrency; it was a centralised exchange, that was also trying to become a bank, and was AFAICT trying to kill DeFi [0]. The failure/success of FTX has no relation to the soundness of cryptocurrency. I do however hope that this crash means fewer people will speculate on the prices such that it can finally stabilise a bit…

awfully convenient how SBF was highly connected to the current leaders of the Federal Reserve and SEC and all this went down right as they are pushing for a Central Bank backed digital currency and gives them the perfect excuse to try and kill off actual crypto thesis-antithesis-synthesis

Now do Terra/Luna and every other crypto project that imloded the same way. It's not a conspiracy if everyone around the world is doing the same thing.

Re: Is this the end of crypto?

#119

Post by throwup » Thu, Nov 17, 2022, 5:13 PM UTC

danans wrote: post #107

devoutsalsa wrote: post #81

Earlier quoted context omitted.

The US dollar is used for shady stuff all over the world, but we’re not trying to ban it.

> The US dollar is used for shady stuff all over the world, but we’re not trying to ban it. That is because it is overwhelmingly used for standard non-shady stuff, like trading legal goods and services. Crypto can't make a similar claim.

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3942181

> For example, illegal transactions, scams and gambling together make up less than 3% of volume.

Re: Is this the end of crypto?

#120

Post by olalonde » Thu, Nov 17, 2022, 5:14 PM UTC

mjburgess wrote: post #9

This is just such an awful betrayal of their mission. The Economist should know better, and everyone I have spoken to which is senior in their readership does know better. This is still a pro-crypto-scam article. They repeat the same scam-artist lies, crypto is somehow an innovation in "trust", somehow more "efficient" than existing infrastructure, somehow "smart contracts" are more reliable than actual contracts. Th…

I'm sorry but no one in their right mind will come away from this article thinking that this is a "pro-crypto-scam" article. The article is actually very critical.

> The problems blockchains solves are highly academic csci issues around "trust" and "programming" in absurdly distributed systems. They have nothing to do with trust, risk, contracts, ownership or rights in anything like an economic, political or moral sense.

It's hard to understand what you mean here. The whole innovation behind Bitcoin is to eliminate the need for trust in a centralized entity. This is not controversial at all and claiming otherwise, or even worse, that it's a "lie", deserves some elaboration...