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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

#141

Post by rsynnott »

Retric wrote: post #15
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…

What’s interesting about this crash is prices are still so high. Bitcoin is close to 20,000$ right now. So there are still huge paper losses, but I doubt that many bought in at just 20+k. It’s odd to look prices dropping to 1/3 and think thing things could get a lot worse or it could turn into just another blip on a larger upwards trajectory.

> So there are still huge paper losses, but I doubt that many bought in at just 20+k.

I mean, ~everyone who believed the crypto ads that the article is about did, for a start.

I would assume it's far from done unravelling yet, though. Another dubious crypto HYIP seems to go under every few days at the moment.

Re: The crypto crisis has created an advertising vacuum

#142

Post by danaris »

bogota wrote: post #28
unicornmama wrote: post #21

Earlier quoted context omitted.

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.

I mean crypto is just the most risky asset. You are seeing this in everything just look at tech stocks. But everyone on here wants to act like crypto is some malicious actor for whatever reason instead of realizing it just has much smaller volume.

It's not merely smaller volume: it's got no fundamentals whatsoever. It is the purest incarnation of "the value is what people will pay for it."

Own stocks? If the company tanks, they still have assets to liquidate.

Own foreign currencies? People still have to pay their taxes in those, so there's always some market for them.

Own Bitcoin? Once people stop believing it'll go to the moon, there's no reason to own it for 99.9% of people (and the reasons the remaining 0.1% want it are antithetical to a functioning and economically healthy society).

Re: The crypto crisis has created an advertising vacuum

#143

Post by aaaaaaaaata »

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,…

We have a winner.

Re: The crypto crisis has created an advertising vacuum

#144

Post by puchatek »

danaris wrote: post #142
bogota wrote: post #28

Earlier quoted context omitted.

I mean crypto is just the most risky asset. You are seeing this in everything just look at tech stocks. But everyone on here wants to act like crypto is some malicious actor for whatever reason instead of realizing it just has much smaller volume.

It's not merely smaller volume: it's got no fundamentals whatsoever. It is the purest incarnation of "the value is what people will pay for it." Own stocks? If the company tanks, they still have assets to liquidate. Own foreign currencies? People still have to pay their taxes in those, so there's always some market for them. Own Bitcoin? Once people stop believing it'll go to the moon, there's no reason to own it for…

Wanting to sidestep banks when doing business is antithetical to a functioning and economically healthy society?

Fourteen years ago a good deal of those banks crashed the world economy but are still around because governments decided that their immense loses had to be socialized using taxpayer money. Not my definition of economical healthy.

Before the advent of altcoins and before the fees skyrocketed people were using BTC to pay for stuff. A network that can facilitate this has value. What that value is is a matter of debate, just like it's debatable whether Tesla should be worth ten times as much as Volkswagen.

Any crypto that survives in the long term and will facilitate near-instant global payments at minuscule costs without middlemen will have enough value for a lot of people to want to have it.

Re: The crypto crisis has created an advertising vacuum

#145

Post by danaris »

puchatek wrote: post #144
danaris wrote: post #142

Earlier quoted context omitted.

It's not merely smaller volume: it's got no fundamentals whatsoever. It is the purest incarnation of "the value is what people will pay for it." Own stocks? If the company tanks, they still have assets to liquidate. Own foreign currencies? People still have to pay their taxes in those, so there's always some market for them. Own Bitcoin? Once people stop believing it'll go to the moon, there's no reason to own it for…

Wanting to sidestep banks when doing business is antithetical to a functioning and economically healthy society? Fourteen years ago a good deal of those banks crashed the world economy but are still around because governments decided that their immense loses had to be socialized using taxpayer money. Not my definition of economical healthy. Before the advent of altcoins and before the fees skyrocketed people were usi…

When some of the systems that keep our society functioning smoothly are becoming damaged or corrupted, the correct response is not to throw the whole thing out and say "we're the tech world, we're really smart; we can just create our own systems that don't have to interact with governments in any way, and do it better than they did! (Plus, since we're the ones on the ground floor/running the show, we can make a boatload of money for ourselves!)"

Because the result of that is entirely predictable, and has, in fact, been playing out over the last few years, with the crypto world, as many people have described, "learning 200 years' worth of lessons in how economies and finance really work compressed into a decade."

No; the right answer is to take up our collective responsibility and work together to fix those systems so they serve everyone again (or possibly for the first time; YMMV), rather than replacing one elite with another.

Re: The crypto crisis has created an advertising vacuum

#146

Post by Animats »

Animats wrote: post #137
AlexandrB wrote: post #65

Earlier quoted context omitted.

Watching the USDT market cap is like watching a bomb counting down but now knowing where "0" is.

Another cash-out in the last few hours, $40 million or so. Wonder what will happen tomorrow when everyone is back at their trading desks and dealing with the collapses over the holiday.

Down $60 million in last 24 hours. Withdrawals continue.
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