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Ask HN: Is anyone else glad the crypto market is crashing?

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Re: Ask HN: Is anyone else glad the crypto market is crashing?

#161

Post by jeffreyrogers »

colesantiago wrote: post #59
IAmWorried wrote: post #9

It's less that I'm glad the market is crashing, and more that I'm glad that the insufferable crypto bros are finally getting a punch to the mouth. Seriously, these people are the worst. Your average "crypto investor" has no skills, no mathematical foundations, nothing. Except for pure stupid luck, and the ability to spew inane crypto babble 24/7. And yes, they think they are much smarter than you, because they achiev…

> This came off as pretty bitter. I apologize, but I am bitter, and I'm having a shit couple weeks. You shouldn't be, these cryptobros have been orchestrating general scams, rugpulls, hype scams, pump and dumps and all this having an effect on normal people's lives. Do not be sorry.

The majority of people I know who are into crypto buy the hype and believe their own bullshit. The cynical opportunists seem to be a minority.

Re: Ask HN: Is anyone else glad the crypto market is crashing?

#162

Post by [deleted] »

11101010001100 wrote: post #159
jonathan-adly wrote: post #63

It's a Macro crash. SP500 is down -%5 YTD. Meta -37%, Netflix -65%. Lots of pain spreading. You shouldn't gloat or be happy. Give it a couple of more months like this, and lots of the HN audience would be worried about layoffs. The security of your average software developer job is strongly tied to market cycles. If you want a place to direct your hate and bitterness, I would do it at the architects of the BOOM/BUSTS…

Sure it's macro. But if crypto is dragging down the rest of the market what does that say about the market?

[deleted]

Re: Ask HN: Is anyone else glad the crypto market is crashing?

#163

Post by philosopher1234 »

jdmoreira wrote: post #46
IAmWorried wrote: post #9

It's less that I'm glad the market is crashing, and more that I'm glad that the insufferable crypto bros are finally getting a punch to the mouth. Seriously, these people are the worst. Your average "crypto investor" has no skills, no mathematical foundations, nothing. Except for pure stupid luck, and the ability to spew inane crypto babble 24/7. And yes, they think they are much smarter than you, because they achiev…

I'm not disagreeing with you but I don't think this is healthy. This shouldn't be eating you from the inside. "What good is envy? It’s the one sin you can’t have any fun at." - Charlie Munger

Who are you to tell him that feeling hate and bitterness is unhealthy? Bitterness is useful, it helps us protect our values and helps prevent anti social behavior.

Re: Ask HN: Is anyone else glad the crypto market is crashing?

#164

Post by yabones »

olalonde wrote: post #82
Mehringotio wrote: post #38

I follow climate change for a while. Especially the co2 concentration in our air, wild fires, droughts etc. I'm looking forward to burning less resources for just hashes. I'm also getting tired of having the same fruitless discussions. There are a lot of people who have never thought about a ton of implications of crypto. Real issues are ignored, unknown, or just never even mentioned.

Proof-of-work works fine with clean energy. You should direct your concerns at polluting forms of energy sources.

There is no clean energy, just some that are cleaner than others.

For every solar panel, there's a pile of toxic garbage that must be dealt with after ~20 years. It's unquestionably better than the billions of tonnes of CO2 that would be produced by the equivalent coal plant, but it's still a problem.

There is no "ethical consumption" of cryptocurrency.

Re: Ask HN: Is anyone else glad the crypto market is crashing?

#166

Post by bcrosby95 »

11101010001100 wrote: post #159
jonathan-adly wrote: post #63

It's a Macro crash. SP500 is down -%5 YTD. Meta -37%, Netflix -65%. Lots of pain spreading. You shouldn't gloat or be happy. Give it a couple of more months like this, and lots of the HN audience would be worried about layoffs. The security of your average software developer job is strongly tied to market cycles. If you want a place to direct your hate and bitterness, I would do it at the architects of the BOOM/BUSTS…

Sure it's macro. But if crypto is dragging down the rest of the market what does that say about the market?

The market isn't down because of crypto.

Re: Ask HN: Is anyone else glad the crypto market is crashing?

#167

Post by arcticbull »

mattwilsonn888 wrote: post #112
joecot wrote: post #58

Earlier quoted context omitted.

As soon as it was clear that Bitcoin was going to be a commodity instead of a currency (why use it as a currency to buy a pizza this week when it could buy you a car next week?), it was clear it was now a pyramid scheme. That's why I didn't invest in it. What I hadn't counted on was how gullible people were for pyramid schemes.

You don't understand what a commodity is - or you don't understand what Bitcoin is.

Ah the classic coiner refrain. Thanks bud. We do. We really, really do.

We've spent many years learning exactly what those things are thanks to all this insufferable nonsense. I know more about crypto than practically 90% of the crypto community. I know all the personalities, the history, the fraud, the crime, the grift. I've read countless whitepapers. I've learned about 'traditional' finance.

All because of the brigading army of the insufferable.

Re: Ask HN: Is anyone else glad the crypto market is crashing?

#170

Post by vannevar »

TameAntelope wrote: post #139
joecot wrote: post #58

Earlier quoted context omitted.

As soon as it was clear that Bitcoin was going to be a commodity instead of a currency (why use it as a currency to buy a pizza this week when it could buy you a car next week?), it was clear it was now a pyramid scheme. That's why I didn't invest in it. What I hadn't counted on was how gullible people were for pyramid schemes.

I wish we had a better phrase than "pyramid scheme", because IMO anything that's a "scheme" has people who know better at one end, and I really don't think there's anyone involved in crypto that is deliberately "winning". What's a phrase for when everyone is getting scammed, and not by any one person, but by an idea? Where there are no winners, only lucky and unlucky. Pyramid trap? Pyramid quagmire? IDK, but "scheme"…

>...I really don't think there's anyone involved in crypto that is deliberately "winning".

I believe that bitcoin began as a straightforward "pump and dump" scheme, dressed up in a techno-libertarian narrative to appeal to its intended marks, young tech males with disposable income. As the size of the market has grown, I suspect the original cartel holds a smaller percentage of the outstanding supply, but I'll bet it's still enough to move the market deliberately when they choose.

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