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I wonder what % of our Economic stimulus was used to buy crypto, and how much of that money has simply disappeared over the past 24 hours.
Does it matter? The economic stimulus money "simply appeared" when checks were printed or payments were direct deposited.
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Thank you for the disinterested take! It's refreshing to see this as a top comment when so often I see "Crypto makes me sick" which offers zero information and doesn't belong on HN. A few points to the repetitive comments I keep seeing: 1. Bitcoin is not a Ponzi scheme. Various cryptocurrencies operate in such a manner, but Bitcoin and Ethereum have value propositions: settlement and programmable money respectively.…
> Bitcoin pricing is on a log scale. Dropping to $36k from $50k is not a concern on this scale. What is that even supposed to mean?
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As someone with no real opinion on crypto the arrogant stupidity of the anti-crypto crowd (really prevalent on HN) is also quite tiring.
For me, it's because the hype isn't around the technology (which is the interesting part and for the most part, why we're on HN), it's around the speculation. From the outside, looks like a bunch of gamblers constantly getting each other off on whether their bets will make them millionares. It's just...sad...at a level.
But also try taking a step back: why are they gambling? Sure, greed is ever-present in human history—that's a given. But also listen to the doubt in the present establishment. I know what it's like to be poor and what the banks do to you in that state. It doesn't surprise me in the slightest that there's so much being thrown at it. The chances of and potential returns are almost guaranteed better than a savings account. That's a problem, isn't it?
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by that logic, why not just buy lotto tickets?
You know... what I am curious, does this logic make sense? Why wouldn't a given % be allocated to lotto tickets?! Quite curious from a risk/reward portfolio formula.
Software engineers for example are easily capable of reliably earning six figures in the US, outside of the Bay Area. With stock compensation their earnings potential is that much higher. It's a solid multi-millionaire track if you grind away at that career path and keep your expenses in line.
So why bother with the lottery in that case? Because a few million dollars isn't enough?
If you're earning $40,000 per year with an inability to generate much in the way of savings (compared to the software engineer), your job prospects are highly capped, you do manual labor in a factory in a 2nd tier city, your education level is weak, and your shot at a multi-millionaire outcome is essentially zero, maybe giving up 5% of your savings makes sense for a shot at an epic outcome to escape that lower middle class trap.
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You’re not alone. Seeing the comments flooded with “buy the dip” or, God, “diamond hands” makes me cringe every time. They get so offended when you call cryptocurrency a cult or Ponzi scheme but they make it extremely difficult not to. This is from someone with financial interest in a few coins but I’m not ready to die on any hill for bragging rights. I wish they would just admit they want capital gain and call it a…
That's probably the worst aspect of crypto communities. Early in BTC the talk was about the tech and possibilities, trading/selling goods for BTC. Those sort of comments you mention started creeping in, but now that is the mainstay, in every individual crypto community. I dont care that they are speculation vehicles, but pretending you are changing the world just grates. And the constant calls to HODL, which used to…
People who care about that have already moved on. Bitcoin has failed in that aspect, only speculators still care about it. The fact it's still the number one coin despite the existence of coins with better fundamentals like Monero and Ethereum is proof of how irrational this market is.
As an outside observer, who has no crypto holdings at all, but is very deeply invested in the public stock market with a heavy weight on technology stocks... this doesn't look like a crash to me at all. It just looks like some steam being let off and old investors cash out and new investors get more comfortable with how much and where to invest. I consider crypto currency as it is to be an elaborate Ponzi scheme (per…
We've just seen a 20% (or worse) drop in cryptos in a single 24 hour period.
So to me, calling this a "crash" makes perfect sense.
Will it come back? Yes, but it's still a crash.
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Gold does not have inherent value either. It's price is determined purely by a market and there are no other pricing mechanisms. You can't use discounted cash flow. You can't use comparables. You can use raw materials. It's a straight up rock that people price.
It's still an actual rock though. Cryptocurrency is less then that . Cryptocurrency is expended energy. You can't use a cryptohash for anything . Whereas I can melt down gold and make earings with it.
If you compare any esoteric financial instrument against the melted rock utility test that you mention, the laity will err on the side of melted rocks.
BItocin has among the worst risk-adjusted returns of any investment. I would not touch it. NASDAQ 100 and or fang portfolio way better.
As an outside observer, who has no crypto holdings at all, but is very deeply invested in the public stock market with a heavy weight on technology stocks... this doesn't look like a crash to me at all. It just looks like some steam being let off and old investors cash out and new investors get more comfortable with how much and where to invest. I consider crypto currency as it is to be an elaborate Ponzi scheme (per…
if crypto is a ponzi scheme, then isn't cash also a ponzi scheme? cash can become just as worthless, when no one believes in it anymore, just ask zimbabwae. personally, if i'm going to be in a ponzi scheme, at the very least I want something with a limited supply. Also, what other option do we have for store of value? Equities are way overvalued beyond reason. Fixed income/cash are becoming worthless very quickly. re…
https://www.macrotrends.net/2497/historical-inflation-rate-b...