621–630 of 670 posts
Tech stocks are crashing just as much as crypto right now. And Bitcoin is trading 30 THOUSAND DOLLARS.
Would barely call this a "crash that's finally happening"
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Owning a stock is not the same as having controlling interest in the business and being able to take home your share of profits (or suffer your share of losses) from the business. It is interesting how the mind works to confuse these two things. Also, in the limit, if you owned all the stock in the world, you have destroyed the stock market. Because ultimately, stock market is about speculating the future potential o…
> Also, in the limit, if you owned all the stock in the world, you have destroyed the stock market Dead wrong, and indeed that is the difference to crypto. If you own all Bitcoins in the world, it is worth nothing and your net worth is zero. If you own all stocks in the world, you can direct all of those public companies to pay a large chunk of their profit to you every month in dividends, and make those companies do…
For example, if Elon Musk owned all of Tesla he would have access to $3.7B of its annual free cash-flow or $3.3B of net income. He won't be able to afford to buy Twitter with that. But because he has Tesla stocks which gets a huge multiple on those metrics, he can pledge a fraction of his fraction of ownership in Tesla to get a huge loan with which he is able to buy Twitter (and still enjoy his ownership rights of Tesla stocks!). That's because of stock market.
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11 years now I fall into the category of people you are all collectively referring to as "crypto bros" The only difference being I don't shill pyramid schemes on the internet for profit. I kinda sit back and wait and take profit when it makes sense to me. I certainly don't tell other people about it when I do it.
I wouldn't call you a crypto bro then. I've mined and traded Bitcoin for around the same amount of time, so I can say comfortably that those in our situation have seen the cycles, and are rarely surprised, boom or bust. The crypto bros are the hypers and pumpers, infused with plenty of cockiness based on their own confirmation bias.
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When 9 people in a group of 10 see one person get lucky by owning more than 90% of the available assets around them and not seeing an iota of it going to them, you are about to get a lesson in how unlucky you can also be.
But this is the nature of a casino. One out of ten people gets a big payout for the same basic actions. If you're among the other nine people like I am, you take it in stride. You don't jump and cannibalize the guy who won. Not least because your self-esteem shouldn't be contingent upon how much money you have compared to someone else. People who win big randomly can't really be proud of what they have. But if you kn…
This is about wealth inequality. This is about watching as resources are entirely captured for a very small few. But history will continue to teach lessons about what happens when the rich get too big for their britches.
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I think how the SV techbros in this thread view cryptobros is probably fairly similar to how most of society views SV techbros.
...this is actually a very astute observation. I think HN could benefit from some self-awareness sometimes.
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…
Here is my weird tin foil hat theory that explains, like, a lot of what's been going in the world in the past twenty years. A significant fraction of young single men feel a deep compulsion to indulge in risky behavior with a potential high reward in order to make a name for themselves or earn their place in society. I don't know if it's genetic, cultural, both. But for many young dudes, it's not enough to simply wor…
I feel like social media ups the ante on a lot of borderline or negative human traits because instead of CONNECTING us it's actually pushing us further apart.
It's a tangential thought I know but the fact that there exist people bragging/boasting/ saying LOOK AT ME LOOK AT ME LOOK HOW EASY IT IS - this creates a pretty unhealthy feedback loop and like you said, there's no value there.
I have smaller kids and I fear for their mental well being because of the pressures of the internet and how it's bleeding into reality in weird new ways that aren't exactly healthy.
I'm not really invested or care for crypto, I'd rather it not be around. But I don't see how this is any different than when bitcoin hit $17k and also "crashed" and everyone talked about how this was the end and crypto had a good run. Then it got even bigger. Now that you have institutional investors in this pie and not just those dudes you knew in college, its not going anywhere. People are automatically putting ret…
This time interest rates are going up, inflation is going up, and commodities are going up. "Only when the tide goes out do you discover who's been swimming naked". Well, cryptobros don't even have a fig leaf...
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Yeah because the fed is hiking rates due to crypto causing inflation? Or it was crypto that was used for extreme QE? Or was it crypto that caused companies to inflate their stock values via buybacks? Not to mention crypto marketcap and volume is a drop in the bucket compared to securities.
Crypto marketcap is a huge lie.