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It’s amazing how many people are against crypto currencies for some odd reason. A correction is being called a collapse, this is just pathetic.

by hsxd 9y ago

rplnt 9y ago
I'm against cryptos in their current form. It was better, and hopefully it will get better, but now it's a mess. Investors, buzzwords, hype, ...
- hsxd 9y ago
  It will get better, I like to draw parallels to the dotcom bubble–sooner or later we'll see a real collapse and the coins that are actually worth something will rise from the dust. Just like how Amazon and eBay did. This could take a year or three though.
- xiphias 9y ago
  The only news site I use to evaluate cryptocurrencies is GitHub, and in the Bitcoin repo I see only improvements, no buzzwords/hype
jacques_chester 9y ago
Many folks have an allergic reaction to hype.
- oneeyedpigeon 9y ago
  Isn't that just exactly the same as 'hype', in the opposite direction? Clearly the logical approach is neither to follow the hype, nor shy away from it, but to ignore it altogether.
  - chx 9y ago
    Not quite. We see ordinary people "invest" in what we perceive as gambling at best and a scam at worst and are infuriated by how various people, media etc are egging them on. The Washington Post had it right in 2015 even though they didn't even use the neologism "hodl": > - Hey, do you want to hear about the future? It's a digital currency called Bitcoin that lets you spend or move your money online without paying any fees. - Sounds great. How does it do that? - Well, Bitcoin saves you money by making transactions irreversible. - So ... if I get scammed, I got scammed? There's nothing I can do about it? - Yes. - Okay, but is it at least easy to use? - The thing is, I don't actually use it. I just hoard it. I'm waiting for some greater fools to push up the price by using theirs. - Oh. - Yeah. So you should buy some Bitcoins and use yours. This is nothing but a scam. We don't want people to be scammed.
    - oneeyedpigeon 9y ago
      > Well, Bitcoin saves you money by making transactions irreversible How does it do that? Irreversible transactions allow the currency to be decentralised, but I don't think they were even intended to be a means of saving money. > So ... if I get scammed, I got scammed? There's nothing I can do about it? Cash has much the same problem.
      - nsgoetz 9y ago
        Actually there are legal repercussions, and in the case of disasters like fires the federal government will actually replace your cash. Planet money had a great episode on this https://www.npr.org/sections/money/2017/06/30/535062249/episode-781-the-money-fixers https://www.npr.org/sections/money/2017/06/30/535062249/epis...
piker 9y ago
>> It’s amazing how many people are against crypto currencies for some odd reason. Perhaps that's because we've seen this pattern (and it's knock-on effects on the wider economy) three times in the last 20 years?
- Tepix 9y ago
  If you're in crypto you've seen a correction like today's last month (Dec 22nd to be exact).
ramblerman 9y ago
A +10% drop in a day is pretty newsworthy for the DOW and wouldn't be called just a correction. Is it possible your rose colored glasses are just the other side of the spectrum to the against view?
- hsxd 9y ago
  Exactly, a +10% drop in a day is pretty newsworthy for the DOW and wouldn't be called just a correction. Cryptomarkets aren't the DOW, you're more than free to check the yearly charts on coinmarketcap.com, what we're seeing right now is not unusual for the market, and I'm saying this as someone who's been heavily involved for multiple years.
lucozade 9y ago
It's probably neither. Past experience would suggest a double digit move either way isn't surprising. But equally, it's not correcting anything as there's no meaningful book value to correct to. These are likely just fairly arbitrary moves that will be followed by other arbitrary moves. As the markets are almost completely opaque, unless you're the person dumping, attempts at attribution are mostly futile.

It’s amazing how many people are against crypto currencies for some odd reason. A correction is being called a collapse, this is just pathetic.

by hsxd 9y ago

It’s amazing how many people are against crypto currencies for some odd reason. A correction is being called a collapse, this is just pathetic.

rplnt 9y ago

I'm against cryptos in their current form. It was better, and hopefully it will get better, but now it's a mess. Investors, buzzwords, hype, ...

hsxd 9y ago
It will get better, I like to draw parallels to the dotcom bubble–sooner or later we'll see a real collapse and the coins that are actually worth something will rise from the dust. Just like how Amazon and eBay did. This could take a year or three though.
xiphias 9y ago
The only news site I use to evaluate cryptocurrencies is GitHub, and in the Bitcoin repo I see only improvements, no buzzwords/hype

jacques_chester 9y ago

Many folks have an allergic reaction to hype.

oneeyedpigeon 9y ago
Isn't that just exactly the same as 'hype', in the opposite direction? Clearly the logical approach is neither to follow the hype, nor shy away from it, but to ignore it altogether.
- chx 9y ago
  Not quite. We see ordinary people "invest" in what we perceive as gambling at best and a scam at worst and are infuriated by how various people, media etc are egging them on. The Washington Post had it right in 2015 even though they didn't even use the neologism "hodl": > - Hey, do you want to hear about the future? It's a digital currency called Bitcoin that lets you spend or move your money online without paying any fees. - Sounds great. How does it do that? - Well, Bitcoin saves you money by making transactions irreversible. - So ... if I get scammed, I got scammed? There's nothing I can do about it? - Yes. - Okay, but is it at least easy to use? - The thing is, I don't actually use it. I just hoard it. I'm waiting for some greater fools to push up the price by using theirs. - Oh. - Yeah. So you should buy some Bitcoins and use yours. This is nothing but a scam. We don't want people to be scammed.
  - oneeyedpigeon 9y ago
    > Well, Bitcoin saves you money by making transactions irreversible How does it do that? Irreversible transactions allow the currency to be decentralised, but I don't think they were even intended to be a means of saving money. > So ... if I get scammed, I got scammed? There's nothing I can do about it? Cash has much the same problem.
    - nsgoetz 9y ago
      Actually there are legal repercussions, and in the case of disasters like fires the federal government will actually replace your cash. Planet money had a great episode on this https://www.npr.org/sections/money/2017/06/30/535062249/episode-781-the-money-fixers https://www.npr.org/sections/money/2017/06/30/535062249/epis...

piker 9y ago

>> It’s amazing how many people are against crypto currencies for some odd reason. Perhaps that's because we've seen this pattern (and it's knock-on effects on the wider economy) three times in the last 20 years?

Tepix 9y ago
If you're in crypto you've seen a correction like today's last month (Dec 22nd to be exact).

ramblerman 9y ago

A +10% drop in a day is pretty newsworthy for the DOW and wouldn't be called just a correction. Is it possible your rose colored glasses are just the other side of the spectrum to the against view?

hsxd 9y ago
Exactly, a +10% drop in a day is pretty newsworthy for the DOW and wouldn't be called just a correction. Cryptomarkets aren't the DOW, you're more than free to check the yearly charts on coinmarketcap.com, what we're seeing right now is not unusual for the market, and I'm saying this as someone who's been heavily involved for multiple years.

lucozade 9y ago

It's probably neither. Past experience would suggest a double digit move either way isn't surprising. But equally, it's not correcting anything as there's no meaningful book value to correct to. These are likely just fairly arbitrary moves that will be followed by other arbitrary moves. As the markets are almost completely opaque, unless you're the person dumping, attempts at attribution are mostly futile.