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I think that headline is an outright lie. It's not as big as is stated in the article itself, and it has basically no impact on most people's lives, because it

by carlmr 8y ago

I think that headline is an outright lie. It's not as big as is stated in the article itself, and it has basically no impact on most people's lives, because it was expected by almost everybody. They have hype in common, that's all.

coldtea 8y ago
>and it has basically no impact on most people's lives, because it was expected by almost everybody. Worse for those that have invested in crypto it means, not most people
- shlepty 8y ago
  "gamble" would be a better word rather than "invest" as it would remove the undue sympathy.
  - fandango 8y ago
    Speculate is the middle ground here.
    - shlepty 8y ago
      Still too lenient as it implies there was some thinking involved.
      - fandango 8y ago
        I get it. You have a gripe towards it. Did you lose money? Know people who did? Have the feeling of missing out?
        coldtea 8y ago
        Or perhaps he is just not into Crypto and the like (the "like" including things like Amway and Scientology).
        fandango 8y ago
        Ah the ol' pyramid scheme and religious cult arguments. Fair enough, now we actually have something to discuss. Do you consider the stock market and forex market also as pyramid schemes? If not, what's the difference? The religious argument is kind of absurd though. I could dismiss every group or school of thought as being a bunch of crazy religious weirdos. Especially easy because in that case I don't have to provide any substantive arguments.
        carlmr 8y ago
        The difference is that Bitcoin is not used much for transactions currently. The companies on the stock market usually have a valuation at least somewhat related to the output they provide (I say somewhat because stock traders also try to project for the future and often get this wrong). I see this as an issue of what's probably a reasonable valuation for the near future for a company or virtual currency and what is the current valuation. Bitcoin is valued many many times more than it's current actual value, most companies would have a massive selloff if they published such bad numbers in terms of current earnings with no clear value in the future. Until Bitcoin gets at least some widespread adoption and most people investing in it are people that want to get rich quick, I see it on par with any other pump and dump scheme, pyramid scheme or cult.
- jstanley 8y ago
  It's only worse for those that invested in crypto during a period of a couple of months last year. People who gambled on crypto any time before October are still up.
  - imustbeevil 8y ago
    That's 11 months ago. You're saying that for virtually an entire year everyone who has invested in cryptocurrencies has lost money. That doesn't seem significant to you?
    - jstanley 8y ago
      Fair point

by carlmr 8y ago

coldtea 8y ago

>and it has basically no impact on most people's lives, because it was expected by almost everybody. Worse for those that have invested in crypto it means, not most people

shlepty 8y ago
"gamble" would be a better word rather than "invest" as it would remove the undue sympathy.
- fandango 8y ago
  Speculate is the middle ground here.
  - shlepty 8y ago
    Still too lenient as it implies there was some thinking involved.
    - fandango 8y ago
      I get it. You have a gripe towards it. Did you lose money? Know people who did? Have the feeling of missing out?
      - coldtea 8y ago
        Or perhaps he is just not into Crypto and the like (the "like" including things like Amway and Scientology).
        fandango 8y ago
        Ah the ol' pyramid scheme and religious cult arguments. Fair enough, now we actually have something to discuss. Do you consider the stock market and forex market also as pyramid schemes? If not, what's the difference? The religious argument is kind of absurd though. I could dismiss every group or school of thought as being a bunch of crazy religious weirdos. Especially easy because in that case I don't have to provide any substantive arguments.
        carlmr 8y ago
        The difference is that Bitcoin is not used much for transactions currently. The companies on the stock market usually have a valuation at least somewhat related to the output they provide (I say somewhat because stock traders also try to project for the future and often get this wrong). I see this as an issue of what's probably a reasonable valuation for the near future for a company or virtual currency and what is the current valuation. Bitcoin is valued many many times more than it's current actual value, most companies would have a massive selloff if they published such bad numbers in terms of current earnings with no clear value in the future. Until Bitcoin gets at least some widespread adoption and most people investing in it are people that want to get rich quick, I see it on par with any other pump and dump scheme, pyramid scheme or cult.
jstanley 8y ago
It's only worse for those that invested in crypto during a period of a couple of months last year. People who gambled on crypto any time before October are still up.
- imustbeevil 8y ago
  That's 11 months ago. You're saying that for virtually an entire year everyone who has invested in cryptocurrencies has lost money. That doesn't seem significant to you?
  - jstanley 8y ago
    Fair point