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This can't be good for cryptocurrency as a whole right?

dusted 6y ago
could have wider implication, I find it interesting from a philosophical perspective though, what does it say about wealth
- donsupreme 6y ago
  curious to hear what you think this says about wealth
  - dusted 6y ago
    One of the things I think it shows, is that there are some very wealthy people out there, who are able and willing to invest in this.. I also think it confirms that intrinsic value is less important than we think.
prohobo 6y ago
The entire crypto space is overblown in terms of market value. Most people buying it have no idea what it is, they just like green bars. But notice that it's happening on the normal stock market as well. A big crash would irrationally discredit the technology in popular culture for a few years, because critics will point at the morons (or are they just people who can smell the imminent collapse of our financial system?) buying random coins trying to get rich. That's a problem because now is a crucial time for "choosing sides" so to speak. If crypto gets disowned by popular culture then it might get bagged and thrown into a closet by proponents of centralization (states, corporations). Perception is important right now, but as long as it doesn't get snuffed out by politicians it'll keep evolving - and people will just buy in again after the crash. So I'd say this: it's bad if crypto is the only market that crashes.
- matt-attack 6y ago
  Bitcoin has arguably had that crash (several actually) and has indeed survived and far stronger than ever.
- koolba 6y ago
  > So I'd say this: it's bad if crypto is the only market that crashes. That’s a best case scenario. The cascading effect of any asset bubble popping extends outward like the ripples of a stone in a pond. Besides the unrelated draw downs to cover losses, it also has a psychological effect that pulls new money from entering non-risk free asset classes.

could have wider implication, I find it interesting from a philosophical perspective though, what does it say about wealth

donsupreme 6y ago
curious to hear what you think this says about wealth
- dusted 6y ago
  One of the things I think it shows, is that there are some very wealthy people out there, who are able and willing to invest in this.. I also think it confirms that intrinsic value is less important than we think.

prohobo 6y ago

The entire crypto space is overblown in terms of market value. Most people buying it have no idea what it is, they just like green bars. But notice that it's happening on the normal stock market as well. A big crash would irrationally discredit the technology in popular culture for a few years, because critics will point at the morons (or are they just people who can smell the imminent collapse of our financial system?) buying random coins trying to get rich. That's a problem because now is a crucial time for "choosing sides" so to speak. If crypto gets disowned by popular culture then it might get bagged and thrown into a closet by proponents of centralization (states, corporations). Perception is important right now, but as long as it doesn't get snuffed out by politicians it'll keep evolving - and people will just buy in again after the crash. So I'd say this: it's bad if crypto is the only market that crashes.

matt-attack 6y ago
Bitcoin has arguably had that crash (several actually) and has indeed survived and far stronger than ever.
koolba 6y ago
> So I'd say this: it's bad if crypto is the only market that crashes. That’s a best case scenario. The cascading effect of any asset bubble popping extends outward like the ripples of a stone in a pond. Besides the unrelated draw downs to cover losses, it also has a psychological effect that pulls new money from entering non-risk free asset classes.