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The bitcoin fanatics are correct - people will be studying the rise of bitcoin for hundreds of years in finance. The book will be titled "The rise and fall of

The bitcoin fanatics are correct - people will be studying the rise of bitcoin for hundreds of years in finance. The book will be titled "The rise and fall of bitcoin; 'I thought I had enough time to get out.'" At this point, I don't even know if I can blame Tether management for what some may say are blatantly illegal actions. A culture of FOMO and Greed are driving speculation in the market, and this same culture of FOMO and Greed are causing Tether's actions. I would normally say that the obvious fools will get their obviously foolish end, but so many folks have gotten in-and-out and posted about it that its causing normally-not-irrational folks to try to replicate it. My own family called me up a few months ago to explain how they were trading doge and had "diamond hands." I don't know what to make of it. I really don't. It has me worried about the human impact when this all comes tumbling down...

tata71 5y ago
Your background?
- OrangeMonkey 5y ago
  Senior tech management, Deep SE background.
  - diveanon 5y ago
    So completely out of your field and just screaming into the void?
uejfiweun 5y ago
Honestly, I can't wait for the crash. All the people I know who made it big on cryptocurrencies are the same people who got in very early so they could buy drugs on the dark web with it - the idiot risk takers. It has been quite annoying watching all these morons think they are visionary geniuses just because they happened to have some leftover BTC after using most of it to buy felony quantities of illegal drugs. I mean I have worked my ass off my entire life to get good grades, go to a good school, get a good job, etc. And quite frankly, now I wish I had just become a drug dealer in HS and put all the earnings in crypto.
- erulabs 5y ago
  The classic admonition - “all your wealth is ill gotten and all mine is hard-won”. I’m not filthy rich but I made decent money off crypto because I spent a huge amount of my adolescent life with my face buried in Mises and Keynes and Milton. Money fascinates me, and not in a Scrooge McDuck sort of way. I’ll never understand someone who is fascinated by complex systems like computers but has no interest in economics. Here’s a rough break for you: I also worked my ass off legitimately. Drug dealers didn’t “get lucky”. What an ugly assertion, honestly. “If only I had been stupider” is a vicious lie to tell yourself.
  - toomuchtodo 5y ago
    Crypto holders quite literally got lucky, no different than if they had bought the “right” pogs, beanie babies, or some other collectible where there was irrational exuberance. Papering over that luck with “I’m a scholar of economics” doesn’t attribute said success to skill or education, it’s rationalizing an outcome. Accept the good fortune for what it was.
    - erulabs 5y ago
      Well, not so fast, considering the entire philosophy of the first economist I mentioned is that "irrational exuberance" doesn't exist and is exclusively used as a way of judging other peoples actions for the purposes of social engineering. "I wouldn't have bought stupid beanie babies", or to the other reply to my comment "I wouldn't have bought drugs" and therefore if someone else did what you would not have, it is condemnable or irrational. I firmly disagree. That attitude is great for puritanical culture shaping, but really bad for just about everything else. You can believe bitcoin has no value, and that is _exactly as valid_ as me believing that it does.
  - uejfiweun 5y ago
    I'm talking specifically for my own experience, with people I know. If reading economic theory is really the thing that persuaded you to buy crypto, then all the power to you, I am just unaware of a single real-life example of anyone I know doing the same. The crypto "investors" I know don't really have any valuable skills or knowledge, they just bought BTC at a lucky time and now spend all day tweeting about it. And look, drug dealers may have worked hard or whatever to build their businesses, but dealing drugs is a scummy move, and the fact that making a scummy move in 2013 now suddenly pays off in 2021 seems like the definition of "getting lucky" to me.

tata71 5y ago

Your background?

OrangeMonkey 5y ago
Senior tech management, Deep SE background.
- diveanon 5y ago
  So completely out of your field and just screaming into the void?

uejfiweun 5y ago

Honestly, I can't wait for the crash. All the people I know who made it big on cryptocurrencies are the same people who got in very early so they could buy drugs on the dark web with it - the idiot risk takers. It has been quite annoying watching all these morons think they are visionary geniuses just because they happened to have some leftover BTC after using most of it to buy felony quantities of illegal drugs. I mean I have worked my ass off my entire life to get good grades, go to a good school, get a good job, etc. And quite frankly, now I wish I had just become a drug dealer in HS and put all the earnings in crypto.

erulabs 5y ago
The classic admonition - “all your wealth is ill gotten and all mine is hard-won”. I’m not filthy rich but I made decent money off crypto because I spent a huge amount of my adolescent life with my face buried in Mises and Keynes and Milton. Money fascinates me, and not in a Scrooge McDuck sort of way. I’ll never understand someone who is fascinated by complex systems like computers but has no interest in economics. Here’s a rough break for you: I also worked my ass off legitimately. Drug dealers didn’t “get lucky”. What an ugly assertion, honestly. “If only I had been stupider” is a vicious lie to tell yourself.
- toomuchtodo 5y ago
  Crypto holders quite literally got lucky, no different than if they had bought the “right” pogs, beanie babies, or some other collectible where there was irrational exuberance. Papering over that luck with “I’m a scholar of economics” doesn’t attribute said success to skill or education, it’s rationalizing an outcome. Accept the good fortune for what it was.
  - erulabs 5y ago
    Well, not so fast, considering the entire philosophy of the first economist I mentioned is that "irrational exuberance" doesn't exist and is exclusively used as a way of judging other peoples actions for the purposes of social engineering. "I wouldn't have bought stupid beanie babies", or to the other reply to my comment "I wouldn't have bought drugs" and therefore if someone else did what you would not have, it is condemnable or irrational. I firmly disagree. That attitude is great for puritanical culture shaping, but really bad for just about everything else. You can believe bitcoin has no value, and that is _exactly as valid_ as me believing that it does.
- uejfiweun 5y ago
  I'm talking specifically for my own experience, with people I know. If reading economic theory is really the thing that persuaded you to buy crypto, then all the power to you, I am just unaware of a single real-life example of anyone I know doing the same. The crypto "investors" I know don't really have any valuable skills or knowledge, they just bought BTC at a lucky time and now spend all day tweeting about it. And look, drug dealers may have worked hard or whatever to build their businesses, but dealing drugs is a scummy move, and the fact that making a scummy move in 2013 now suddenly pays off in 2021 seems like the definition of "getting lucky" to me.