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Crypto is never in a bubble per se. It’s just market cycles. BTC returned to $3k after it hit $20k in 2017. Most coins from 2017 no longer exists. The same will

Crypto is never in a bubble per se. It’s just market cycles. BTC returned to $3k after it hit $20k in 2017. Most coins from 2017 no longer exists. The same will happen this cycle. BTC and ETH will likely be around in 4 years, but DAOs, NFTs, Web3? All that shit will die. Its not even that these assets are artificially pumped. It’s real money, and it’s usually retail doing the pumping. Its just that crypto functions on attention. And when the public’s attention isn’t on crypto, everything dies. Probably because a lot of these projects have little to no actual value.

jrochkind1 5y ago
> Crypto is never in a bubble per se… Its just that crypto functions on attention. And when the public’s attention isn’t on crypto, everything dies. Probably because a lot of these projects have little to no actual value. That sounds like a bubble "per se" to me.
- ryanSrich 5y ago
  Using the broadest of definitions sure. My point is that there’s nothing artificial about crypto. These are real people buying real assets from other real people. Not some banks hawking bullshit assets that are artificially rated by some corrupt pseudo government entities.
  - efdee 5y ago
    Want to buy some real tulips from real people? That's not the 'broadest of definitions' at all. That's just what a bubble is: real people buying real assets from real people at hyperinflated prices. As an aside, but not related to the matter at hand, what is the 'real asset' people are buying with crypto?
    - throwheartaway 5y ago
      I borrowed against my crypto for USD/USDC and used it to buy a MacBook and pay my tuition. The underlying coins appreciated and earned interest in addition to negative APR (this is all programmatic; the contract will give the best interest rate the market supports) on the loan itself, so I ended up paying back less than I put in. Keep in mind: I am not in any way rich and paying out of pocket or taking a loan would have strained both me and my parents.
      - lumost 5y ago
        You could borrow against a house in '08 or against tulips in 1634. If it's the rising side of the market, you'll make a killing doing this. If it's the opposite side, then your collateral will vanish. Whether vanishing collateral matters to you depends a great deal on the nature of the debt you took out and what you spent the loan on.
      - efdee 5y ago
        Of course I'm happy that you were able to profit from it, but nothing you just said answers my question or refutes the fact that it is a bubble.

jrochkind1 5y ago

> Crypto is never in a bubble per se… Its just that crypto functions on attention. And when the public’s attention isn’t on crypto, everything dies. Probably because a lot of these projects have little to no actual value. That sounds like a bubble "per se" to me.

ryanSrich 5y ago
Using the broadest of definitions sure. My point is that there’s nothing artificial about crypto. These are real people buying real assets from other real people. Not some banks hawking bullshit assets that are artificially rated by some corrupt pseudo government entities.
- efdee 5y ago
  Want to buy some real tulips from real people? That's not the 'broadest of definitions' at all. That's just what a bubble is: real people buying real assets from real people at hyperinflated prices. As an aside, but not related to the matter at hand, what is the 'real asset' people are buying with crypto?
  - throwheartaway 5y ago
    I borrowed against my crypto for USD/USDC and used it to buy a MacBook and pay my tuition. The underlying coins appreciated and earned interest in addition to negative APR (this is all programmatic; the contract will give the best interest rate the market supports) on the loan itself, so I ended up paying back less than I put in. Keep in mind: I am not in any way rich and paying out of pocket or taking a loan would have strained both me and my parents.
    - lumost 5y ago
      You could borrow against a house in '08 or against tulips in 1634. If it's the rising side of the market, you'll make a killing doing this. If it's the opposite side, then your collateral will vanish. Whether vanishing collateral matters to you depends a great deal on the nature of the debt you took out and what you spent the loan on.
    - efdee 5y ago
      Of course I'm happy that you were able to profit from it, but nothing you just said answers my question or refutes the fact that it is a bubble.