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The evidence to support the claim is pretty weak, basically there's some more anti-crypto blogposts and documentaries out. I could easily make an article with
by fullshark 5y ago
The evidence to support the claim is pretty weak, basically there's some more anti-crypto blogposts and documentaries out. I could easily make an article with the reverse claim and point out the pro-crypto blogposts and documentaries.
- nefitty 5y agoSentiment in online chatter correlates with price movement. It becomes a feedback loop. Maybe the criticism is finally overwhelming people's risk functions.
- netcan 5y agoOr the reverse... price drops make people more open to "crypto is bullshit" arguments.
- fzzzy 5y agoWhy not both?
- matheusmoreira 5y agoThis is probably right. Bitcoin is down over 50% from ATH and continues to fall. People are probably confused and in panic.
- nefitty 5y agoMy mistake for the lack of clarity. That's what I mean to imply.
- fullshark 5y agoMy point is there's not even evidence to support online chatter turning negative. Any topic that is polarizing and growing in terms of chatter will produce more positive/negative blogposts and youtube videos. I could write this blogpost substituting in anti-vax sentiment for example pretty easily.
- nefitty 5y agoI didn't assert whether sentiment was changing or not, just sharing the pattern in case someone reading hadn't thought of it. Sentiment is easy enough to check. I'm not doing crypto homework though.
- crent 5y agoIt's also correlated with fed talks of rising interest rates which tends to coincide with capital moving from risk-on assets to risk-off assets. Growth tech stocks are taking quite a hit too.
- techsin101 5y agocopy jpeg meme is rise of anti nft dumbness
- alar44 5y agoThat and half the value of Ethereum and Bitcoin evaporated in a matter of days. No one wants "currency" that just up and loses half it's value.
- jack_pp 5y agoIf no one wanted it it would've been down 99%. People were saying the same thing you're saying when bitcoin was 1000$
- ben_w 5y agoAs the famous quote says, markets can remain irrational a lot longer than you and I can remain solvent. And there isn’t an upper limit to who can buy into bad ideas or how badly they can go wrong. https://youtu.be/lMUtU0tOmNE https://youtu.be/lMUtU0tOmNE
- deleted 5y ago[deleted]
- InitialLastName 5y agoPeople can want something without wanting it as "currency". GP is indeed correct that nobody wants a currency whose value fluctuates by 50% over a few days; what the people who want bitcoin want is a high-risk speculative investment that has so far dodged the gatekeeping and restrictions that the developed world tends to place on other high-risk speculative investments.
- ipnon 5y agoYou might draw comparisons to the stock market. The Dow Jones lost 90% of its value in the Great Depression, but we didn't do away with the stock market altogether. We fixed the structural problems because there is clear utility to the trading of corporate securities.
- AlexandrB 5y agoCurrencies that lose 90% of their purchasing power tend to get replaced. Equities/securities? Not so much. I think the point is that Bitcoin is either a terrible currency, or not a currency at all but an equity.
- intrasight 5y agoI think there is a seed of a good idea in Web3. We should know in about a year what, if anything, grows out of that seed.
- deleted 5y ago[deleted]
- rideontime 5y agoCrypto’s been around for a decade. What’s so special about the upcoming year?
- intrasight 5y agoBecause it's not a crypto thing. It's a blockchain thing.
- rideontime 5y agoBlockchain’s been around for a decade. What’s so special about the upcoming year?
- intrasight 5y agoWeb3 may turn out to be a good application. What's special is only that we may see if in fact something interesting comes of it over the next year. Or another way I'll say it is that if nothing of value emerges over next year then it likely never will.
- danaris 5y agoThough there's been an uptick in its usage recently, people have been talking about "web3" for several years as well, and so far as I can tell, it basically just means "blockchain and cryptocurrency, but we try to build them into a new kind of WWW". What's so special about the upcoming year?
- simonw 5y agoI find it remarkable that a 2hr18m YouTube documentary that is mostly a guy talking directly to the camera has racked up 1.2m views in 2 days. https://youtu.be/YQ_xWvX1n9g https://youtu.be/YQ_xWvX1n9g (It's an extremely well presented video, but still!)
- fullshark 5y agoKind of depends what counts as a view (but still, true)
- simonw 5y agoYeah I'd love to know how many people watched the whole thing!
- AlexandrB 5y agoPersonally, I watched all of it twice. Not only was I an existing fan of the creator but this video does a very good, holistic job of criticizing crypto from multiple angles: technology, economics, and ideology. There's a lot to digest.
- hardlianotion 5y agoI did. My wife is hooked too.
- thjkgfgrrioppo 5y agoA list of appeals to authority. I guess it is the centralized mindset.
- squarefoot 5y agoThe best argument against cryptocurrencies is their impact on the environment, which is becoming huge and is based on solid numbers. Thousands of thousands of hardware miners in pretty much every country, and growing every damn day, each one drawing no less than 3 Kilowatts 24/7 and pumping heat into the atmosphere don't come without a cost. Which for those who don't care about the environment is also represented by the unprecedented raise of energy prices. Energy has become the raw material used to build money; its costs follow the demand and will continue to soar as long as prices continue to be dictated by the demand for continuously growing crypto farms. There's no going back until some form of strong regulation, or a global catastrophe, will end this for good. My personal (admittedly Don Quixotesque) stance on the matter is that I will never ever accept to be paid in crypto currency for products, services or whatever: their value over here is less than zero.