7 ms·

The music has already stopped.

jacklizhui 4y ago
No, what I'm saying is the music has slowed down; if the music had would have stopped already, we'd be already living in the streets of San Francisco without a roof above our heads. FTX and Alameda are dumping crap into the market; the biggest excrements are about to appear
- namdnay 4y ago
  A man of culture I see
- phyalow 4y ago
  >> "there are three ways to make a living in this business... Be first, be smarter, or cheat. Well I don’t cheat, and even though I like to think we have got some pretty smart people in this building of the two remaining options, it sure is a hell of alot easier to just be first." SBF & Co. are about to be first.
DSingularity 4y ago
When the music stops you will hear its loud absence. So long as the exchanges keeps trading, those that dumped will consider them selves lucky to have sold at perceived local maximums and they will plow back into crypto. Until the religiously obsessive view of crypto ceases to dominate the mainstream the cycle will continue because it is fundamentally scarce. Buy the dip, hodl, “if you bought at every one of the last peaks you are still up…” — these ideas are religiously held and they are potent.
- grey-area 4y ago
  It's already stopped, but nobody is listening. Bubbles and the inevitable crash are often like this. Nobody can quite believe they're in the middle of one until afterwards.
simonebrunozzi 4y ago
It slowed down. Possibly going to proper stop eventually.
- neuronic 4y ago
  Can't wait for it to happen. I am not against cryptocurrencies etc. that would mean I fully grasp its impact on finance and potential effects on society and finance in the future - I do not. But in its current form it seems to do way more harm than good. Aside from the troublesome regulatory issues, pure scams and lacking capabilities to counter financial crimes, the environmental impact is catastrophic. And I don't see Proof of Stake really changing that. And don't get me started on NFTs and "DeFi". Nothing is decentralized when players like Alchemy effectively centralize access to the Ethereum blockchain and everyone and their mother uses them to build some scam apps.
  - Tenoke 4y ago
    >Aside from the troublesome regulatory issues, pure scams and lacking capabilities to counter financial crimes, the environmental impact is catastrophic. And I don't see Proof of Stake really changing that. The environmental impact of Proof of Stake is pretty small, the chain in question here is probably less wasteful electricity-wise than many of the companies people on HN work at.
    - kravvall 4y ago
      Please show me at least one project that utilizes proof of stakes, works and has a decent user base.
      - cliftonk 4y ago
        ethereum is changing its consensus mechanism to PoS later this year. when it does that, the only major PoW chain left will be bitcoin. all other smart contract chains with large userbases are PoS already.
nicky0 4y ago
That's such a great movie. (https://www.youtube.com/watch?v=K05sxfa4zdM https://www.youtube.com/watch?v=K05sxfa4zdM)

No, what I'm saying is the music has slowed down; if the music had would have stopped already, we'd be already living in the streets of San Francisco without a roof above our heads. FTX and Alameda are dumping crap into the market; the biggest excrements are about to appear

namdnay 4y ago
A man of culture I see
phyalow 4y ago
>> "there are three ways to make a living in this business... Be first, be smarter, or cheat. Well I don’t cheat, and even though I like to think we have got some pretty smart people in this building of the two remaining options, it sure is a hell of alot easier to just be first." SBF & Co. are about to be first.

DSingularity 4y ago

When the music stops you will hear its loud absence. So long as the exchanges keeps trading, those that dumped will consider them selves lucky to have sold at perceived local maximums and they will plow back into crypto. Until the religiously obsessive view of crypto ceases to dominate the mainstream the cycle will continue because it is fundamentally scarce. Buy the dip, hodl, “if you bought at every one of the last peaks you are still up…” — these ideas are religiously held and they are potent.

grey-area 4y ago
It's already stopped, but nobody is listening. Bubbles and the inevitable crash are often like this. Nobody can quite believe they're in the middle of one until afterwards.

simonebrunozzi 4y ago

It slowed down. Possibly going to proper stop eventually.

neuronic 4y ago
Can't wait for it to happen. I am not against cryptocurrencies etc. that would mean I fully grasp its impact on finance and potential effects on society and finance in the future - I do not. But in its current form it seems to do way more harm than good. Aside from the troublesome regulatory issues, pure scams and lacking capabilities to counter financial crimes, the environmental impact is catastrophic. And I don't see Proof of Stake really changing that. And don't get me started on NFTs and "DeFi". Nothing is decentralized when players like Alchemy effectively centralize access to the Ethereum blockchain and everyone and their mother uses them to build some scam apps.
- Tenoke 4y ago
  >Aside from the troublesome regulatory issues, pure scams and lacking capabilities to counter financial crimes, the environmental impact is catastrophic. And I don't see Proof of Stake really changing that. The environmental impact of Proof of Stake is pretty small, the chain in question here is probably less wasteful electricity-wise than many of the companies people on HN work at.
  - kravvall 4y ago
    Please show me at least one project that utilizes proof of stakes, works and has a decent user base.
    - cliftonk 4y ago
      ethereum is changing its consensus mechanism to PoS later this year. when it does that, the only major PoW chain left will be bitcoin. all other smart contract chains with large userbases are PoS already.

nicky0 4y ago

That's such a great movie. (https://www.youtube.com/watch?v=K05sxfa4zdM https://www.youtube.com/watch?v=K05sxfa4zdM)