5 ms·

It has only just begun...

version_five 4y ago
Maybe... from what I see (which is limited), "crypto" is feeling the same downward pressure that other stocks like tech are feeling (someone just posted an article about that). But people still haven't come around to the "this is just BS" phase yet that needs to happen. All crypto under current operating models is worth zero, it doesn't need to be marked down, it needs to (and will) be recognized as a scam and written off. I don't see progress towards that out of any of the news I've seen.
- junofan 4y ago
  I don’t understand the go-to-zero case. Surely an open source, permissionless financial system has some value? There’s tons of value being captured in closed financial systems.
  - the_gastropod 4y ago
    Surely an open source, battle-tested, massively widely used operating system like Linux has some value? There's tons of value being captured by closed operating systems.
    - smabie 4y ago
      But there is tons of value being captured by closed operating systems?
      - the_gastropod 4y ago
        Windows is closed source and quite a profitable part of Microsoft’s business.
  - Spooky23 4y ago
    Sure, but it’s value is half of what it was this time last year.
    - aaaaaaaaata 4y ago
      When it returns to "original" value +30%, will you return to this thread? Or are you only interested in discussing this when you can take a victory lap?
      - Spooky23 4y ago
        I’m not “taking a victory lap”. You have a tech that supposed to be digital cash with gold properties that is insanely volatile, often takes a long time to settle and features opaque gas fees, etc. It’s a cool experiment, but it’s almost like Uber - something with great promise that delivered something lesser.
Vladimof 4y ago
the stock market crash indeed... looks like the market won't recover for 20 years
650REDHAIR 4y ago
It’s all a house of cards. I spent a little time in the industry and the most prominent voices are just snake oil salesmen and charlatans now. Anyone who truly believed from the beginning made so much money that it’s not worth the risk for them to be publicly involved in the community. It became an MLM for bros and basement-dwellers alike to gamble their stimulus checks on.
- Johnny555 4y ago
  At least a house of cards has actual cards supporting it, it's not clear what's supporting cryptocurrency.
  - geerlingguy 4y ago
    NFTs pointing to URLs of images of those cards.
  - kd913 4y ago
    The latter answer is simple. Tether and other stable coins printing money from nothing. They have statements that they are backed as equivalent to dollars but it is utter nonsense. Just yesterday tether printed another billion usdt. They were openly proven to have only 3% of their currency backed by USD by the NY AG but everyone just ignores that judgement. They never held under audit, have proven to not be backed by USD and refuse to disclose their holdings. Their CFO is an Italian surgeon who sold pirated copies of Windows. When eventually that falls, the entire space I figure will implode.
    - thematrixturtle 4y ago
      The good news that their bank Deltec's chairman created Inspector Gadget, so when trouble looms he can just "go go Gadget helicopter" and fly out of trouble! https://www.bloomberg.com/news/features/2021-10-07/crypto-mystery-where-s-the-69-billion-backing-the-stablecoin-tether https://www.bloomberg.com/news/features/2021-10-07/crypto-my...
    - aaaaaaaaata 4y ago
mckirk 4y ago
Refreshing HN to find more signs of the cryptocalypse has definitely become a guilty pleasure of mine the last few days. I really don't wish for it, because so many people would get caught in the crossfire, but there's still that fascination for the 'train wreck in slow motion'.
- labster 4y ago
  As a climate scientist (currently non-practicing) the cryptocalpyse is something I deeply wished for. If you want to make Ponzis that’s fine but there’s no reason to ruin the environment to do it. Tulips were a truly green asset bubble, maybe we could do them again. I feel sorry for the folks losing money, but not really because they still have more assets than I’ll ever have.

Maybe... from what I see (which is limited), "crypto" is feeling the same downward pressure that other stocks like tech are feeling (someone just posted an article about that). But people still haven't come around to the "this is just BS" phase yet that needs to happen. All crypto under current operating models is worth zero, it doesn't need to be marked down, it needs to (and will) be recognized as a scam and written off. I don't see progress towards that out of any of the news I've seen.

junofan 4y ago
I don’t understand the go-to-zero case. Surely an open source, permissionless financial system has some value? There’s tons of value being captured in closed financial systems.
- the_gastropod 4y ago
  Surely an open source, battle-tested, massively widely used operating system like Linux has some value? There's tons of value being captured by closed operating systems.
  - smabie 4y ago
    But there is tons of value being captured by closed operating systems?
    - the_gastropod 4y ago
      Windows is closed source and quite a profitable part of Microsoft’s business.
- Spooky23 4y ago
  Sure, but it’s value is half of what it was this time last year.
  - aaaaaaaaata 4y ago
    When it returns to "original" value +30%, will you return to this thread? Or are you only interested in discussing this when you can take a victory lap?
    - Spooky23 4y ago
      I’m not “taking a victory lap”. You have a tech that supposed to be digital cash with gold properties that is insanely volatile, often takes a long time to settle and features opaque gas fees, etc. It’s a cool experiment, but it’s almost like Uber - something with great promise that delivered something lesser.

Vladimof 4y ago

the stock market crash indeed... looks like the market won't recover for 20 years

650REDHAIR 4y ago

It’s all a house of cards. I spent a little time in the industry and the most prominent voices are just snake oil salesmen and charlatans now. Anyone who truly believed from the beginning made so much money that it’s not worth the risk for them to be publicly involved in the community. It became an MLM for bros and basement-dwellers alike to gamble their stimulus checks on.

Johnny555 4y ago
At least a house of cards has actual cards supporting it, it's not clear what's supporting cryptocurrency.
- geerlingguy 4y ago
  NFTs pointing to URLs of images of those cards.
- kd913 4y ago
  The latter answer is simple. Tether and other stable coins printing money from nothing. They have statements that they are backed as equivalent to dollars but it is utter nonsense. Just yesterday tether printed another billion usdt. They were openly proven to have only 3% of their currency backed by USD by the NY AG but everyone just ignores that judgement. They never held under audit, have proven to not be backed by USD and refuse to disclose their holdings. Their CFO is an Italian surgeon who sold pirated copies of Windows. When eventually that falls, the entire space I figure will implode.
  - thematrixturtle 4y ago
    The good news that their bank Deltec's chairman created Inspector Gadget, so when trouble looms he can just "go go Gadget helicopter" and fly out of trouble! https://www.bloomberg.com/news/features/2021-10-07/crypto-mystery-where-s-the-69-billion-backing-the-stablecoin-tether https://www.bloomberg.com/news/features/2021-10-07/crypto-my...
  - aaaaaaaaata 4y ago

mckirk 4y ago

Refreshing HN to find more signs of the cryptocalypse has definitely become a guilty pleasure of mine the last few days. I really don't wish for it, because so many people would get caught in the crossfire, but there's still that fascination for the 'train wreck in slow motion'.

labster 4y ago
As a climate scientist (currently non-practicing) the cryptocalpyse is something I deeply wished for. If you want to make Ponzis that’s fine but there’s no reason to ruin the environment to do it. Tulips were a truly green asset bubble, maybe we could do them again. I feel sorry for the folks losing money, but not really because they still have more assets than I’ll ever have.