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Ask HN: Is anyone else glad the crypto market is crashing?

Obviously it's bad if people lose their entire life savings and all that dead horse beating disclaimer stuff. I fancy myself as a somewhat esoteric idea person, and so when I first discovered cryptocurrency a few years ago, I was very excited to explore the mind bending ways we can build __NEW__ things. Instead, JPEGs and skeuomorphic representations of traditional financial vehicles in web3 space. I'm hoping this crash and those in the future rid the space of the toxic backrooms these $30,000 jpegs provide access to and get us to collectively work on building really exciting cool new things. What do you all think?

egfx 4y ago
Those $30,000 jpgs will be replaced by $300,000 gifs. Remember it’s Bitcoin. What goes down must come up, again.
- avgDev 4y ago
  You ever hear about companies filing for bankruptcies, the stock becomes worthless. What goes up and down may disappear.
can16358p 4y ago
I'm glad that the over-populated bubble is shrinking. The scams and low quality projects will die and true web3 projects that aren't only for quick cash but for actually building something will stay. Just like the dotcom boom.
nivertech 4y ago
It's not even started crashing. Dogecoin's "market cap" is still over $11B. https://coinmarketcap.com/currencies/dogecoin/ https://coinmarketcap.com/currencies/dogecoin/
imachine1980_ 4y ago
I'm not, people spend they money in this, and now feel that what the spend they fallback money despair in front of their face, alot of people get scamed by very sofisticate scamers in this gold rush.
deleted 4y ago
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coding123 4y ago
Lol, I don't think it's a crash. It's probably most likely 2 or 3 whales that have colluded on a correction and re-purchase strategy. I mean I just don't trust any of it any more. It's more or less completely unregulated (not that the regulated market isn't manipulated too)
- Jensson 4y ago
  Do you think the stock market crash was due to a few whales trying to game the market as well? Both fell due to the same effect, people who invested their savings in index funds/crypto now wants top cash out, so they sell.
  - UncleEntity 4y ago
    If you get caught manipulating the stock market you go to prison. Crypto world, not so much.
    - 1270018080 4y ago
      The manipulation conspiracy is a coping mechanism. The price goes down when a bunch of people are trying to sell their worthless set of bits. There are no more greater fools to offload it onto.
    - Jensson 4y ago
      Occam's razor: if people are selling all other kinds of assets to cash out then people are likely selling crypto to cash out as well. If you believe otherwise you'd have to explain why people would sell their stocks but not sell their crypto.
  - avgDev 4y ago
    S&P total market cap is almost $40 trillion. Btc market cap is about $600 billion. One is completely unregulated and not connected to anything physical. It seems it would be a lot harder for "whales" to crash something like S&P due to its high market cap and regulations.
hindsightbias 4y ago
You just don’t get it. Bitcoin performing worse than the stock market is a feature!
joezydeco 4y ago
I'm glad that a long overdue reality check is coming. But I'm incredibly sad that many, many small fish will lose their entire life's savings in the hours and days and weeks ahead. I've already seen random social media postings of attempted suicides, or talk of it. We will lose actual human beings in this. And, what's worse, is that the real grifters and crooks will walk away clean once again. There isn't enough time or justice in this universe to nail them all and that's a crime in itself.
- quickthrowman 4y ago
  I blame Congress and the SEC, they’ve had plenty of time to regulate the crypto casino but they have not done so. Now people will suffer.
  - sudden_dystopia 4y ago
    Then why is the stock market crashing? This has nothing to do specifically with crypto and everything to do with rising interest rates among other macroeconomic factors.
  - codyswann 4y ago
    But wasn't that the big pull of crypto? Decentralized, unregulated, blah, blah, blah?
  - paxys 4y ago
    I blame human greed. People were falling for scams as far back as recorded history, they are falling for them today, and they will continue to do so forever.
  - bobro 4y ago
    what would they do to regulate it?
- spaetzleesser 4y ago
  “And, what's worse, is that the real grifters and crooks will walk away clean once again. “ It’s always the little guys who lose their shirts. The big guys who caused the problems get celebrated.
devKnight 4y ago
NFTs are basically tulip mania and beanie babies all over again. I've been wondering when it would crash, didn't expect it to happen this quickly. NFTs i mean.
- jotm 4y ago
  Did anyone actually buy NFTs or was it just a bunch of people saying "this is worth X"?
  - sertorius 4y ago
    It was the perfecting money laundering vehicle. "I made a picture of an ape and 'some random anonymous person' bought it for $1M!"
    - sosuke 4y ago
      I always assume it was that, speculators and ridiculously rich folks making impulse buys.
    - missedthecue 4y ago
      How is that money laundering? You'd have to buy ethereum with cash, but at that point why bother with the NFT? Just sell the Ethereum on coinbase and you've laundered the money.
      - sertorius 4y ago
        Coinbase has KYC ("Know your customer") policies explicitly to comply with anti-money laundering. https://help.coinbase.com/en/coinbase/managing-my-account/update-my-account/identity-verification-faq https://help.coinbase.com/en/coinbase/managing-my-account/up... Edit: besides that, the point of 'laundering' money is basically to get it into a form where it is officially yours, in the light, with taxes paid. The NFT is a conceivably 'legitimate' transfer of value. I made a thing and sold it for money, and declared and paid tax on the capital gain - boom, legitimate.
IAmWorried 4y ago
It's less that I'm glad the market is crashing, and more that I'm glad that the insufferable crypto bros are finally getting a punch to the mouth. Seriously, these people are the worst. Your average "crypto investor" has no skills, no mathematical foundations, nothing. Except for pure stupid luck, and the ability to spew inane crypto babble 24/7. And yes, they think they are much smarter than you, because they achieved better financial results than you did while only doing 1/1000 of the work to get there. I truly hate the fact that these people are so rich. It makes me want to move to Alaska and just try to ignore society for the rest of my days. This came off as pretty bitter. I apologize, but I am bitter, and I'm having a shit couple weeks.
- jeffbee 4y ago
  And they are out there right now trying to destroy America with their campaign funding, because they believe their lottery winnings validate their insane politics.
- jpgvm 4y ago
  Hey man. Hope things get better for you. The crypto stuff is just another bubble, sticking to fundamentals will still lead you to (well earned) success. Bubbles come and go, skills and financial acumen are forever.
- jdmoreira 4y ago
  I'm not disagreeing with you but I don't think this is healthy. This shouldn't be eating you from the inside. "What good is envy? It’s the one sin you can’t have any fun at." - Charlie Munger
  - uoaei 4y ago
    I don't know about OP but I definitely don't feel envy toward these people. I try to imagine myself in their shoes and just can't imagine myself spewing the same garbage or being the same kind of chauvinistic dick about something like this.
  - philosopher1234 4y ago
colesantiago 4y ago
I hope it ALL goes away. I completely hate this space with every vested bone in my body. Even if it takes a huge recession to wipe these cryptobros and casino tokens out, I would be glad. Obviously would not like the collateral damage that this inflicts on all these so called small 'crypto investors' but as long as this triggers tight regulations to make these tokens, illegal, unusable and banned completely as to make the common person not touch these tokens, then that is a good thing for all humanity and we can start to concentrate on more worthwhile issues. I really hope this space gets destroyed sooner than later.
- dudeinjapan 4y ago
  In biblical times, God became angry at all the douchebags in the world so he caused a giant flood to kill everyone (except for Noah, who was a mensch apparently.) Spoiler alert: it didn't work. There are now more douchebags than ever before.
  - maerF0x0 4y ago
    God had remorse at what he had done and made a covenant to never do it again*. One of the morals of the stories is that the means it would take to wipe evil off the earth isn't worth it. * at least that way
    - jvalencia 4y ago
      Well, also, in the Biblical account, it was too late, they were all too far gone. I would argue it's not so bad now. :-) Imagine if your Mom sacrificed your older brother, and your Father was raping your sister, and ... Crypto in that light seems benign.
    - dudeinjapan 4y ago
      He will get around to it again sooner or later.
  - colesantiago 4y ago
    It needs to completely go by any means necessary. laws, regulation, education all done swiftly.
some-guy 4y ago
This kind of bubble will be back in another form, whether it's crypto-based or not.
vmception 4y ago
I’m really excited about it, I do take issue with people still not knowing what parts of crypto aren’t crashing and are working very well. To me that still seems intentional, but at the very least its annoying. People dont know why “Magic Internet Money” - a stablecoin - is a meta-meme on re-appropriated skepticism of all crypto while being designed decently well, much better than TerraLuna (overcollateralized, compared to "partially collateralized as a last ditch effort that predictably failed"), MIM is holding its benchmark price through this stress test so far. Same for DAI, which has a similar but older and more convoluted design than MIM, and less native collateral choices. All while neither of these are perfect. None of these are a model decentralized stablecoin (for those that dont want a central company being able to freeze some funds, but I understand thats a feature for some market participants). I like that the shakeouts and implosions will cause great discount prices. “Discounts” because many implosions force selling that pushes a price down beyond the rest of the market’s feelings, and when that selling stops (which can be transparently seen), the prices reach back to the level people were willing to pay. A chance I am sometimes willing to take.
- searchableguy 4y ago
  What do you think are the best investment play for a decade right now in the crypto market?
  - vmception 4y ago
    Hmmm Well money isn't leaving the crypto space, its just in other more resilient stablecoins, so its ready to pounce or “ape-in” to anything at a moment’s notice. USDC and Tether have still $130billion collectively issued. Not moving much up or down. In which case, popular things that sold off are still worth watching. I usually miss the bottom hoping for a steeper sell off. Look for things that extract value, and accrue it to the token. A cross-chain flash loan bot that shares with its community of stakers (distinct from and a subset of the token holders) could be fun. I haven't really seen one that shared. Yield optimizers are still unperfected. Opportunity to compete with a better one there, that also involves the community better. A decade is too hard for me. But Helium had some cheap prices and their wireless network is robust enough with all the pieces coming into places for a recurring demand model to kick in. Node software needs much improvement. But this is slow because there isnt a compensation path at the moment, a couple gitcoin grants have gone out that have resulted in major improvements, more likely that FAANGs will start doing contributions to node software, which will be the compensation path for developers as employment. Lots of stuff on the private equity side, if you really want longer cycles and possibility of cashing out into a more mature financial market with regulated registered shares. Bear markets are the best time to build because your investors will leave you alone. As an investor you can make more onerous conditions to companies raising.
whimsicalism 4y ago
Crypto discussions are often HN at its least intelligent (from both "sides"), so I hope that this presages fewer of those.
AnIdiotOnTheNet 4y ago
While I experience some small schadenfreude over the situation for a wide variety of reasons, my hope is that this will finally bring GPU prices back to some semblance of normalcy. However, this is not my expectation. Partially that is because of continuing supply issues everywhere, but also because now that cryptobros have driven the prices so high we've reached the "that's just what it costs" stage on $1000+ GPUs. Well, that and perhaps a lot less wasted energy and environmental damage.
- Ekaros 4y ago
  I kinda also fear price stickiness with inflation. Then again I'm happy with my current 2070 Super, so not in exactly hurry to jump on even next gen... And people called that one stupid buy back then...
vegai_ 4y ago
If you think this constitutes a crash, you haven't paid any attention to how crypto markets behave.
- uoaei 4y ago
  If crypto is a "market" you're already doing it "wrong".
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monktastic1 4y ago
I'm happy that people are seeing that it's not as uncorrelated with the larger market as people thought, making it less exciting as a hedge. (Of course, we need more data to be really confident in this correlation, but the perception will be there nonetheless.)
- pessimizer 4y ago
  That's the main lesson from crypto movement: it's moving with stocks rather than against them. That's not digital gold.
breakds 4y ago
But everything is connected. Beware of the fluctuation/crisis in the other markets which might be triggered by what's happening in the crypto market.
- Ekaros 4y ago
  I think correlation goes the other way. Fluctuations and crisis in other markets seem imminent, and we really haven't seen much of it yet. This will also further effect crypto. Maybe they can be pushed away for a bit again, but eventually there is actual correction, not going back a year...
- MrMan 4y ago
  Thats not what is happening
  - crowbahr 4y ago
    It's not entirely unrelated that the Dow is down by 8% over the last month and many tech stocks dropped by that much in only a few days after Q1 earnings reports
Terry_Roll 4y ago
Is anyone surprised considering some central banks are going to be launching their own crypto? Its almost like the secret experiment with crypto is over, and I'm saying this as one of the first bitcoin miners.
- FabHK 4y ago
  > central banks are going to be launching their own crypto? That'll be permissioned/private blockchains (if at all), though, without that PoW nonsense.
  - dropnerd 4y ago
    a permissioned blockchain will distribute power to the politically connected. imagine rulesets on who has priority to transact during a market downturn.
paxys 4y ago
Bitcoin is at $30K. I'd hardly call it "crashing". It has erased its gains from the last year, sure, but so has the broader stock market. And "growth stocks" are performing a lot worse in the same period.
- maerF0x0 4y ago
  for me my company stock has erased the gains since ~late 2018. BTC is up 10x in that period. People have just lost a sense of proportion that investing timelines are 5-40 years. Investing for "moon gains" in time periods less than that is for suckers, save for maybe people who are building a new business.
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  - aaaaaaaaaaab 4y ago
    Fellow Meta employee?:)
    - maerF0x0 4y ago
      Fellow tech employee
Blackthorn 4y ago
I just hope this will finally make GPU prices come back down to earth after two generations of nonsense.
nonameiguess 4y ago
I'm not a fan of crypto, but don't get happy when any market crashes. The worst part is the very few big-time Bitcoin evangelists I knew personally got into it super early, for no better reason than it seemed to pattern match their Randian Objectivist proclivities and they really hate the Fed, people with little to no technical background who had gotten by in the past via things like couch surfing with women who had money, playing poker full-time, and taking glamour shots of teenage girls they found on the Internet. Those people were in early enough that they're still rich almost no matter what. It's only the late stage investors getting crushed.
spaetzleesser 4y ago
I am not happy that it’s crashing. As always it’s the little guys losing their money while the big guys are walking away with tons of money. I would celebrate if the big crypto players list their shirts. They lose a little but still walk away with huge ill gotten gains. P We have created a culture where quick money gets celebrated and regular work doesn’t pay off anymore. It’s no surprise that people get sucked into get rich quick schemes.
- rootusrootus 4y ago
  I think we will look back on crypto and marvel at it being the most effective voluntary transfer of wealth in memory.
  - spaetzleesser 4y ago
    All the recent bubbles like stocks, .COM and real estate were/are massive transfers of wealth. And it’s always from the people who have a little to the people who have a lot already.
progrus 4y ago
Don’t tie your personal happiness to this, because then you’ll be sad when it goes back up.
haunter 4y ago
Look at the Terra sub or the replies on Twitter to the official account. Normal people losing all their life savings and a lot of them are contemplating suicide. It's actually really really sad. https://www.reddit.com/r/terraluna/ https://www.reddit.com/r/terraluna/
- jeffwask 4y ago
  So was the 1918 stock market crash but sometimes change only comes from pain.
  - dundarious 4y ago
    There's no reason to think that change only comes from pain. There's also no reason to think that repeated boom and bust cycles are necessary and good. That would be a kind of Malthusian logic that has thankfully been abandoned when it comes to population studies -- it should not be accepted in economics either.
    - maerF0x0 4y ago
      it might have been better said "for some change only comes from pain"?
      - dundarious 4y ago
        Some people? Mostly disagree. Some kinds of change? Sure, but plenty of beneficial changes don't.
    - jeffwask 4y ago
      No reason except most of recorded history but if we throw that out sure humans aren't panicky herd animals that can't assess risk or long term plan.
- codyswann 4y ago
  They were on the wrong side of a massive bet and lost. Let's take the reverse and say they were on the right side of the bet and made millions and left everyone else behind to wallow relatively "poor". Would they feel sorry for those who didn't take the bet?
Mehringotio 4y ago
I follow climate change for a while. Especially the co2 concentration in our air, wild fires, droughts etc. I'm looking forward to burning less resources for just hashes. I'm also getting tired of having the same fruitless discussions. There are a lot of people who have never thought about a ton of implications of crypto. Real issues are ignored, unknown, or just never even mentioned.
- olalonde 4y ago
  Proof-of-work works fine with clean energy. You should direct your concerns at polluting forms of energy sources.
  - blibble 4y ago
    that would be fine logic if we had unlimited clean energy unfortunately as its supply is limited... it being consumed for useless work means it can't be used for useful work, and as a result dirty energy is being generated for that instead
    - New_California 4y ago
      You have it all backwards. The PoW is useful work because it helps secure my hard-earned savings against very high inflation my country is dealing with (I store my savings in Bitcoin). While many other (non-PoW) energy uses you have in mind are useless for me.
      - blibble 4y ago
        there's plenty of other assets that can be used as an inflation hedge (e.g. precious metals, inflation linked bonds, etc) none of which require burning hundreds of barrels of oil a day calculating quadrillions of sha1 hashes to keep their value from collapsing and if you don't want to physically hold them then there's ETFs for that
      - Mehringotio 4y ago
ugjka 4y ago
Proof of work has to die, unless you can actually do useful "work" with it instead of brute force cracking hashes
mathgladiator 4y ago
I'm not sure. If it all goes to zero, then I'm out $40K in various coins and $5K in $COIN. That was my FOMO limit, and given how skeptical I am of many of the claims it will have been an education. I find Bitcoin itself to be interesting, so I intend to hold as I suspect a crash will come with regulations. Regulations may be the thing to save it in a way, but who knows.
jeffwask 4y ago
Anything to put an end to an "investment" that literally burning the candle at both ends as it destroys power grids and spews pollution. It's tough to spend money when you destroy the planet.
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fabian2k 4y ago
If you're convinced that cryptocurrencies are useless and a terrible idea in general, you would expect them to inevitably crash at some point anyway. And if you assume that it's reasonable to hope that they crash sooner rather than later, as the consequences will be lower.
dahdum 4y ago
Bitcoin hit nearly these lows twice last year in January and July. The crypto market has always been highly volatile, crashes are routine.
- system2 4y ago
  It will be back up around by end of 2024 and rinse and repeat. I can find similar posts from previous years.
  - mirceal 4y ago
    buy some bitcoin if you believe in this. don't spend more than you can afford to lose
- rootusrootus 4y ago
  That assumes this is an actual pattern and not just extreme volatility of something with no intrinsic value to steady it. The other day I was driving through a rougher area of town and noticed an old, grubby "Buy bitcoin here!" sign out in front of a convenience store. IMO about the time that started becoming A Thing, the writing was on the wall. I predict tulip mania will end relatively soon.
_23sd 4y ago
I doubt it's crashed forever, I think a lot of what we're seeing right now is because of the long overdue reckoning for the "stablecoins" that people have been treating as if they're worth $1 despite knowing it was a lie for years. That destabilizes the markets really badly since so much trading either used them as USD stand-ins or used the credit mechanisms they enabled to push up volumes. People didn't stop believing in magic, that's a longer process.
- Ekaros 4y ago
  I'm kinda wondering just how long this market can keep burning money away and still keep the prices up. Or take them up again. It would be one thing if these were cheap to run, but they are insanely expensive. And seem to provide little value outside few things.
- dropnerd 4y ago
  stablecoins are fine if they're backed correctly. ust wasn't did you know the money market (the "dollars" in your brokerage account) broke the dollar and the government bailed it out? https://www.investopedia.com/articles/economics/09/money-market-reserve-fund-meltdown.asp https://www.investopedia.com/articles/economics/09/money-mar...
musesum 4y ago
In March of 2000, I registered the domain "TheTulipFund.com" [1] with a manifest of goods used to pay for Tulip bulbs infected with the crazed virus, which was lifted Levine's book[2] on viruses. It started as a joke around a dinner party about buying up dead dot coms. At the time, my company was preparing to go public in April. The joke was on me. Meanwhile, NFTs -- I have to wonder what's different. [1] https://web.archive.org/web/20020928142349/http://www.thetulipfund.com/ https://web.archive.org/web/20020928142349/http://www.thetul... [2] https://www.amazon.com/Viruses-Scientific-American-Library-Book-ebook/dp/B008BJ057K https://www.amazon.com/Viruses-Scientific-American-Library-B...
TekMol 4y ago
It only looks like it is crashing when you look at it on a linear scale. Because a linear scale makes the same swings (percentage wise) look larger during times when the price is higher. When you look at the Bitcoin chart over the last 10 years on a log scale, you see that a halving over a timespan of 6 months is completely normal given the volatility. The volatility has been always like this. The only thing that changed is that the price is at an all time high (in terms of orders of magnitude) at the moment.
- uoaei 4y ago
  This is exactly the problematic attitude though. Because all the rhetoric about Bitcoin is about how it should be a better, more permanent, eminently perfect currency vs what we have now. But what we have is people justifying its continued relevance by pointing purely to its features which make it useful for financial speculation. The rhetoric about crypto futuro-optimism is just a Trojan horse, a ruse, to justify making money off marks.
scottLobster 4y ago
I'm down about half of the 1% of my savings that I put in carefully selected crypto in the off chance that it actually lived up to its potential, and I'll hold because there will probably be at least some bounce on the other side of this. So I'm not "glad", but I'm hardly ruined by it. As for the people who bet their entire life savings on it, fools and their money soon parted. Part of being an adult is that if you're a fool, it's on you. For every person doing things right with a legit sob story there's at least 10 who only make their situation worse regardless of any support they're given
wollsmoth 4y ago
I'm a little worried about how much of a position some of my friends have taken these digital coins but otherwise yeah. This party is going to end some time and unless you got in super early, I just don't think you're going to get rich. You might as well just learn how to options trade if you want to get into high stakes legal gambling.
Joeboy 4y ago
Is it crashing? USDT seems to have recovered its peg, for now, and BTC is trending up since this morning. I admit I was hoping that wouldn't happen.
jonathan-adly 4y ago
It's a Macro crash. SP500 is down -%5 YTD. Meta -37%, Netflix -65%. Lots of pain spreading. You shouldn't gloat or be happy. Give it a couple of more months like this, and lots of the HN audience would be worried about layoffs. The security of your average software developer job is strongly tied to market cycles. If you want a place to direct your hate and bitterness, I would do it at the architects of the BOOM/BUSTS cycles that keeps happenings and destroys people lives.
- ChrisLTD 4y ago
  Boom & bust cycles seem to be a built in “feature” of market economies. The architects are not trying to create booms and busts per se, but they are trying to manage them so they aren’t as devastating as 1929.
  - next_xibalba 4y ago
    Whereas permanent poverty is a built in feature of non-market economies. Seems like an easy choice to make.
    - vkou 4y ago
      Permanent poverty is also a defining feature of feudalism, which is the end game of any unmanaged market economy. That's another reason markets get a little bit of steering.
    - kennywinker 4y ago
      Permanent poverty is built into this economy for all but a very very lucky few. We can do better, and framing the options as market-economy (what we have) and non-market-economy (everything else) is a false dichotomy. Markets can exist without the second-guilded-age capitalism we're in right now.
  - beaconstudios 4y ago
    indeed, this is broadly acknowledged and studied in macroeconomics: https://en.wikipedia.org/wiki/Business_cycle https://en.wikipedia.org/wiki/Business_cycle
CodeWriter23 4y ago
A bunch of numbers stored on a computer without a sizable military force backing them are worthless? Who knew...
nilshauk 4y ago
I’m not happy about people losing money. However, I’m happy if this means money will be invested in innovation towards saving the planet, rather than finding new ways to burn resources with proof-of-work-based crypto.
olalonde 4y ago
It doesn't help this kind of discussion to put everything under the "crypto" umbrella. There are good projects and bad ones.
- uoaei 4y ago
  I don't personally see utility in any technology coming out of the crypto space to be useful to our society long-term. Helium (the LoRaWAN routers) is interesting but mostly dead in the water because who uses LoRaWAN except for specialists who build their own mesh network? How are you defining "good"?
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braingenious 4y ago
I’m glad because this has allowed me to finally convince one of my elderly relatives to divest a big chunk of their savings from this garbage. I can’t even begin to imagine how many nontechnical older people that downloaded TikTok to follow their grandkids have fallen for these bullshit pump and dump scams. I wonder how much of the real money that’s in crypto actually comes from utterly clueless people that are being actively exploited by a small handful of crypto “influencers.”
bluetidepro 4y ago
No? Why would anyone be "glad" about this? It says a lot about your personality to be that happy/glad about anything "crashing", whether you agree with it (crypto in this case) or not. Also, just a friendly reminder that NFTs don't equal crypto.
- majewsky 4y ago
  Of course there are things you can legitimately be glad about crashing. CO2 emissions, crime rates, frequency of famines, etc. Whether you count the event in question among such blessings is a legitimate topic of debate.
  - bluetidepro 4y ago
    Fair, maybe I said that more broadly than I meant when you put it that way, but it's just embarrassing looking at half of these comments with people celebrating something like this. I don't even touch NFTs, but the lack of empathy in this thread is ugly.
ortusdux 4y ago
I only care in so much as I might be able to get some graphics cards at MSRP soon.
kiernanmcgowan 4y ago
Crypto and other speculative assets are reasonable investments when inflation and interest rates are low - this allows toleration of high risk profiles. When inflation/interest rates rise, theres generally a cash exodus to safer assets. Monetary policy for the past decade has made it "reasonable" to take a much more risky portfolio stance, that situation has changed, and everyone is realizing it at about the same time. And so we're seeing the paper tiger of crypto valuations - once the market situation changes such that crypto is too risky, everyone leaves and dumps what they have. It just took 10 years for people to learn that the hard way.
- throwawayffffas 4y ago
  I am inclined to disagree on the reasonable part, I have a feeling that the difference between cryptocurrencies and say stocks or commodities is a difference in kind not a difference in degree. Sure when there is risk appetite again cryptocurrencies will rebound along with other risky instruments. But I just can't shake the feeling that cryptocurrencies in general is just a huge pyramid scheme.
  - kiernanmcgowan 4y ago
    Fair enough - I'm using reasonable here to represent the balance of "this is a very risky asset" vs "inflation is low so I can hold onto this for a long time and wait for the right time to sell". Theres also just an insane amount of hype about crypto is the future of <gestures vaguely at topic du joir>, and therefore it's valuable in the future. Amazon made no profits for so long because all dollars were reinvested into the business. Crypto made no dollars because it's as useful as a beanie baby.
flyingfences 4y ago
Yes, I'm glad for the opportunity to buy more Bitcoin at this discounted price.
Tade0 4y ago
I would actually prefer for it to continue seeing how many scammers pivoted to crypto. I hadn't had a question from my mother about the legitimacy of the spam she's getting in months. Also, from all this drama, a whole culture emerged: https://youtu.be/5-h_-OuGMnE https://youtu.be/5-h_-OuGMnE
- 71a54xd 4y ago
  Remember, only recently were there "blockchain courses" being offered as minted NFT's... I'm stunned it took hucksters that long to dream up that means of grifting. I briefly did some side-work for a web3 company and honestly at this point product people / people who don't know any better are the most obnoxious in the space. By far, the most obnoxious are the people who happened to have a ton of BTC and then decided they were smart enough to start VC funds with the capital. RIP to anyone who agreed to a comp package that included a $COIN. I'm still holding BTC, ETH and LPT though. I really like that LivePeer is solving a real problem - however it's also absolutely tanked in value.
karmakaze 4y ago
I'm more glad that companies that were profiting from crypto are losing more than the consumers invested in it. I would prefer if crypto values slowly levelled off, fell, and stabilized. That way it would reflect what it can be: a stable but less convenient/spendable cash, which is where we are at. If we get higher transaction throughput or less energy consumption with similar guarantees, the value should go up again to reflect that ability.
jasfi 4y ago
Crashes tend to hurt a lot of people, so no. However there's still money to be made. My automated trading web app detected two opportunities earlier today: BTC/USDT and BNB/USDT through EMA cross-overs. Both are still going strong, although the app is still demo-only trading. https://tradecast.one https://tradecast.one
waylandsmithers 4y ago
Well it definitely makes me feel less bad about the bitcoins I lost back when the price was around $100 :)
gjvc 4y ago
yes
damon_c 4y ago
This whole thing was like if there was a jQuery bubble back in 2008 or so. jQuery came along and was amazing and useful and enabled a whole bunch of great new ways to do things and made a lot of stuff much easier. Now imagine it also enabled a huge range of financial adventures which got some people rich and some people poor and caused most normal people to hate jQuery. That would be silly. jQuery is still a useful tool. It's not just for pumping and dumping tokens... It's great for manipulating DOM elements too! I hope maybe this crash will help people realize that public permissionless distributed databases and the cryptographic primitives that make them secure can, like jQuery, be used to generate new amazing software products that previously could not exist and are not just about get rich quick schemes. --edited for formatting/clarity
- paxys 4y ago
  The difference is that people actually did a lot of useful things with jQuery instead of just talking about its potential nonstop for a decade.
  - damon_c 4y ago
    People are doing useful things with public distributed databases and cryptography as well. Unfortunately it has been largely overshadowed by the greed. This is an artifact of human involvement. Mathematics implementations and new data storage paradigms are still our friends here at HN. Aren't they?
  - maerF0x0 4y ago
    there are isolated cases of useful things done with some of the top names in crypto. El Salvador helped break the backs of the international money transfer companies charging usurious prices for a simple ledger entry.[2] Cardano is helping to build projects that are corruption and coercion resistant[1] I'm sure others could come up with examples. What has been unreal is the bubble though. People have tried to get rich quick off these things, meaning the use and utility value is much less than the speculative. Some of these projects have brought millions and maybe billions of value, but collectively maybe even now they seem to be over priced. [2]: https://www.cnbc.com/2021/09/09/el-salvador-bitcoin-move-could-cost-western-union-400-million-a-year.html https://www.cnbc.com/2021/09/09/el-salvador-bitcoin-move-cou... [1]: https://africa.cardano.org/ https://africa.cardano.org/
gsibble 4y ago
I feel bad for people losing money, but crypto has not lived up to its potential at all, remains a solution looking for a problem, and is an environmental disaster. I used to be a huge believer. Brian Armstrong gave me my first Bitcoin in 2011 at District in SOMA. Electricity was included in my rent so I bought 10 video cards and mined for about two years on 5 systems. At a company I founded, I use Bitcoin to pay for food and drinks. According to the Barista, I was the first person to ever pay for coffee with Bitcoin at Coupa Cafe (despite having to stand there and wait 10 minutes while the transaction cleared). But nothing has come of it. All the years of promises and applications, nothing. Ether DApps, sure, but how much of the modern internet runs on those? I also mined StorJ and Monero for years. Apart from a way of making money and storing value, crypto is useless. Processing fees are way too high to even be considered as a replacement for payments not to mention other barriers such as the ability to integrate with antiquated point of sale systems entirely designed around credit/debit and cash. So I put all of my holdings into a retirement account and don't worry about the price. But I've given up on crypto and everyone who babbles on endlessly like they know something I don't about how it's going to change the world. So even if Crypto loses its value some, I'm glad because the lack of easy, effortless gains will disappear for a lot of those people and most of these short term hucksters will fade away. I'll gladly exchange crypto's price for less crypto bros. My cost basis is around $150 so I have a long ways to go before I care that much.
- Avalaxy 4y ago
  Im in the same boat. Started with bitcoin in 2013, bought ethereum in the presale, did freelance app development for all sorts of crypto startups (including coinbase). Was a true believer in the technique. But over the years it became clear it was never going to have a big impact. We went from people armiring the tech, to people with no knowledge about the tech, but with big dollar signs in their eyes. Then in 2016 I decided to sell all my crypto coins and move on to a different field. In hindsight, I lost out on millions. But ah well, cant forsee the future. Those crypto bros who think they can are just deluded. What theyre doing was never any better than gambling.
  - tombert 4y ago
at_a_remove 4y ago
No, not especially. If you don't care for it, ignore it. And if you think that a crash is going to clear the way for anything you want, there's a principle from PT Barnum about sucker production. The get rick quick schemers will "pivot" to something else. Some higher-end video card prices will go down. That'll be nice.
recursive4 4y ago
Some lessons require pain in order to be learned; the difference between investing and speculating is one of them. In parallel, there are communities of builders working on the post-jpeg future. Check out https://partialcommonownership.com https://partialcommonownership.com, for example.
tulsidas 4y ago
the planet is
cryptica 4y ago
I'm glad that it's crashing in spite of a large chunk of my portfolio being in crypto. The degree of complacency in the space had gotten absurd and completely detached from any economic or even technological reality. Current top projects seemed to intentionally squander all the money which was invested. It was so bad, it looked as though the biggest investors wanted them to waste the money. I'm also glad that the stock market crashed too. I hope it all goes to 0 and new, better projects and companies can grow out of the ashes. It's scams all around.
- almostkorean 4y ago
  Same here, I work for a web3 company and am so happy. Let it bleed
anm89 4y ago
You are comparing the worst of crypto markets to the best of traditional markets. NFTs are like the equivalent of Peloton in the the traditional world. A nonsense concept made to raise capital from people who like a shiny narrative but can't be bothered to think through the details. Yeah a lot of dumb hype settled in crypto, crypto is naturally suited to that and that's never going to change. But there's plenty of dumb hype in markets that should know better. Anyway crypto doesn't seem to be that different than the world around it and it has performed drastically better than traditional markets since the bottom of march 2020
fallingknife 4y ago
Very much so, as I sold mine a few last year, and this could create a buying opportunity.
princevegeta89 4y ago
I am glad that crypto market is crashing and the utility is going down. In my POV, it is just a leeching virtual asset without a governing body behind it that makes crime easier to conduct. In addition, it is also bad for the environment and it's volatility tells me that it can never be used as a legal tender.
mcguire 4y ago
The short answer: It's financial engineering. It hasn't invented anything cool since the credit default swap.
throwawayffffas 4y ago
Not really it's just crashing because there is derisking going on due to the unstable period we are experiencing along with the upcoming rate hikes, so to me it looks like there is going to be a comeback and no one will learn anything.
- deleted 4y ago
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Patrol8394 4y ago
I have been sitting on cash since end of last year, I am finally seeing opportunities to buy at reasonable price: stocks and crypto. Stocks, cryptos, houses: people kept buying no matter the price, even though, it was so obvious that those prices were not sustainable. And we are finally seeing a proper correction. I think, houses are next in line.
- runarb 4y ago
  > I have been sitting on cash since end of last year, How do you feel about the recent spick in inflation? I have also been sitting on some cash for a year, and its buying power has definitely fallen. I find it now hard to see if prices will fall or wags will go up, so the cash I have will be of less relative worth.
  - alexis2b 4y ago
    Check TIPS (Treasury Inflation Linked Securities)[0] for a way to stay liquid but still get inflation protection. [0] https://www.treasurydirect.gov/indiv/products/prod_tips_glance.htm#:~:text=Treasury%20Inflation%2DProtected%20Securities%2C%20or,original%20principal%2C%20whichever%20is%20greater https://www.treasurydirect.gov/indiv/products/prod_tips_glan....
    - mirceal 4y ago
      yes, securities from the same people that brought you the inflation. what could possibly go wrong?
  - qqqwerty 4y ago
    Imagine if you had invested that cash in Rivian last year. You would be down about 80%. Compared to the ~8% inflation we have seen in the last year, suddenly holding cash seems like a pretty good deal. The Fed is basically trying to control inflation by inducing a recession. Holding cash is generally ill advised during times of high inflation, but holding assets during a recession can be pretty painful as well. At least with cash, you can buy the dip if you are so inclined. If you haven't already, take a look at I Bonds. Those are safe, and have returns tied to inflation. Also, it is probably a good idea to start thinking about how and when you might want to invest your cash. It already feels like there are some good deals out there. But if inflation persist and interest rates keep rising, I can only imagine things will get cheaper still.
beenHot400 4y ago
I would just invest once it recovers again.
- ninju 4y ago
  Please don't otherwise it will LIVE again
aaaaaaaaaaab 4y ago
Yes.
conceptme 4y ago
A lot of the tech sector stocks are crashing hard too, not only crypto.
LeifCarrotson 4y ago
I feel bad for those who lost on a risky bet. I am, however, looking forward to replacing my 970 with a more modern graphics card! Haven't seen the pallets of 3080TIs showing up on eBay yet, though...
_Algernon_ 4y ago
>Instead, JPEGs and skeuomorphic representations of traditional financial vehicles in web3 space. As with previous crypto crashes, the chaff is gonna die, and the grain will remain (Bitcoin, ethereum, maybe a few others). Then a new spike to a new all time high will occur after the next bitcoin halving.
emerged 4y ago
mordymoop 4y ago
I'm genuinely confused. This current crash is not nearly as bad as several recent crashes. The fall in price in the big coins (Eth, BTC) seems downright modest. A bunch of new meme coins got obliterated, which is also normal and completely predictable. Why are people treating this as if it's going to be the fall of crypto? Because a peg broke? Have people not heard of Mt. Gox?
- jeromegv 4y ago
  The millions of people that joined crypto joined many years after Mt Gox, no they haven't heard of it. A peg broke = a stable coin people thought was anchored to USD (ie= a safe place to park your money) suddenly lost 70% of its value overnight.
  - id 4y ago
    It was almost impossible to be alive in 2017 and not learn about crypto (and also watch it tank).
  - mordymoop 4y ago
    While I'm sure many people were laboring under the belief that a stablecoin couldn't fall, I've seen lots of commentary about various stablecoins not being properly backed by USD and thus being probable targets for an attack like this one, going back almost a year. I'm not arguing this isn't, in some sense, a 'big deal', but we've seen crypto as an asset class shrug off objectively worse disasters.
- Joeboy 4y ago
  I think it's based on the assumption that USDT was entering a death spiral, which looks to have been premature.
- jtlisi 4y ago
  You’re focusing on the price of bitcoin. Bitcoins market cap during Mt Gox was a few billion. Today it’s over a trillion. Luna going from a market cap of close to 100 billion to basically worthless in a few days is like 50 Mt Gox incidents in terms of wealth destruction. Bitcoin has market cap swings larger than the loss during Mt Gox in minutes these days.
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Taniwha 4y ago
I'm looking forwards to buying cheap FPGA mining rigs for my CPU project
sumitb 4y ago
I made some money in 'crypto' over the years. I had always thought of the whole phenomenon to be one sustained by less than average white men / boys giving away their historically dubiously gotten privilege to slightly smarter Asian/Russian fraudsters. As a trained computer engineer, I am sad that the technology is deficient.
gumby 4y ago
I'm sorry that people have lost a lot of their money but I'm glad there is a reckoning now rather than later when it might have roped in even more people.
totorovirus 4y ago
It's what is called Schadenfreude in german.
Melatonic 4y ago
Crypto is highly volatile in general - we have seen this before.
boeingUH60 4y ago
Personally, I don’t have any shred of empathy for people who bet their hard earned money on silly coins. If they had won (in the greater fool game), most of them would have celebrated all the way and deluded themselves that they were savvy investors. Play stupid games, don’t be surprised when you get stupid prizes (e.g, losing your life savings).
bendtheblock 4y ago
There is a moral imperative to stop crypto/NFTs/etc, especially from those most vulnerable to it, the young. We are putting the planet in peril already without the existence of this pointless technology, which represents the first net-negative invention of Computer Science. As a discipline we must evolve to apply an ethical lens to what we do, just as other sciences have had to do with time. I write about this position at webtwoboomer.com, flagged thread here about it here https://news.ycombinator.com/item?id=31330281 https://news.ycombinator.com/item?id=31330281
dandanua 4y ago
> it's bad if people lose their entire life savings What is even worse is that those life savings will be collected by criminals and personalities alike. I'll be glad only if those people will be put in jail for running all those frauds and scams.
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twoxproblematic 4y ago
AlexCoventry 4y ago
My theory is that the crash was caused by terra's attempts to defend the UST peg, and now that they have effectively abandoned the peg by halting the terra blockchain, we may see other crypto prices recover. (Not financial advice, obviously. I could easily be wrong.)
NelsonMinar 4y ago
The sooner the crash the less overall harm it will do. Right now the crypto sector is still small enough it probably won't demolish the world economy the way the 2008 debt crisis did. Although it's already bad for some countries foolish enough to get in deep, like El Salvador. The big one is going to be Tether. When that inevitably fails I think it will kill 80% or more of the cryptocurrency market.
throwaway743 4y ago
Why ask when you already know the answer?
dathinab 4y ago
Better crashing now then later when the bubble is even bigger. But tbh. crashing earlier (e.g. pre-covid) would probably have been even better.
topherPedersen 4y ago
Cryptocurrencies have become stocks without companies behind the ticker symbols. People took the stock market, tossed out the businesses, and just kept the casino part of the game. I know this is sad to say, but most people are dumb, lazy, impatient, greedy, and tend to take the path of least resistance without much caution or thought. The same people that weave through traffic and cause car accidents are the same people that lose all their money in the stock market, crypto, and get rich quick schemes.
incomingpain 4y ago
Crypto is crashing, but so is everything else. Gold is down 8% in the last month. Silver is down 20%. Virtually all stock exchanges are down 15% or more. Bonds are still losing money in real yields. This is all happening at a time of high inflation and so the measurement of that crash isn't even net of inflation. Gold is actually down 16%. Stock exchanges are actually down >20%. Crypto crashing isn't a factor at all, this is global economics collapsing. Oil is way up. Food is way up. Fertilizers are way up. Looks like major military mobilizations are happening to me.
protastus 4y ago
Bitcoin allowed me to quickly send money to a war zone (Ukraine) without dependency on a banking system. Wiring money overseas is a slow and precarious experience even in the best circumstances, and I was stoked to bypass all of that. That's innovation. Then there's a surreal amount of noise. The hundreds of altcoins, the blockchain buzzword, insane speculation, insane energy use and carbon emissions, drama about losing funds. So yes, I'd like to cut down the noise so we can focus on the innovations.
- cyri 4y ago
  we did that too but with donations towards an African country.
  - mirceal 4y ago
    yes. people see crypto as scams until they actually learn about real world usage. try sending money anywhere in the world by going to your bank. also, everyone pretends that the current financial system is perfect and works just fine until it all of a sudden does not work for them. are there scams out there? yes. are there a bazillion cryptocurrencies, some of which make 0 sense? yes. Is crypto as a whole a bad thing? hard no.
helloworld11 4y ago
Oh what a perfect post in which to see all the absurdly emotional, dismissive, ridiculous crypto hate that this site's commentators just can't seem to stop grasping at rise to the surface.... A supposed "hacker" community filled with people who will reach for any convoluted reason they can to utterly sling shit at a whole complex range of technologies that despite its many bad uses has also proven to be a very interesting, impressively developed ecosystem that has also been used by many people in unique ways, often under adverse conditions that the privileged majority of HN readers never have to deal with. But hey, let's just blanket claim that it's all a ponzi scheme (despite the definition of ponzi schemes being very clear and very different from the essentials of Bitcoin or Ethereum or many other cryptocurrencies). Or lets go on and on ad nauseum about the carbon burn of BTC and PoW mining (despite many of you working in tech fields where insane amounts of electrical energy and carbon are burned just maintaining billions of people's generally utterly pointless social media posts or cat videos). Or how about endlessly sniping about fraud and money laundering on these systems, never mind that the wider financial world is filled with fraud on a far larger scale and that even social networks along with many other digital technologies are enormously used for exactly the same thing. Worth noting here again that there are actually many, many people in the world, people who aren't so nicely blessed by sound government landscapes, trustworthy or functional financial institutions and easy access to bank accounts who already do use crypto in many non-criminal ways (at least morally non-criminal). Anecdote, yes, but I personally know many who do this, and especially among people who I know in developing countries. I've read more than enough to know that the use is much wider than commonly reported. Even Chainalysis has estimated that only a small fraction of all crypto transactions are due to crime and fraud, and their very business is tracking the fraudulent use of crypto. And finally, that it's useless because blockchains can be replaced by so many other things, or because DeFi sucks, or because transaction fees, or because "12 years later and there's barely a use case" and etc and etc... Since when does a technology have to be immediately useful and incredible to be interesting? Some of the sniping against blockchain's usefulness reminds me of the mentality behind those who criticized the Dropbox founder's original 2011 post on HN. Furthermore, have so many of you who make the argument about crypto going nowhere been completely blind to the amount of business exploration and experimentation that the wider ecosystem creates literally by the day? Sure, much of these experiments will fail, collapse or include plenty of fraud. So too have many other interesting and now robust technologies over the decades. Frankly, it's a shame to the very most basic idea of the word "hacker" that these negative arguments should be used to totally condemn something like considering how interestingly it's being explored in the wider world. I could go on but what's the point? So much of the sniping here deviates so completely from legitimate, reasoned criticisms into irrationally, repetitively emotional hate that it's often like arguing at a brick wall.
cattown 4y ago
Oh yeah baby! Here's my top 5 reasons... 5. Crypto bros deserve a punch in the face. If you don't feel that way, it's probably because you're a crypto bro. The world is secretly (or not) cheering for this to all burn to the ground because it's easy to perceive people who promote crypto as obnoxious swindlers. Really, they are. Sorry, if this isn't a good reason, but I'll just spill those feelings out right there before making some more reasoned arguments... 4. Crypto not useful in a real way. Speculative investing, money laundering, hiding wealth, pyramid schemes. I'm a tech guy and I have no idea how I would go about acquiring crypto currency then using it to pay for something tangible of real value without eating an exorbitant amount of fees and taking my chances moving stable fiat currency in to a highly volatile asset. I know here are exceptions, but let's be real, crypto in 2022 is about creating shady financial tooling. 3. Crypto's externalized costs make it expensive to society while providing little benefit. Graphics card shortages, energy usage and global warming, brain drain from other real tech problems, aiding and abetting criminal activities like money laundering. What are the benefits that make up for any of that? 2. People losing savings sucks, but the longer crypto insanity goes on the worse that's going to be. Taking a statistical view, unsophisticated investors almost certainly will be taken advantage of in unregulated markets. The longer this insanity goes on the worse that's going to get. End it now and fewer real people with real savings are going to get hurt. ... and the real reason we should all be excited about... 1. I used to be excited about blockchain technologies. I think there are some really great uses for them. But then speculative investing in crypto became a craze and that kind of swamped out everything else interesting. If speculative investing becomes no longer feasible, hopefully we can start to get some focus on some of the more interesting and beneficial applications.
UncleOxidant 4y ago
> Obviously it's bad if people lose their entire life savings Honestly, I don't feel too bad for people who put their whole life savings into crypto. Never put all of your eggs in one basket as the old saying says.
runjake 4y ago
Despite having money in the crypto market, I don't have an opinion or real emotional response to this so-called crash. If you're glad the crypto market is crashing, I think that speaks more about you than the crypto market.
- mirceal 4y ago
  I like this approach. Has own beliefs. Takes actions based on beliefs. Gives zero fracks about other. This is how investing should look like. People that are "glad" that the marked is crashing are usually into 2 camps: 1) bitter that they did not invest / did not see its potential while it was small - and they somehow feel vindicated when crypto is doing bad _and_ 2) people that are on their moral high horse talking about global warming, Ponzi schemes and Argentina. IMHO, none of these 2 positions is okay and it speaks volumes about the character of the people that adopt it.
- ayngg 4y ago
  I think it is actually kind of crazy how so many people here, a proverbial VC techbro hub, just love to get on their soapbox to preach sanctimoniously about the great cryptocurrency evil that is destroying the world with so much glee, without looking in the mirror and realizing that what is going on in cryptocurrencies isn't really that much different than what is going on in the valley or elsewhere in society. The behavior exhibited by those insufferable cryptobros (who I am not a fan of either to be clear) isn't much different than that of techbros having some of the highest paying salaries in the world with a matching ego, working on some vaporware juice package squeezer or creating incredible amounts of social discord through social media and data harvesting, or the degenerate gamblers of wallstreetbets memestocks like amc or gme, or any of the pandemic stocks that are down 75-90% right now. People spending hundreds of thousands of dollars on jpgs is not much different than people spending hundreds of thousands of dollars on bananas taped to walls at Art Basel, I could go on and on. A lot of the smugness and resentment comes from a response to human behavior which has not been exclusive to cryptocurrencies, so I don't get the fixation on this one thing, it isn't even like cryptocurrences are some ubiquitously salient thing, you can very easily filter it out from your life and social media feeds and hear next to nothing about it.
UncleOxidant 4y ago
But, but, Matt Damon said "fORtUnE FaVORs tHe bRaVE". Yes, I'm glad this ponzi is crashing. You can feel somewhat sorry for the greater fools, but they're learning an expensive lesson and hopefully will not repeat their mistake anytime soon. However, it's not like crypto is the only bubble crashing right now. Stocks, bonds, and (soon to be, but to a lesser extent) real estate - they're all going down in a pretty big way because the Fed is taking away the punch bowl. Yes, it seems unlikely that crypto would have inflated to the point it did without the Fed's easy money policy for the last dozen+ years, but neither would stocks or real estate. It gave us a culture where people thought they didn't need to work to obtain wealth, a few well-placed bets and you were gonna be set. But that mentality is corrosive in the longrun.
nashashmi 4y ago
It was always bound to happen. The crash. The question was always when. I thought the crash was over last Feb. Boy am I wrong! Another theory I had about two years ago, was inflation was getting sucked by inflating crypto. Now real life inflation is happening and so crypto falls. This was predictable too. The question Wa a matter of when exactly will the pandemic end and people will start enjoying life. Thats what happened. So don't look at it as omg crypto falling. It's just an economic shift. New question: what will Future savings look like? Need to brush up on economic theories after world wars for insight
JeremyNT 4y ago
I really dislike all of these crypto pyramid schemes, which I view as a purely wasteful endeavor that rewards speculation and con artists, but it's far too early to gloat. Time and again we've seen dips - and this nonsense always bounces back. This looks like an overall market correction, which we're overdue for, rather than a fundamental collapse. Maybe some of the more blatant fraudsters will lose their shirts, but at this point I wouldn't dream of betting against this stuff. It's simply become too big to fail.
aww_dang 4y ago
Please consider building. Create the change you want to see. >I'm hoping this crash and those in the future rid the space of the toxic backrooms these $30,000 jpegs provide access to and get us to collectively work on building really exciting cool new things. Which part about current valuations changes your ability to create? Dislike "crypto-bros"? Fine. I'm not sure who that is, but they are neither here nor there. Do you give them control over your creative endeavors? If so, why? Perhaps a less charitable interpretation might be: You're not interested in building at all. In lieu of creation, you blame "crypto-bros" for what you dislike in the space. There are plenty of alt-coin communities if you are looking for alternatives. There are thousands of cryptocurrencies with different energy consumption patterns and market valuations. Choose one that fits your technical and ideological needs.
wonderwonder 4y ago
Crypto is fascinating to me as its the first truly social media driven financial market. If twitter died tomorrow, most crypto currencies would go to zero or would start at zero and stay there. Just as social media surfaces the worst of society, crypto currency often reflects that. I do think there are interesting use cases and i do invest in it as a portion of my retirement. I have never felt joy at someone else losing money as at the end of the day many of these abrasive personalities are just reply guys living lives of quiet desperation hoping for some attention and a small chance of exiting the rat race. Majority of them are dealing in very small volumes and are fueled by hope. Why would I wish loss on these people? The truly successful crypto bros are likely still very wealthy and will weather the bear market. Its the small time average investor that serves as exit liquidity.
hnthrowaway0328 4y ago
I'm glad. Crypto IMHO mostly is a scam. Neither is it backed by real commodities, nor is it backed by violence (think military might). It alone (without converting to other currencies) can make few legitimate purchases. Because it still can make some legitimate purchases, I used the word "mostly". The computational power could be used for other purposes.
bironran 4y ago
The word you're looking for is "Schadenfreude".
ElonsNightmare 4y ago
...castles made of sand. Fall in the sea eventually...
DeathArrow 4y ago
Me.
rglover 4y ago
Yes, washes out all of the shitcoins and brings people back to Bitcoin—the way it should be.
deleted 4y ago
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root_axis 4y ago
> I'm hoping this crash and those in the future rid the space of the toxic backrooms these $30,000 jpegs provide access to and get us to collectively work on building really exciting cool new things None of this prevents people from working on cool things, cryptocurrency is just a dead-end technology without much potential to create cool things. I don't think it can be denied that the concept of bitcoin is pretty interesting from a technology perspective, but in terms of practical utility there's really not much blood to squeeze from this stone.
colechristensen 4y ago
Crash was inevitable, I guess I’m glad it happened now vs later when it would be worse.
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fredgrott 4y ago
the phrase Dutch Tulips comes to mind
EVa5I7bHFq9mnYK 4y ago
Of course, people are glad. Someone is glad that Bitcoin and Tesla crashed 35% YTD, because they don't own them. I am glad that ARKK crashed 56% YTD because I don't own it.
ISL 4y ago
Weapons are instruments of fear; they are not a wise man's tools. He uses them only when he has no choice. Peace and quiet are dear to his heart. And victory no cause for rejoicing. If you rejoice in victory, then you delight in killing; If you delight in killing, you cannot fulfill yourself. https://www.wussu.com/laotzu/laotzu31.html https://www.wussu.com/laotzu/laotzu31.html
macksd 4y ago
I'm pretty perplexed by what crypto has become in practice. All the big selling points for me are that it's a currency (that almost nobody uses as a currency) with mathematically-ensured security (which goes away if, like many people, you're holding a lot of wealth in a centralized exchange that tries to dumb everything down for the entry-level consumer) and controlled inflation (which is defeated somewhat by the massively fluctuating prices all driven by hype and speculation) and the potential privacy (which is really only there in some currencies and / or if you never use any other currency) and lack of government involvement (which goes away if the government can tell you've been using crypto and decides to tax it like a security). In the end, it's a bunch of crypto bros who want to show how much they don't depend on the government suddenly realizing that FDIC-insured accounts were actually developed for a reason. It's people calling dibs on numbers. And yeah - the blockchain has led to all sorts of interesting ideas, but the money you pump into the currency du jour isn't really worth anything once people move on to a new trend, or once your exchange is hacked, or whatever. I've been getting told for months that I'm missing the train and making a bad decision by a guy who bought BTC at 60k and told me "everyone" was saying it was going to go past 100k. And apparently I was a fool for investing in property and a diversified stock and bond portfolio. So yeah - I feel somewhat vindicated right now.
- mirceal 4y ago
  It ain't over till the fat lady sings. Bitcoin (and crypto in general) is far from done. You cannot take one data point in time and derive your conclusion based on the point in time. Also, it does not matter what decision you would make 3 months ago with the information you have today. What matters is what decision you made 3 months ago with the information you had 3 months ago. Same for the decision you are making now. BTW: I'm not necessarily disagreeing with you. I'm mostly disagreeing with the "methodology" :)
  - macksd 4y ago
    I'm not saying I don't buy crypto because it crashed at this point in time. I'm saying continuously over a very long period of time I haven't bought crypto, and that's based on the information I have had over that continual period of time. Nothing has changed for me with this crash except that some people who I think are wrong are going to shut up now. (edit: I dream - I'm sure they'll find a way to tell me they're just buying the dip). I'm saying I don't buy Bitcoin because at no point in the last few years have I seen it be used for anything other than speculation. There are no dividends. There are no voting rights in anything. There is no actual asset aside from a number that a blockchain says you own. It's like owning a share of a company that doesn't actually exist. The only upside is I can buy it and then get lucky and sell it for more than I paid for it, to someone who will almost certainly eventually get unlucky when things crash because it is and always has been useless. I see it as being no different than roulette, a game I also don't play. It's a fascinating technology on which to build a digital currency, but rounding down, currency seems to be none of the actual usage.
martini333 4y ago
I don't really care about the price itself. But the thought of some stupid crypto-kid losing money makes me glad, I guess.
cableshaft 4y ago
Not here. A correction was overdue, sure, but I never hope for full on crashes, especially the people it hurts, as dumb as it may have been for them to FOMO entire life savings into coins not tested by time. I'm not a bitcoin maximalist, but there's only a small handful of coins I feel comfortable putting more than ~$200 into. Of course I have a decent amount invested in these things, but it's not a huge deal, I got in long enough ago I'm still way up, just wish I stepped on the sidelines a few months ago instead of stubbornly staying in like I did the last two market cycles. But I never put in anything more than ~2% of my paycheck into it. I waste way more money on two or three takeout meals every week. Even with these crashes, my piddly crypto purchases are still outperforming my 401k, and I'm putting about 7x times more into that every paycheck.
danschumann 4y ago
People who belong trading in the market are the people who can figure out how to make money in any condition. The rest of the people, the long hodlers, will probably be fine. If you hold bitcoin for 2 years, you basically have not lost money since its inception.
cwkoss 4y ago
If everyone thinks this is an existentially large drop, from a historical perspective, now is probably a fantastic time to buy Bitcoin. I think DCA-ing into ~1% of net worth held in crypto over the next few weeks would be a pretty solid trade.
asdff 4y ago
I'm not really invested or care for crypto, I'd rather it not be around. But I don't see how this is any different than when bitcoin hit $17k and also "crashed" and everyone talked about how this was the end and crypto had a good run. Then it got even bigger. Now that you have institutional investors in this pie and not just those dudes you knew in college, its not going anywhere. People are automatically putting retirement contributions into crypto. The shitcoins come and go but things like bitcoin and the other major major coins will probably always be around with appreciable volume unless there is regulatory crackdown imo.
- mrleinad 4y ago
  This time interest rates are going up, inflation is going up, and commodities are going up. "Only when the tide goes out do you discover who's been swimming naked". Well, cryptobros don't even have a fig leaf...
  - deleted 4y ago
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  - asdff 4y ago
    But eventually interest rates will go down, and people will begin diversifying again instead of desperate rebalancing, and diversifying with modern snake oil investment marketing that's advertised in the media and online means opening crypto positions. I don't think we will ever see people up and walking away from ever investing in crypto again. Consider also how many buyers are probably waiting for a crash to get in on even more crypto on discount.
    - mrleinad 4y ago
      "Eventually" could mean a decade or two from now. Nobody knows what that will look like.
      - asdff 4y ago
        People will definitely be buying assets within a decade of a recession. They will begin the buying the very day of a market crash they had any sense.
jl6 4y ago
I don’t know whether this is a crypto crash or part of some wider downturn or maybe even not a crash at all, but I think it’s perfectly rational to welcome a market correction. Anything being wildly overvalued or undervalued causes bad decision-making and makes us all collectively net poorer.
MisterBastahrd 4y ago
There are things that can be useful in the abstract and so antithetical to usefulness in actuality that it's not really worth getting into. Like... the idea of using blockchain to ensure a decentralized * network. We've HAD them before on the internet. They worked fine as long as the average person knew nothing about them. They don't work when 12 year olds and 4chan trolls and Trump groupies get access. Wanna fix social networks? Step 1: Recreate twitter. Step 2: Make it compatible with user-created subscribable blocklists (and exception lists) that can be shared and modified. Step 3: ??? Step 4: Profit You never have to see anything but the content you like, and it's still "free speech" even under the most ridiculous faulty application of the term because the company isn't blocking anyone directly. List owner block someone you like? Add them as an exception. Boom, social media solved, at least until people who are REALLY for personal responsibility decide it's too much trouble.
kissgyorgy 4y ago
Yes, absolutely! The most people actually using crypto for payments are scammers and criminals (ex. ransomware), most of them is bad for the environment (huge energy consumption) and NFTs are basically a huge scam for non-technical people. I hope all these criminals go broke and there will be finally some actually useful things can happen.
hristov 4y ago
I am glad. And it is not because of schadenfreude either. I believe that crypto has actually been a serious contributor to inflation through the use of electrical power for "mining" crypto. It is no coincidence that last year when bitcoin achieved unheard of highs and many obscure cryptos, including at least one that was started as a joke, achieved multibillion market caps was also the year when many power companies around the world found themselves suddenly without the ability to provide sufficient power to demand. Sure there were other reasons. But crypto was part of it. And probably the most important part because it is the most drasticaly rising source of power demand. You see power demand is usually not that hard to predict. It depends on boring slow changing factors, like population numbers, number of households, GDP, average temperature, etc. So power utility commissions and power companies had a relatively easy time predicting demand and keeping up with demand. Then crypto comes. And then the price of crypto skyrockets to the point that people can really print money by plugging in computing devices in their wall sockets. All of a sudden power demand goes up much faster than power companies can handle. And we have high power costs, power outages etc. OF course there were other factors, such as extreme weather events, etc. but the higher power costs persisted even after the extreme events were over. There are official estimates floating around the web that crypto uses about half of percent of worldwide power. I suspect the real number is much higher. Crypto power use is hard to estimate because a lot of crypto power use is done secretly. If bitcoin actually crashes to very low numbers (like 3 digit dollars), then we will see a dramatic reduction of power use, and all the experts and power utility commissions will be surprised how much power crypto was using all this time.
- mirceal 4y ago
  I don't know what drugs you're on but I'd like some. Seriously. That stuff is prime quality if you actually believe this. Seriously? Crypto is to blame for the inflation? Not the reckless money printing that has been going on for years? Power demand did not go up faster than the power companies can handle it. The whole grid is designed to have a certain capacity and there is also a financial level power companies can use to regulate consumption (if consumption spikes, price will spike to). So the whole power demand is also grade A BS. If bitcoin goes away tomorrow and we miraculously get all the power that was used back we're still f'ed as far as global warming and financial markets go.
seydor 4y ago
No. A bunch of ultra-rich VCs were bored of having too much money and pumped up a crazy web3 thing. This was their "Squid Game" moment where they create the games and put millions of clueless kids to run like rats around their pyramid schemes. I somehow wish the VCs would lose their money instead of millions of kids.
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agentultra 4y ago
Yes. It's been a lovely week so far. I'm mad as hell that people got taken in by it. Increased suicide rates, broken families, lost homes, etc. It is infuriating that the people behind this are going to walk away without a single scar or regret. It's been a giant con from the get-go and it sucks seeing so many lives ruined over it. However I will dance on its grave and laugh as it all burns down. If it wasn't going to be put down it would destroy itself eventually. I'm here for it.
2OEH8eoCRo0 4y ago
We will all pay for it. All these gullible idiots strain the economy and hurts everyone when this happens.
acchow 4y ago
I myself was a big believer in Bitcoin and its ability to transform internet transactions. However, I believe Bitcoin and other crytocurrencies got taken over by get-rich-quick MLM pyramid schemers. It can't be a useful blockchain until it shakes off all these get-rich-quick people and settles around some stable value (no, 10% MoM gains is not stable).
walt74 4y ago
Me. I got psychologically raped by bitcoin-rich feminists from Berlin and I hope their shit burns down.
notacoward 4y ago
I'm glad that it's becoming a lot less likely for new people to be sucked into the insanity. As long as "number go up" there will always be a bigger fool, and so the cycle perpetuates itself. When number go down, the supply of new fools becomes much smaller, and maybe the whole scam will recede into memory.
slickrick216 4y ago
Negative comment's here are going to be prime meme material in the future.
fjfbsufhdvfy 4y ago
Yes.
MrGuts 4y ago
If you haven't yet caught on that cryptocoin are Ponzi schemes and a medium of exchange for criminal enterprises, then... you haven't caught on.
RichardHeart 4y ago
Yes, I am. I called the top on roughly the day over a year ago. You'll be mad about this part though. It will find a bottom. I will buy that bottom. And it will make new all time highs. Then a few years after, you can post your anger / relief thread cycle again. It keeps oscillating higher and higher. There's some real innovation hidden in the mess, and it still truly is the best performing asset class that has ever existed in history. BTW, everything is crashing, so hopefully you don't own any of those things, or someone else's post about being happy the things you owned crashing might seem crass to you right? lol.
Volrath89 4y ago
I’m glad to finally be able to enter in it :)
DoreenMichele 4y ago
get us to collectively work on building really exciting cool new things. What do you all think? If it's not your bag, don't put your time into it. /2cents
NKosmatos 4y ago
I’m not glad, I’m a little bit disappointed that such marvelous software tools (blockchain, crypto, algorithms, protocols…) are being used as profit/investment tools, like stocks, forex, commodities and all the rest. I wanted a market/ecosystem where the cryptocoins would be used to make our lives easier, free from banking restrictions, cheaper than existing systems and serving a good cause. Instead I see people investing in every shitcoin/NFT that pops up, with the hope that will get a 1000x return :-(
nightski 4y ago
I'm so excited to hear what you have been building that is so revolutionary while you lash out at others who might want to create something you don't enjoy.
tapper 4y ago
Glad it it's crashing I want a GPU.
rland 4y ago
I don't particularly like cryptocurrency. It's clear that the utopian vision has not panned out: these aren't currencies, they're securities. But seeing people lose their life savings is just sad. I completely understand people's rationale for taking the crypto bait. Many people bought into something that they didn't understand, motivated by the "standard" financial system failing them completely. Read some of the replies to this status: https://twitter.com/stablekwon/status/1524164780189126657 https://twitter.com/stablekwon/status/1524164780189126657 "I put my life savings in because I trusted you. Putting good yield on binance for locked period, now that billions of dolar have been locked this happens and thats the day before my locked period is over. now i put two stakes of max 30.000$ =60.000$ an thats my life savings ... I feel terible now. I really hope you can understand, I trusted you. No one is telling me now what is going on. I took a loss,my life is ruined" Another "please hear me Do kwon tell me everything will be okay if I just keep DCA Luna is not going anywhere it was my choice. I spent two years putting everything I had into it and my family and I suffered because of it and I have a few hundred left I'm not selling. Just give me hope" Another "Too late, everything built up, from 15k invested to 75k, to 45k end of last week to final 0 today and a fkin credit card debt for the final roll of the dice, no bear market DCA for me now fk" Another "I lost everything my apartment my house my money everything is gone someone help me" This isn't joyful to watch, it's sad. As it turns out, the return on cryptocurrency isn't good, when you factor in the risk. The biggest bummer about this is that it was entirely preventable: we have an existing framework of securities regulation, created when all of this (suicides included!) happened with traditional financial instruments 100 years ago in 1929.
washedup 4y ago
It's good. Shake out the leverage, teach some lessons, and the strongest projects will survive.
otikik 4y ago
I am ambivalent. On one hand the schadenfreude is high, not going to lie. On the other hand I liked that they were all in the same spot. Every time crypto dips down, or there's a rugpull or whatever, I am afraid they'll jump ship to some other area that they'll ruin for everyone. Or worse, they will move to many different areas, spreading the greedulousness all over the world.
r3trohack3r 4y ago
For a different take - I’m generally happy when things go on sale. Until I’m living off of my investments, it’s generally in my interest for the prices to be low. This is true for company stock programs. Yeah - it can be painful to watch 3 years of options go to zero, but if I’m being given $N in options every vesting period, that just means my next vest is going to be great! Crypto is no different. If I’m dollar cost averaging into Bitcoin, crashes are in my interest and rallies are less than worthless unless I’m planning on selling.
holysantamaria 4y ago
Every single bitcoiner I know keeps selling me a world where everyone will be free from central banks, free from "the banking system"(tm), free from taxation, free from states. They buy bitcoin to destroy the central banks, the states. The corrupted ones. They are on a crusade and at the top of this very new world : them. One day they will dominate the society. We poor ant-sheeps will continue to struggle while they golden eagles will have almost unlimited satoshis in their wallet that they will have earned so hard by pressing some buttons on a web app. So yeah I somehow like to see their dreams taste a dose of reality. Bitcoin is a shitcoin too despite them chanting otherwise. And don't get me started on NFTs or other cryptos...
alkonaut 4y ago
Sure. Because most of it is scams. And because I don’t think there is a status quo that needs disrupting. I find the idea of widespread anonymity in the larger economy downright scary. I can’t see anything that is interesting, cool or necessary that needs it. I also fail to think any of the tech built on/with crypto (and blockchains in general) is even vaguely cool or exciting. I don’t think expensive apes are an abberation in an otherwise promising field, I’m convinced it’s just apes and scams all the way down. Artificial scarcity, pyramid schemes, pump and dump. Whether it’s coins or apes it’s the same thing. The promise (or threat, if you see it from my POV) of actual widespread use in society to challenge traditional systems and industries like credit card companies is perpetually just over the horizon. And as soon as it really does have an impact it’s obviously going to be outlawed.
- aww_dang 4y ago
  Are USDs not artificially scarce? If not for law enforcement, anyone could print their own. Then there are the MMT people, who seem to believe that money can be printed by the state in any amount, without consequence.
Saphyel 4y ago
I'm not glad of the people got ruined (if that's the case of anyone?) but I'm pleased that I'll hear less often "buy kkcoins!"
xlaacid 4y ago
I am beyond happy. Its a freaking pyramid scheme- top to bottom. Same with NFT's
redox99 4y ago
I don't think it's nice to have posts on the front page basically celebrating other people's misfortunes. The only thing that could be celebrated is if crypto mining capacity were to lower. But this aspect isn't even mentioned. And although the most valued coins currently rely on PoW, PoW isn't something intrinsic to cryptocurrencies. It's something we should move away, the same way ETH is planning to do.
015a 4y ago
Quote I heard at some point (about crypto, and many things): Money is a star which obscures our view of the planets orbiting it. Blockchains have many use-cases. The community's insistent push toward tokenization and assetiziation of this technology near-totally obscures the fundamental technology and what its capable of. Arguably, it isn't even the tokenization. Tokens make sense. Tokens which have value makes sense. But then enters: greed. It's not just about having a token which has value and can do things via interfacing with the blockchain. The asset has to be an investment. We don't think about ETH in terms of what it can do on the blockchain (utility); we think about it in terms of an ETH:USD price. Its utility is impossible to detangle from Growth; Deflation; my Investment portfolio. ENS is my favorite example. Arguably; this is how domain names should work. A distributed, trustless ledger. Power to the people! And then you realize, it costs $100USD/year to register a domain name. Today is pretty cheap; thursdays are cheaper than fridays, but you should really buy one on a wednesday because that's when gas is at its lowest. Why is it so expensive? Because the token is an asset. Thousands of stakeholders, really every ETH user, has an interest in seeing the token go up. Token goes up; utility of the token goes down, as it becomes prohibitively expensive to actually do interesting, real, utilitarian things with it. Real world: Assets which have both Utility & Investment Potential are somewhat rare. Cash has little investment potential, but high utility. Gold, Silver, etc; low utility (not zero, but low), classic investment options. Corporate shares? Low/moderate utility; maybe you can use them to vote on corporate direction, but at the end of the day that vote is in service to investment potential. It turns out that assets which overload Utility and Investment Potential inevitably screw over someone who needs that utility. They aren't egalitarian, even by the perverted definition of capitalistic egalitarianism. They inordinately favor early adopters and capital holders. The biggest real world asset class which suffers from this: real estate; and our world is observing, in real time, the decades-long consequences of treating housing like an investment. That leads me to three conclusions about crypto: 1. Crypto & Blockchains are too intertwined with money. It will never not be about money. Most will recover from this crash, and still be about money. 2. Some people say: "How can bitcoin have value? it's nothing. just bits in a computer." That's literally its best feature! Not only is it irrelevant that it can't do anything; it's a good thing. It's among the purest investment vehicles ever created. A store of wealth with near-zero utility. I say let it grow! Every dollar tied up in BTC is a dollar not being spent to make housing more expensive, or grow the tendrils of gigacorporations into every nook and cranny of our lives. 3. Some people say: "This crypto project will be successful; it's doing something really cool, blockchain for wifi networks, or dogs, NFTs for games, whatever". I disagree. Crypto projects which try to be utilitarian Will Always Fail; unless they can detangle themselves from the deflationary investmentization of their tokens. None do that; all are started to make money; their founders being the biggest holders of the tokens, look for a return on investment of their time and effort. You can't engineer greed away. And here's a prediction for the immediate future: The stock markets are red this month, abstractly, simplistically, because of Fed rate hikes. Recent analysis has suggested that the markets have already priced in more rate hikes than the Fed has gestured it wants to do, for the foreseeable future. That would tend to signal that a broad market crash isn't forthcoming; I'm not timing the bottom, or saying we're heading up, I'm just saying that there's reasons to be positive right now. Crypto is still dumping; hard. The first reason is the Luna situation, which is REALLY bad, I don't think its possible to understate how bad that is. The second reason is really that last paragraph; value, or money, is a fixed entity. If institutions are seeing positive signs concerning the stock market right now, they're seeing whats happening to Luna, they may be positioning to move capital out of the crypto markets and back into the stock markets. Crypto diehards will be unhappy to discover that most coins are correlated with one-another. That's sad; there's an alternate reality where people could lose faith in Luna, but still maintain faith in BTC or ETH, and different coins become inversely correlated. But there's another test running in parallel to that: is the crypto market as a whole inversely correlated with the stock market? Over the past eight years, the answer to that has been No; but its also not been tested in the fires of a major sell-off in one or the other. Today is that test. And if the result ends up, actually, being Yes: that's REALLY good. I can't understate how good that is, for both crypto and our economy; it will give our economy another $1T+ alternative store-of-value to bonds, it'll desync boom-bust cycles which lessens the economic impact of recessions, it just gives capital holders optionality. What we don't want is: everything crashing at the same time. Crashes are necessary; but its healthier to have smaller, isolated crashes in specific asset classes.
adra 4y ago
I hate the miss-allocation of funds toward things that are objectively worse for the world. At least with loss-leading-mega-projects and rampant corruption, some of the money cycles back to contribute to society. I just see crypto a net tax on society in the wasted electricity, hardware for more novel uses, and the shear number of people being thrown at building a better pile of crap to extract money out of. Finance is and enough for that, but at least they tend to invest in things that often make people's lives better in some way .
thefz 4y ago
Yes. I want some common computer components to go back at normal MSRP. Also bitcoin at least was good on paper but instead of liberating the common folk ended up in the hands of the same big investors all over again, polluted and wasted a lot of resources.
dropnerd 4y ago
smells like schadenfreude
sys_64738 4y ago
It was always fool's gold to me.
mknze 4y ago
If it wipes out the Ponzi schemes and people learn, then it's a good thing. But, some folks are loosing their shirts and that is never a good thing.
trizuz 4y ago
asmr 4y ago
The one thing I can’t stand about the criticism towards the present NFT space is when people heavily reduce the current market to ‘jpgs’. you’re not purchasing or trading images, that’s only how it appears.
trizuz 4y ago
senectus1 4y ago
I definitely get a sense of schadenfreude when i see the particularly toxic communities in the crypto market suffering. but i don't particularly want to see cryptocurrencies fail in general. I think atm I see this a a "reset" or cleansing. There was too many obvious scams and well dressed and marketed pyramid schemes. This will collapse a lot of them.
bacan 4y ago
Citadel’s loss is our gain, so…… yes?
radar1310 4y ago
Yes it will be wonderful to see a glut of video cards on the market. Hopefully the end of highway robbery is close to an end.
birthday 4y ago
Just from title, I can tell you are unintelligible and uninformed about crypto. Tech stocks are crashing just as much as crypto right now. And Bitcoin is trading 30 THOUSAND DOLLARS. Would barely call this a "crash that's finally happening"
rambojazz 4y ago
Yes. It's driven on speculation, and it has the side effect of ruining hardware for everybody.
vietvu 4y ago
I am. But sad at the same time that this catastrophe has to happen to filter out all those bullshits. Blockchain can be cool, but it really needs to be free of toxic scammers.
stefek99 4y ago
Haters gonna hate. Builders gonna build. The most impactful technology since the internet. Changes trust, governance, economy, incentives. Changes everything.

egfx 4y ago

Those $30,000 jpgs will be replaced by $300,000 gifs. Remember it’s Bitcoin. What goes down must come up, again.

avgDev 4y ago
You ever hear about companies filing for bankruptcies, the stock becomes worthless. What goes up and down may disappear.

can16358p 4y ago

I'm glad that the over-populated bubble is shrinking. The scams and low quality projects will die and true web3 projects that aren't only for quick cash but for actually building something will stay. Just like the dotcom boom.

nivertech 4y ago

It's not even started crashing. Dogecoin's "market cap" is still over $11B. https://coinmarketcap.com/currencies/dogecoin/ https://coinmarketcap.com/currencies/dogecoin/

imachine1980_ 4y ago

I'm not, people spend they money in this, and now feel that what the spend they fallback money despair in front of their face, alot of people get scamed by very sofisticate scamers in this gold rush.

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coding123 4y ago

Lol, I don't think it's a crash. It's probably most likely 2 or 3 whales that have colluded on a correction and re-purchase strategy. I mean I just don't trust any of it any more. It's more or less completely unregulated (not that the regulated market isn't manipulated too)

Jensson 4y ago
Do you think the stock market crash was due to a few whales trying to game the market as well? Both fell due to the same effect, people who invested their savings in index funds/crypto now wants top cash out, so they sell.
- UncleEntity 4y ago
  If you get caught manipulating the stock market you go to prison. Crypto world, not so much.
  - 1270018080 4y ago
    The manipulation conspiracy is a coping mechanism. The price goes down when a bunch of people are trying to sell their worthless set of bits. There are no more greater fools to offload it onto.
  - Jensson 4y ago
    Occam's razor: if people are selling all other kinds of assets to cash out then people are likely selling crypto to cash out as well. If you believe otherwise you'd have to explain why people would sell their stocks but not sell their crypto.
- avgDev 4y ago
  S&P total market cap is almost $40 trillion. Btc market cap is about $600 billion. One is completely unregulated and not connected to anything physical. It seems it would be a lot harder for "whales" to crash something like S&P due to its high market cap and regulations.

hindsightbias 4y ago

You just don’t get it. Bitcoin performing worse than the stock market is a feature!

joezydeco 4y ago

I'm glad that a long overdue reality check is coming. But I'm incredibly sad that many, many small fish will lose their entire life's savings in the hours and days and weeks ahead. I've already seen random social media postings of attempted suicides, or talk of it. We will lose actual human beings in this. And, what's worse, is that the real grifters and crooks will walk away clean once again. There isn't enough time or justice in this universe to nail them all and that's a crime in itself.

quickthrowman 4y ago
I blame Congress and the SEC, they’ve had plenty of time to regulate the crypto casino but they have not done so. Now people will suffer.
- sudden_dystopia 4y ago
  Then why is the stock market crashing? This has nothing to do specifically with crypto and everything to do with rising interest rates among other macroeconomic factors.
- codyswann 4y ago
  But wasn't that the big pull of crypto? Decentralized, unregulated, blah, blah, blah?
- paxys 4y ago
  I blame human greed. People were falling for scams as far back as recorded history, they are falling for them today, and they will continue to do so forever.
- bobro 4y ago
  what would they do to regulate it?
spaetzleesser 4y ago
“And, what's worse, is that the real grifters and crooks will walk away clean once again. “ It’s always the little guys who lose their shirts. The big guys who caused the problems get celebrated.

devKnight 4y ago

NFTs are basically tulip mania and beanie babies all over again. I've been wondering when it would crash, didn't expect it to happen this quickly. NFTs i mean.

jotm 4y ago
Did anyone actually buy NFTs or was it just a bunch of people saying "this is worth X"?
- sertorius 4y ago
  It was the perfecting money laundering vehicle. "I made a picture of an ape and 'some random anonymous person' bought it for $1M!"
  - sosuke 4y ago
    I always assume it was that, speculators and ridiculously rich folks making impulse buys.
  - missedthecue 4y ago
    How is that money laundering? You'd have to buy ethereum with cash, but at that point why bother with the NFT? Just sell the Ethereum on coinbase and you've laundered the money.
    - sertorius 4y ago
      Coinbase has KYC ("Know your customer") policies explicitly to comply with anti-money laundering. https://help.coinbase.com/en/coinbase/managing-my-account/update-my-account/identity-verification-faq https://help.coinbase.com/en/coinbase/managing-my-account/up... Edit: besides that, the point of 'laundering' money is basically to get it into a form where it is officially yours, in the light, with taxes paid. The NFT is a conceivably 'legitimate' transfer of value. I made a thing and sold it for money, and declared and paid tax on the capital gain - boom, legitimate.

IAmWorried 4y ago

It's less that I'm glad the market is crashing, and more that I'm glad that the insufferable crypto bros are finally getting a punch to the mouth. Seriously, these people are the worst. Your average "crypto investor" has no skills, no mathematical foundations, nothing. Except for pure stupid luck, and the ability to spew inane crypto babble 24/7. And yes, they think they are much smarter than you, because they achieved better financial results than you did while only doing 1/1000 of the work to get there. I truly hate the fact that these people are so rich. It makes me want to move to Alaska and just try to ignore society for the rest of my days. This came off as pretty bitter. I apologize, but I am bitter, and I'm having a shit couple weeks.

jeffbee 4y ago
And they are out there right now trying to destroy America with their campaign funding, because they believe their lottery winnings validate their insane politics.
jpgvm 4y ago
Hey man. Hope things get better for you. The crypto stuff is just another bubble, sticking to fundamentals will still lead you to (well earned) success. Bubbles come and go, skills and financial acumen are forever.
jdmoreira 4y ago
I'm not disagreeing with you but I don't think this is healthy. This shouldn't be eating you from the inside. "What good is envy? It’s the one sin you can’t have any fun at." - Charlie Munger
- uoaei 4y ago
  I don't know about OP but I definitely don't feel envy toward these people. I try to imagine myself in their shoes and just can't imagine myself spewing the same garbage or being the same kind of chauvinistic dick about something like this.
- philosopher1234 4y ago

colesantiago 4y ago

I hope it ALL goes away. I completely hate this space with every vested bone in my body. Even if it takes a huge recession to wipe these cryptobros and casino tokens out, I would be glad. Obviously would not like the collateral damage that this inflicts on all these so called small 'crypto investors' but as long as this triggers tight regulations to make these tokens, illegal, unusable and banned completely as to make the common person not touch these tokens, then that is a good thing for all humanity and we can start to concentrate on more worthwhile issues. I really hope this space gets destroyed sooner than later.

dudeinjapan 4y ago
In biblical times, God became angry at all the douchebags in the world so he caused a giant flood to kill everyone (except for Noah, who was a mensch apparently.) Spoiler alert: it didn't work. There are now more douchebags than ever before.
- maerF0x0 4y ago
  God had remorse at what he had done and made a covenant to never do it again*. One of the morals of the stories is that the means it would take to wipe evil off the earth isn't worth it. * at least that way
  - jvalencia 4y ago
    Well, also, in the Biblical account, it was too late, they were all too far gone. I would argue it's not so bad now. :-) Imagine if your Mom sacrificed your older brother, and your Father was raping your sister, and ... Crypto in that light seems benign.
  - dudeinjapan 4y ago
    He will get around to it again sooner or later.
- colesantiago 4y ago
  It needs to completely go by any means necessary. laws, regulation, education all done swiftly.

some-guy 4y ago

This kind of bubble will be back in another form, whether it's crypto-based or not.

vmception 4y ago

I’m really excited about it, I do take issue with people still not knowing what parts of crypto aren’t crashing and are working very well. To me that still seems intentional, but at the very least its annoying. People dont know why “Magic Internet Money” - a stablecoin - is a meta-meme on re-appropriated skepticism of all crypto while being designed decently well, much better than TerraLuna (overcollateralized, compared to "partially collateralized as a last ditch effort that predictably failed"), MIM is holding its benchmark price through this stress test so far. Same for DAI, which has a similar but older and more convoluted design than MIM, and less native collateral choices. All while neither of these are perfect. None of these are a model decentralized stablecoin (for those that dont want a central company being able to freeze some funds, but I understand thats a feature for some market participants). I like that the shakeouts and implosions will cause great discount prices. “Discounts” because many implosions force selling that pushes a price down beyond the rest of the market’s feelings, and when that selling stops (which can be transparently seen), the prices reach back to the level people were willing to pay. A chance I am sometimes willing to take.

searchableguy 4y ago
What do you think are the best investment play for a decade right now in the crypto market?
- vmception 4y ago
  Hmmm Well money isn't leaving the crypto space, its just in other more resilient stablecoins, so its ready to pounce or “ape-in” to anything at a moment’s notice. USDC and Tether have still $130billion collectively issued. Not moving much up or down. In which case, popular things that sold off are still worth watching. I usually miss the bottom hoping for a steeper sell off. Look for things that extract value, and accrue it to the token. A cross-chain flash loan bot that shares with its community of stakers (distinct from and a subset of the token holders) could be fun. I haven't really seen one that shared. Yield optimizers are still unperfected. Opportunity to compete with a better one there, that also involves the community better. A decade is too hard for me. But Helium had some cheap prices and their wireless network is robust enough with all the pieces coming into places for a recurring demand model to kick in. Node software needs much improvement. But this is slow because there isnt a compensation path at the moment, a couple gitcoin grants have gone out that have resulted in major improvements, more likely that FAANGs will start doing contributions to node software, which will be the compensation path for developers as employment. Lots of stuff on the private equity side, if you really want longer cycles and possibility of cashing out into a more mature financial market with regulated registered shares. Bear markets are the best time to build because your investors will leave you alone. As an investor you can make more onerous conditions to companies raising.

whimsicalism 4y ago

Crypto discussions are often HN at its least intelligent (from both "sides"), so I hope that this presages fewer of those.

AnIdiotOnTheNet 4y ago

While I experience some small schadenfreude over the situation for a wide variety of reasons, my hope is that this will finally bring GPU prices back to some semblance of normalcy. However, this is not my expectation. Partially that is because of continuing supply issues everywhere, but also because now that cryptobros have driven the prices so high we've reached the "that's just what it costs" stage on $1000+ GPUs. Well, that and perhaps a lot less wasted energy and environmental damage.

Ekaros 4y ago
I kinda also fear price stickiness with inflation. Then again I'm happy with my current 2070 Super, so not in exactly hurry to jump on even next gen... And people called that one stupid buy back then...

vegai_ 4y ago

If you think this constitutes a crash, you haven't paid any attention to how crypto markets behave.

uoaei 4y ago
If crypto is a "market" you're already doing it "wrong".
- deleted 4y ago
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monktastic1 4y ago

I'm happy that people are seeing that it's not as uncorrelated with the larger market as people thought, making it less exciting as a hedge. (Of course, we need more data to be really confident in this correlation, but the perception will be there nonetheless.)

pessimizer 4y ago
That's the main lesson from crypto movement: it's moving with stocks rather than against them. That's not digital gold.

breakds 4y ago

But everything is connected. Beware of the fluctuation/crisis in the other markets which might be triggered by what's happening in the crypto market.

Ekaros 4y ago
I think correlation goes the other way. Fluctuations and crisis in other markets seem imminent, and we really haven't seen much of it yet. This will also further effect crypto. Maybe they can be pushed away for a bit again, but eventually there is actual correction, not going back a year...
MrMan 4y ago
Thats not what is happening
- crowbahr 4y ago
  It's not entirely unrelated that the Dow is down by 8% over the last month and many tech stocks dropped by that much in only a few days after Q1 earnings reports

Terry_Roll 4y ago

Is anyone surprised considering some central banks are going to be launching their own crypto? Its almost like the secret experiment with crypto is over, and I'm saying this as one of the first bitcoin miners.

FabHK 4y ago
> central banks are going to be launching their own crypto? That'll be permissioned/private blockchains (if at all), though, without that PoW nonsense.
- dropnerd 4y ago
  a permissioned blockchain will distribute power to the politically connected. imagine rulesets on who has priority to transact during a market downturn.

paxys 4y ago

Bitcoin is at $30K. I'd hardly call it "crashing". It has erased its gains from the last year, sure, but so has the broader stock market. And "growth stocks" are performing a lot worse in the same period.

maerF0x0 4y ago
for me my company stock has erased the gains since ~late 2018. BTC is up 10x in that period. People have just lost a sense of proportion that investing timelines are 5-40 years. Investing for "moon gains" in time periods less than that is for suckers, save for maybe people who are building a new business.
- deleted 4y ago
  [deleted]
- aaaaaaaaaaab 4y ago
  Fellow Meta employee?:)
  - maerF0x0 4y ago
    Fellow tech employee

Blackthorn 4y ago

I just hope this will finally make GPU prices come back down to earth after two generations of nonsense.

nonameiguess 4y ago

I'm not a fan of crypto, but don't get happy when any market crashes. The worst part is the very few big-time Bitcoin evangelists I knew personally got into it super early, for no better reason than it seemed to pattern match their Randian Objectivist proclivities and they really hate the Fed, people with little to no technical background who had gotten by in the past via things like couch surfing with women who had money, playing poker full-time, and taking glamour shots of teenage girls they found on the Internet. Those people were in early enough that they're still rich almost no matter what. It's only the late stage investors getting crushed.

spaetzleesser 4y ago

I am not happy that it’s crashing. As always it’s the little guys losing their money while the big guys are walking away with tons of money. I would celebrate if the big crypto players list their shirts. They lose a little but still walk away with huge ill gotten gains. P We have created a culture where quick money gets celebrated and regular work doesn’t pay off anymore. It’s no surprise that people get sucked into get rich quick schemes.

rootusrootus 4y ago
I think we will look back on crypto and marvel at it being the most effective voluntary transfer of wealth in memory.
- spaetzleesser 4y ago
  All the recent bubbles like stocks, .COM and real estate were/are massive transfers of wealth. And it’s always from the people who have a little to the people who have a lot already.

progrus 4y ago

Don’t tie your personal happiness to this, because then you’ll be sad when it goes back up.

haunter 4y ago

Look at the Terra sub or the replies on Twitter to the official account. Normal people losing all their life savings and a lot of them are contemplating suicide. It's actually really really sad. https://www.reddit.com/r/terraluna/ https://www.reddit.com/r/terraluna/

jeffwask 4y ago
So was the 1918 stock market crash but sometimes change only comes from pain.
- dundarious 4y ago
  There's no reason to think that change only comes from pain. There's also no reason to think that repeated boom and bust cycles are necessary and good. That would be a kind of Malthusian logic that has thankfully been abandoned when it comes to population studies -- it should not be accepted in economics either.
  - maerF0x0 4y ago
    it might have been better said "for some change only comes from pain"?
    - dundarious 4y ago
      Some people? Mostly disagree. Some kinds of change? Sure, but plenty of beneficial changes don't.
  - jeffwask 4y ago
    No reason except most of recorded history but if we throw that out sure humans aren't panicky herd animals that can't assess risk or long term plan.
codyswann 4y ago
They were on the wrong side of a massive bet and lost. Let's take the reverse and say they were on the right side of the bet and made millions and left everyone else behind to wallow relatively "poor". Would they feel sorry for those who didn't take the bet?

Mehringotio 4y ago

I follow climate change for a while. Especially the co2 concentration in our air, wild fires, droughts etc. I'm looking forward to burning less resources for just hashes. I'm also getting tired of having the same fruitless discussions. There are a lot of people who have never thought about a ton of implications of crypto. Real issues are ignored, unknown, or just never even mentioned.

olalonde 4y ago
Proof-of-work works fine with clean energy. You should direct your concerns at polluting forms of energy sources.
- blibble 4y ago
  that would be fine logic if we had unlimited clean energy unfortunately as its supply is limited... it being consumed for useless work means it can't be used for useful work, and as a result dirty energy is being generated for that instead
  - New_California 4y ago
    You have it all backwards. The PoW is useful work because it helps secure my hard-earned savings against very high inflation my country is dealing with (I store my savings in Bitcoin). While many other (non-PoW) energy uses you have in mind are useless for me.
    - blibble 4y ago
      there's plenty of other assets that can be used as an inflation hedge (e.g. precious metals, inflation linked bonds, etc) none of which require burning hundreds of barrels of oil a day calculating quadrillions of sha1 hashes to keep their value from collapsing and if you don't want to physically hold them then there's ETFs for that
    - Mehringotio 4y ago

ugjka 4y ago

Proof of work has to die, unless you can actually do useful "work" with it instead of brute force cracking hashes

mathgladiator 4y ago

I'm not sure. If it all goes to zero, then I'm out $40K in various coins and $5K in $COIN. That was my FOMO limit, and given how skeptical I am of many of the claims it will have been an education. I find Bitcoin itself to be interesting, so I intend to hold as I suspect a crash will come with regulations. Regulations may be the thing to save it in a way, but who knows.

jeffwask 4y ago

Anything to put an end to an "investment" that literally burning the candle at both ends as it destroys power grids and spews pollution. It's tough to spend money when you destroy the planet.

deleted 4y ago

[deleted]

fabian2k 4y ago

If you're convinced that cryptocurrencies are useless and a terrible idea in general, you would expect them to inevitably crash at some point anyway. And if you assume that it's reasonable to hope that they crash sooner rather than later, as the consequences will be lower.

dahdum 4y ago

Bitcoin hit nearly these lows twice last year in January and July. The crypto market has always been highly volatile, crashes are routine.

system2 4y ago
It will be back up around by end of 2024 and rinse and repeat. I can find similar posts from previous years.
- mirceal 4y ago
  buy some bitcoin if you believe in this. don't spend more than you can afford to lose
rootusrootus 4y ago
That assumes this is an actual pattern and not just extreme volatility of something with no intrinsic value to steady it. The other day I was driving through a rougher area of town and noticed an old, grubby "Buy bitcoin here!" sign out in front of a convenience store. IMO about the time that started becoming A Thing, the writing was on the wall. I predict tulip mania will end relatively soon.

_23sd 4y ago

I doubt it's crashed forever, I think a lot of what we're seeing right now is because of the long overdue reckoning for the "stablecoins" that people have been treating as if they're worth $1 despite knowing it was a lie for years. That destabilizes the markets really badly since so much trading either used them as USD stand-ins or used the credit mechanisms they enabled to push up volumes. People didn't stop believing in magic, that's a longer process.

Ekaros 4y ago
I'm kinda wondering just how long this market can keep burning money away and still keep the prices up. Or take them up again. It would be one thing if these were cheap to run, but they are insanely expensive. And seem to provide little value outside few things.
dropnerd 4y ago
stablecoins are fine if they're backed correctly. ust wasn't did you know the money market (the "dollars" in your brokerage account) broke the dollar and the government bailed it out? https://www.investopedia.com/articles/economics/09/money-market-reserve-fund-meltdown.asp https://www.investopedia.com/articles/economics/09/money-mar...

musesum 4y ago

In March of 2000, I registered the domain "TheTulipFund.com" [1] with a manifest of goods used to pay for Tulip bulbs infected with the crazed virus, which was lifted Levine's book[2] on viruses. It started as a joke around a dinner party about buying up dead dot coms. At the time, my company was preparing to go public in April. The joke was on me. Meanwhile, NFTs -- I have to wonder what's different. [1] https://web.archive.org/web/20020928142349/http://www.thetulipfund.com/ https://web.archive.org/web/20020928142349/http://www.thetul... [2] https://www.amazon.com/Viruses-Scientific-American-Library-Book-ebook/dp/B008BJ057K https://www.amazon.com/Viruses-Scientific-American-Library-B...

TekMol 4y ago

It only looks like it is crashing when you look at it on a linear scale. Because a linear scale makes the same swings (percentage wise) look larger during times when the price is higher. When you look at the Bitcoin chart over the last 10 years on a log scale, you see that a halving over a timespan of 6 months is completely normal given the volatility. The volatility has been always like this. The only thing that changed is that the price is at an all time high (in terms of orders of magnitude) at the moment.

uoaei 4y ago
This is exactly the problematic attitude though. Because all the rhetoric about Bitcoin is about how it should be a better, more permanent, eminently perfect currency vs what we have now. But what we have is people justifying its continued relevance by pointing purely to its features which make it useful for financial speculation. The rhetoric about crypto futuro-optimism is just a Trojan horse, a ruse, to justify making money off marks.

scottLobster 4y ago

I'm down about half of the 1% of my savings that I put in carefully selected crypto in the off chance that it actually lived up to its potential, and I'll hold because there will probably be at least some bounce on the other side of this. So I'm not "glad", but I'm hardly ruined by it. As for the people who bet their entire life savings on it, fools and their money soon parted. Part of being an adult is that if you're a fool, it's on you. For every person doing things right with a legit sob story there's at least 10 who only make their situation worse regardless of any support they're given

wollsmoth 4y ago

I'm a little worried about how much of a position some of my friends have taken these digital coins but otherwise yeah. This party is going to end some time and unless you got in super early, I just don't think you're going to get rich. You might as well just learn how to options trade if you want to get into high stakes legal gambling.

Joeboy 4y ago

Is it crashing? USDT seems to have recovered its peg, for now, and BTC is trending up since this morning. I admit I was hoping that wouldn't happen.

jonathan-adly 4y ago

It's a Macro crash. SP500 is down -%5 YTD. Meta -37%, Netflix -65%. Lots of pain spreading. You shouldn't gloat or be happy. Give it a couple of more months like this, and lots of the HN audience would be worried about layoffs. The security of your average software developer job is strongly tied to market cycles. If you want a place to direct your hate and bitterness, I would do it at the architects of the BOOM/BUSTS cycles that keeps happenings and destroys people lives.

ChrisLTD 4y ago
Boom & bust cycles seem to be a built in “feature” of market economies. The architects are not trying to create booms and busts per se, but they are trying to manage them so they aren’t as devastating as 1929.
- next_xibalba 4y ago
  Whereas permanent poverty is a built in feature of non-market economies. Seems like an easy choice to make.
  - vkou 4y ago
    Permanent poverty is also a defining feature of feudalism, which is the end game of any unmanaged market economy. That's another reason markets get a little bit of steering.
  - kennywinker 4y ago
    Permanent poverty is built into this economy for all but a very very lucky few. We can do better, and framing the options as market-economy (what we have) and non-market-economy (everything else) is a false dichotomy. Markets can exist without the second-guilded-age capitalism we're in right now.
- beaconstudios 4y ago
  indeed, this is broadly acknowledged and studied in macroeconomics: https://en.wikipedia.org/wiki/Business_cycle https://en.wikipedia.org/wiki/Business_cycle

CodeWriter23 4y ago

A bunch of numbers stored on a computer without a sizable military force backing them are worthless? Who knew...

nilshauk 4y ago

I’m not happy about people losing money. However, I’m happy if this means money will be invested in innovation towards saving the planet, rather than finding new ways to burn resources with proof-of-work-based crypto.

olalonde 4y ago

It doesn't help this kind of discussion to put everything under the "crypto" umbrella. There are good projects and bad ones.

uoaei 4y ago
I don't personally see utility in any technology coming out of the crypto space to be useful to our society long-term. Helium (the LoRaWAN routers) is interesting but mostly dead in the water because who uses LoRaWAN except for specialists who build their own mesh network? How are you defining "good"?
- deleted 4y ago
  [deleted]

braingenious 4y ago

I’m glad because this has allowed me to finally convince one of my elderly relatives to divest a big chunk of their savings from this garbage. I can’t even begin to imagine how many nontechnical older people that downloaded TikTok to follow their grandkids have fallen for these bullshit pump and dump scams. I wonder how much of the real money that’s in crypto actually comes from utterly clueless people that are being actively exploited by a small handful of crypto “influencers.”

bluetidepro 4y ago

No? Why would anyone be "glad" about this? It says a lot about your personality to be that happy/glad about anything "crashing", whether you agree with it (crypto in this case) or not. Also, just a friendly reminder that NFTs don't equal crypto.

majewsky 4y ago
Of course there are things you can legitimately be glad about crashing. CO2 emissions, crime rates, frequency of famines, etc. Whether you count the event in question among such blessings is a legitimate topic of debate.
- bluetidepro 4y ago
  Fair, maybe I said that more broadly than I meant when you put it that way, but it's just embarrassing looking at half of these comments with people celebrating something like this. I don't even touch NFTs, but the lack of empathy in this thread is ugly.

ortusdux 4y ago

I only care in so much as I might be able to get some graphics cards at MSRP soon.

kiernanmcgowan 4y ago

Crypto and other speculative assets are reasonable investments when inflation and interest rates are low - this allows toleration of high risk profiles. When inflation/interest rates rise, theres generally a cash exodus to safer assets. Monetary policy for the past decade has made it "reasonable" to take a much more risky portfolio stance, that situation has changed, and everyone is realizing it at about the same time. And so we're seeing the paper tiger of crypto valuations - once the market situation changes such that crypto is too risky, everyone leaves and dumps what they have. It just took 10 years for people to learn that the hard way.

throwawayffffas 4y ago
I am inclined to disagree on the reasonable part, I have a feeling that the difference between cryptocurrencies and say stocks or commodities is a difference in kind not a difference in degree. Sure when there is risk appetite again cryptocurrencies will rebound along with other risky instruments. But I just can't shake the feeling that cryptocurrencies in general is just a huge pyramid scheme.
- kiernanmcgowan 4y ago
  Fair enough - I'm using reasonable here to represent the balance of "this is a very risky asset" vs "inflation is low so I can hold onto this for a long time and wait for the right time to sell". Theres also just an insane amount of hype about crypto is the future of <gestures vaguely at topic du joir>, and therefore it's valuable in the future. Amazon made no profits for so long because all dollars were reinvested into the business. Crypto made no dollars because it's as useful as a beanie baby.

flyingfences 4y ago

Yes, I'm glad for the opportunity to buy more Bitcoin at this discounted price.

Tade0 4y ago

I would actually prefer for it to continue seeing how many scammers pivoted to crypto. I hadn't had a question from my mother about the legitimacy of the spam she's getting in months. Also, from all this drama, a whole culture emerged: https://youtu.be/5-h_-OuGMnE https://youtu.be/5-h_-OuGMnE

71a54xd 4y ago
Remember, only recently were there "blockchain courses" being offered as minted NFT's... I'm stunned it took hucksters that long to dream up that means of grifting. I briefly did some side-work for a web3 company and honestly at this point product people / people who don't know any better are the most obnoxious in the space. By far, the most obnoxious are the people who happened to have a ton of BTC and then decided they were smart enough to start VC funds with the capital. RIP to anyone who agreed to a comp package that included a $COIN. I'm still holding BTC, ETH and LPT though. I really like that LivePeer is solving a real problem - however it's also absolutely tanked in value.

karmakaze 4y ago

I'm more glad that companies that were profiting from crypto are losing more than the consumers invested in it. I would prefer if crypto values slowly levelled off, fell, and stabilized. That way it would reflect what it can be: a stable but less convenient/spendable cash, which is where we are at. If we get higher transaction throughput or less energy consumption with similar guarantees, the value should go up again to reflect that ability.

jasfi 4y ago

Crashes tend to hurt a lot of people, so no. However there's still money to be made. My automated trading web app detected two opportunities earlier today: BTC/USDT and BNB/USDT through EMA cross-overs. Both are still going strong, although the app is still demo-only trading. https://tradecast.one https://tradecast.one

waylandsmithers 4y ago

Well it definitely makes me feel less bad about the bitcoins I lost back when the price was around $100 :)

gjvc 4y ago

yes

damon_c 4y ago

This whole thing was like if there was a jQuery bubble back in 2008 or so. jQuery came along and was amazing and useful and enabled a whole bunch of great new ways to do things and made a lot of stuff much easier. Now imagine it also enabled a huge range of financial adventures which got some people rich and some people poor and caused most normal people to hate jQuery. That would be silly. jQuery is still a useful tool. It's not just for pumping and dumping tokens... It's great for manipulating DOM elements too! I hope maybe this crash will help people realize that public permissionless distributed databases and the cryptographic primitives that make them secure can, like jQuery, be used to generate new amazing software products that previously could not exist and are not just about get rich quick schemes. --edited for formatting/clarity

paxys 4y ago
The difference is that people actually did a lot of useful things with jQuery instead of just talking about its potential nonstop for a decade.
- damon_c 4y ago
  People are doing useful things with public distributed databases and cryptography as well. Unfortunately it has been largely overshadowed by the greed. This is an artifact of human involvement. Mathematics implementations and new data storage paradigms are still our friends here at HN. Aren't they?
- maerF0x0 4y ago
  there are isolated cases of useful things done with some of the top names in crypto. El Salvador helped break the backs of the international money transfer companies charging usurious prices for a simple ledger entry.[2] Cardano is helping to build projects that are corruption and coercion resistant[1] I'm sure others could come up with examples. What has been unreal is the bubble though. People have tried to get rich quick off these things, meaning the use and utility value is much less than the speculative. Some of these projects have brought millions and maybe billions of value, but collectively maybe even now they seem to be over priced. [2]: https://www.cnbc.com/2021/09/09/el-salvador-bitcoin-move-could-cost-western-union-400-million-a-year.html https://www.cnbc.com/2021/09/09/el-salvador-bitcoin-move-cou... [1]: https://africa.cardano.org/ https://africa.cardano.org/

gsibble 4y ago

I feel bad for people losing money, but crypto has not lived up to its potential at all, remains a solution looking for a problem, and is an environmental disaster. I used to be a huge believer. Brian Armstrong gave me my first Bitcoin in 2011 at District in SOMA. Electricity was included in my rent so I bought 10 video cards and mined for about two years on 5 systems. At a company I founded, I use Bitcoin to pay for food and drinks. According to the Barista, I was the first person to ever pay for coffee with Bitcoin at Coupa Cafe (despite having to stand there and wait 10 minutes while the transaction cleared). But nothing has come of it. All the years of promises and applications, nothing. Ether DApps, sure, but how much of the modern internet runs on those? I also mined StorJ and Monero for years. Apart from a way of making money and storing value, crypto is useless. Processing fees are way too high to even be considered as a replacement for payments not to mention other barriers such as the ability to integrate with antiquated point of sale systems entirely designed around credit/debit and cash. So I put all of my holdings into a retirement account and don't worry about the price. But I've given up on crypto and everyone who babbles on endlessly like they know something I don't about how it's going to change the world. So even if Crypto loses its value some, I'm glad because the lack of easy, effortless gains will disappear for a lot of those people and most of these short term hucksters will fade away. I'll gladly exchange crypto's price for less crypto bros. My cost basis is around $150 so I have a long ways to go before I care that much.

Avalaxy 4y ago
Im in the same boat. Started with bitcoin in 2013, bought ethereum in the presale, did freelance app development for all sorts of crypto startups (including coinbase). Was a true believer in the technique. But over the years it became clear it was never going to have a big impact. We went from people armiring the tech, to people with no knowledge about the tech, but with big dollar signs in their eyes. Then in 2016 I decided to sell all my crypto coins and move on to a different field. In hindsight, I lost out on millions. But ah well, cant forsee the future. Those crypto bros who think they can are just deluded. What theyre doing was never any better than gambling.
- tombert 4y ago

at_a_remove 4y ago

No, not especially. If you don't care for it, ignore it. And if you think that a crash is going to clear the way for anything you want, there's a principle from PT Barnum about sucker production. The get rick quick schemers will "pivot" to something else. Some higher-end video card prices will go down. That'll be nice.

recursive4 4y ago

Some lessons require pain in order to be learned; the difference between investing and speculating is one of them. In parallel, there are communities of builders working on the post-jpeg future. Check out https://partialcommonownership.com https://partialcommonownership.com, for example.

tulsidas 4y ago

the planet is

cryptica 4y ago

I'm glad that it's crashing in spite of a large chunk of my portfolio being in crypto. The degree of complacency in the space had gotten absurd and completely detached from any economic or even technological reality. Current top projects seemed to intentionally squander all the money which was invested. It was so bad, it looked as though the biggest investors wanted them to waste the money. I'm also glad that the stock market crashed too. I hope it all goes to 0 and new, better projects and companies can grow out of the ashes. It's scams all around.

almostkorean 4y ago
Same here, I work for a web3 company and am so happy. Let it bleed

anm89 4y ago

You are comparing the worst of crypto markets to the best of traditional markets. NFTs are like the equivalent of Peloton in the the traditional world. A nonsense concept made to raise capital from people who like a shiny narrative but can't be bothered to think through the details. Yeah a lot of dumb hype settled in crypto, crypto is naturally suited to that and that's never going to change. But there's plenty of dumb hype in markets that should know better. Anyway crypto doesn't seem to be that different than the world around it and it has performed drastically better than traditional markets since the bottom of march 2020

fallingknife 4y ago

Very much so, as I sold mine a few last year, and this could create a buying opportunity.

princevegeta89 4y ago

I am glad that crypto market is crashing and the utility is going down. In my POV, it is just a leeching virtual asset without a governing body behind it that makes crime easier to conduct. In addition, it is also bad for the environment and it's volatility tells me that it can never be used as a legal tender.

mcguire 4y ago

The short answer: It's financial engineering. It hasn't invented anything cool since the credit default swap.

throwawayffffas 4y ago

Not really it's just crashing because there is derisking going on due to the unstable period we are experiencing along with the upcoming rate hikes, so to me it looks like there is going to be a comeback and no one will learn anything.

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Patrol8394 4y ago

I have been sitting on cash since end of last year, I am finally seeing opportunities to buy at reasonable price: stocks and crypto. Stocks, cryptos, houses: people kept buying no matter the price, even though, it was so obvious that those prices were not sustainable. And we are finally seeing a proper correction. I think, houses are next in line.

runarb 4y ago
> I have been sitting on cash since end of last year, How do you feel about the recent spick in inflation? I have also been sitting on some cash for a year, and its buying power has definitely fallen. I find it now hard to see if prices will fall or wags will go up, so the cash I have will be of less relative worth.
- alexis2b 4y ago
  Check TIPS (Treasury Inflation Linked Securities)[0] for a way to stay liquid but still get inflation protection. [0] https://www.treasurydirect.gov/indiv/products/prod_tips_glance.htm#:~:text=Treasury%20Inflation%2DProtected%20Securities%2C%20or,original%20principal%2C%20whichever%20is%20greater https://www.treasurydirect.gov/indiv/products/prod_tips_glan....
  - mirceal 4y ago
    yes, securities from the same people that brought you the inflation. what could possibly go wrong?
- qqqwerty 4y ago
  Imagine if you had invested that cash in Rivian last year. You would be down about 80%. Compared to the ~8% inflation we have seen in the last year, suddenly holding cash seems like a pretty good deal. The Fed is basically trying to control inflation by inducing a recession. Holding cash is generally ill advised during times of high inflation, but holding assets during a recession can be pretty painful as well. At least with cash, you can buy the dip if you are so inclined. If you haven't already, take a look at I Bonds. Those are safe, and have returns tied to inflation. Also, it is probably a good idea to start thinking about how and when you might want to invest your cash. It already feels like there are some good deals out there. But if inflation persist and interest rates keep rising, I can only imagine things will get cheaper still.

beenHot400 4y ago

I would just invest once it recovers again.

ninju 4y ago
Please don't otherwise it will LIVE again

aaaaaaaaaaab 4y ago

Yes.

conceptme 4y ago

A lot of the tech sector stocks are crashing hard too, not only crypto.

LeifCarrotson 4y ago

I feel bad for those who lost on a risky bet. I am, however, looking forward to replacing my 970 with a more modern graphics card! Haven't seen the pallets of 3080TIs showing up on eBay yet, though...

_Algernon_ 4y ago

>Instead, JPEGs and skeuomorphic representations of traditional financial vehicles in web3 space. As with previous crypto crashes, the chaff is gonna die, and the grain will remain (Bitcoin, ethereum, maybe a few others). Then a new spike to a new all time high will occur after the next bitcoin halving.

emerged 4y ago

mordymoop 4y ago

I'm genuinely confused. This current crash is not nearly as bad as several recent crashes. The fall in price in the big coins (Eth, BTC) seems downright modest. A bunch of new meme coins got obliterated, which is also normal and completely predictable. Why are people treating this as if it's going to be the fall of crypto? Because a peg broke? Have people not heard of Mt. Gox?

jeromegv 4y ago
The millions of people that joined crypto joined many years after Mt Gox, no they haven't heard of it. A peg broke = a stable coin people thought was anchored to USD (ie= a safe place to park your money) suddenly lost 70% of its value overnight.
- id 4y ago
  It was almost impossible to be alive in 2017 and not learn about crypto (and also watch it tank).
- mordymoop 4y ago
  While I'm sure many people were laboring under the belief that a stablecoin couldn't fall, I've seen lots of commentary about various stablecoins not being properly backed by USD and thus being probable targets for an attack like this one, going back almost a year. I'm not arguing this isn't, in some sense, a 'big deal', but we've seen crypto as an asset class shrug off objectively worse disasters.
Joeboy 4y ago
I think it's based on the assumption that USDT was entering a death spiral, which looks to have been premature.
jtlisi 4y ago
You’re focusing on the price of bitcoin. Bitcoins market cap during Mt Gox was a few billion. Today it’s over a trillion. Luna going from a market cap of close to 100 billion to basically worthless in a few days is like 50 Mt Gox incidents in terms of wealth destruction. Bitcoin has market cap swings larger than the loss during Mt Gox in minutes these days.

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Taniwha 4y ago

I'm looking forwards to buying cheap FPGA mining rigs for my CPU project

sumitb 4y ago

I made some money in 'crypto' over the years. I had always thought of the whole phenomenon to be one sustained by less than average white men / boys giving away their historically dubiously gotten privilege to slightly smarter Asian/Russian fraudsters. As a trained computer engineer, I am sad that the technology is deficient.

gumby 4y ago

I'm sorry that people have lost a lot of their money but I'm glad there is a reckoning now rather than later when it might have roped in even more people.

totorovirus 4y ago

It's what is called Schadenfreude in german.

Melatonic 4y ago

Crypto is highly volatile in general - we have seen this before.

boeingUH60 4y ago

Personally, I don’t have any shred of empathy for people who bet their hard earned money on silly coins. If they had won (in the greater fool game), most of them would have celebrated all the way and deluded themselves that they were savvy investors. Play stupid games, don’t be surprised when you get stupid prizes (e.g, losing your life savings).

bendtheblock 4y ago

There is a moral imperative to stop crypto/NFTs/etc, especially from those most vulnerable to it, the young. We are putting the planet in peril already without the existence of this pointless technology, which represents the first net-negative invention of Computer Science. As a discipline we must evolve to apply an ethical lens to what we do, just as other sciences have had to do with time. I write about this position at webtwoboomer.com, flagged thread here about it here https://news.ycombinator.com/item?id=31330281 https://news.ycombinator.com/item?id=31330281

dandanua 4y ago

> it's bad if people lose their entire life savings What is even worse is that those life savings will be collected by criminals and personalities alike. I'll be glad only if those people will be put in jail for running all those frauds and scams.

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twoxproblematic 4y ago

AlexCoventry 4y ago

My theory is that the crash was caused by terra's attempts to defend the UST peg, and now that they have effectively abandoned the peg by halting the terra blockchain, we may see other crypto prices recover. (Not financial advice, obviously. I could easily be wrong.)

NelsonMinar 4y ago

The sooner the crash the less overall harm it will do. Right now the crypto sector is still small enough it probably won't demolish the world economy the way the 2008 debt crisis did. Although it's already bad for some countries foolish enough to get in deep, like El Salvador. The big one is going to be Tether. When that inevitably fails I think it will kill 80% or more of the cryptocurrency market.

throwaway743 4y ago

Why ask when you already know the answer?

dathinab 4y ago

Better crashing now then later when the bubble is even bigger. But tbh. crashing earlier (e.g. pre-covid) would probably have been even better.

topherPedersen 4y ago

Cryptocurrencies have become stocks without companies behind the ticker symbols. People took the stock market, tossed out the businesses, and just kept the casino part of the game. I know this is sad to say, but most people are dumb, lazy, impatient, greedy, and tend to take the path of least resistance without much caution or thought. The same people that weave through traffic and cause car accidents are the same people that lose all their money in the stock market, crypto, and get rich quick schemes.

incomingpain 4y ago

Crypto is crashing, but so is everything else. Gold is down 8% in the last month. Silver is down 20%. Virtually all stock exchanges are down 15% or more. Bonds are still losing money in real yields. This is all happening at a time of high inflation and so the measurement of that crash isn't even net of inflation. Gold is actually down 16%. Stock exchanges are actually down >20%. Crypto crashing isn't a factor at all, this is global economics collapsing. Oil is way up. Food is way up. Fertilizers are way up. Looks like major military mobilizations are happening to me.

protastus 4y ago

Bitcoin allowed me to quickly send money to a war zone (Ukraine) without dependency on a banking system. Wiring money overseas is a slow and precarious experience even in the best circumstances, and I was stoked to bypass all of that. That's innovation. Then there's a surreal amount of noise. The hundreds of altcoins, the blockchain buzzword, insane speculation, insane energy use and carbon emissions, drama about losing funds. So yes, I'd like to cut down the noise so we can focus on the innovations.

cyri 4y ago
we did that too but with donations towards an African country.
- mirceal 4y ago
  yes. people see crypto as scams until they actually learn about real world usage. try sending money anywhere in the world by going to your bank. also, everyone pretends that the current financial system is perfect and works just fine until it all of a sudden does not work for them. are there scams out there? yes. are there a bazillion cryptocurrencies, some of which make 0 sense? yes. Is crypto as a whole a bad thing? hard no.

helloworld11 4y ago

Oh what a perfect post in which to see all the absurdly emotional, dismissive, ridiculous crypto hate that this site's commentators just can't seem to stop grasping at rise to the surface.... A supposed "hacker" community filled with people who will reach for any convoluted reason they can to utterly sling shit at a whole complex range of technologies that despite its many bad uses has also proven to be a very interesting, impressively developed ecosystem that has also been used by many people in unique ways, often under adverse conditions that the privileged majority of HN readers never have to deal with. But hey, let's just blanket claim that it's all a ponzi scheme (despite the definition of ponzi schemes being very clear and very different from the essentials of Bitcoin or Ethereum or many other cryptocurrencies). Or lets go on and on ad nauseum about the carbon burn of BTC and PoW mining (despite many of you working in tech fields where insane amounts of electrical energy and carbon are burned just maintaining billions of people's generally utterly pointless social media posts or cat videos). Or how about endlessly sniping about fraud and money laundering on these systems, never mind that the wider financial world is filled with fraud on a far larger scale and that even social networks along with many other digital technologies are enormously used for exactly the same thing. Worth noting here again that there are actually many, many people in the world, people who aren't so nicely blessed by sound government landscapes, trustworthy or functional financial institutions and easy access to bank accounts who already do use crypto in many non-criminal ways (at least morally non-criminal). Anecdote, yes, but I personally know many who do this, and especially among people who I know in developing countries. I've read more than enough to know that the use is much wider than commonly reported. Even Chainalysis has estimated that only a small fraction of all crypto transactions are due to crime and fraud, and their very business is tracking the fraudulent use of crypto. And finally, that it's useless because blockchains can be replaced by so many other things, or because DeFi sucks, or because transaction fees, or because "12 years later and there's barely a use case" and etc and etc... Since when does a technology have to be immediately useful and incredible to be interesting? Some of the sniping against blockchain's usefulness reminds me of the mentality behind those who criticized the Dropbox founder's original 2011 post on HN. Furthermore, have so many of you who make the argument about crypto going nowhere been completely blind to the amount of business exploration and experimentation that the wider ecosystem creates literally by the day? Sure, much of these experiments will fail, collapse or include plenty of fraud. So too have many other interesting and now robust technologies over the decades. Frankly, it's a shame to the very most basic idea of the word "hacker" that these negative arguments should be used to totally condemn something like considering how interestingly it's being explored in the wider world. I could go on but what's the point? So much of the sniping here deviates so completely from legitimate, reasoned criticisms into irrationally, repetitively emotional hate that it's often like arguing at a brick wall.

cattown 4y ago

Oh yeah baby! Here's my top 5 reasons... 5. Crypto bros deserve a punch in the face. If you don't feel that way, it's probably because you're a crypto bro. The world is secretly (or not) cheering for this to all burn to the ground because it's easy to perceive people who promote crypto as obnoxious swindlers. Really, they are. Sorry, if this isn't a good reason, but I'll just spill those feelings out right there before making some more reasoned arguments... 4. Crypto not useful in a real way. Speculative investing, money laundering, hiding wealth, pyramid schemes. I'm a tech guy and I have no idea how I would go about acquiring crypto currency then using it to pay for something tangible of real value without eating an exorbitant amount of fees and taking my chances moving stable fiat currency in to a highly volatile asset. I know here are exceptions, but let's be real, crypto in 2022 is about creating shady financial tooling. 3. Crypto's externalized costs make it expensive to society while providing little benefit. Graphics card shortages, energy usage and global warming, brain drain from other real tech problems, aiding and abetting criminal activities like money laundering. What are the benefits that make up for any of that? 2. People losing savings sucks, but the longer crypto insanity goes on the worse that's going to be. Taking a statistical view, unsophisticated investors almost certainly will be taken advantage of in unregulated markets. The longer this insanity goes on the worse that's going to get. End it now and fewer real people with real savings are going to get hurt. ... and the real reason we should all be excited about... 1. I used to be excited about blockchain technologies. I think there are some really great uses for them. But then speculative investing in crypto became a craze and that kind of swamped out everything else interesting. If speculative investing becomes no longer feasible, hopefully we can start to get some focus on some of the more interesting and beneficial applications.

UncleOxidant 4y ago

> Obviously it's bad if people lose their entire life savings Honestly, I don't feel too bad for people who put their whole life savings into crypto. Never put all of your eggs in one basket as the old saying says.

runjake 4y ago

Despite having money in the crypto market, I don't have an opinion or real emotional response to this so-called crash. If you're glad the crypto market is crashing, I think that speaks more about you than the crypto market.

mirceal 4y ago
I like this approach. Has own beliefs. Takes actions based on beliefs. Gives zero fracks about other. This is how investing should look like. People that are "glad" that the marked is crashing are usually into 2 camps: 1) bitter that they did not invest / did not see its potential while it was small - and they somehow feel vindicated when crypto is doing bad _and_ 2) people that are on their moral high horse talking about global warming, Ponzi schemes and Argentina. IMHO, none of these 2 positions is okay and it speaks volumes about the character of the people that adopt it.
ayngg 4y ago
I think it is actually kind of crazy how so many people here, a proverbial VC techbro hub, just love to get on their soapbox to preach sanctimoniously about the great cryptocurrency evil that is destroying the world with so much glee, without looking in the mirror and realizing that what is going on in cryptocurrencies isn't really that much different than what is going on in the valley or elsewhere in society. The behavior exhibited by those insufferable cryptobros (who I am not a fan of either to be clear) isn't much different than that of techbros having some of the highest paying salaries in the world with a matching ego, working on some vaporware juice package squeezer or creating incredible amounts of social discord through social media and data harvesting, or the degenerate gamblers of wallstreetbets memestocks like amc or gme, or any of the pandemic stocks that are down 75-90% right now. People spending hundreds of thousands of dollars on jpgs is not much different than people spending hundreds of thousands of dollars on bananas taped to walls at Art Basel, I could go on and on. A lot of the smugness and resentment comes from a response to human behavior which has not been exclusive to cryptocurrencies, so I don't get the fixation on this one thing, it isn't even like cryptocurrences are some ubiquitously salient thing, you can very easily filter it out from your life and social media feeds and hear next to nothing about it.

UncleOxidant 4y ago

But, but, Matt Damon said "fORtUnE FaVORs tHe bRaVE". Yes, I'm glad this ponzi is crashing. You can feel somewhat sorry for the greater fools, but they're learning an expensive lesson and hopefully will not repeat their mistake anytime soon. However, it's not like crypto is the only bubble crashing right now. Stocks, bonds, and (soon to be, but to a lesser extent) real estate - they're all going down in a pretty big way because the Fed is taking away the punch bowl. Yes, it seems unlikely that crypto would have inflated to the point it did without the Fed's easy money policy for the last dozen+ years, but neither would stocks or real estate. It gave us a culture where people thought they didn't need to work to obtain wealth, a few well-placed bets and you were gonna be set. But that mentality is corrosive in the longrun.

nashashmi 4y ago

It was always bound to happen. The crash. The question was always when. I thought the crash was over last Feb. Boy am I wrong! Another theory I had about two years ago, was inflation was getting sucked by inflating crypto. Now real life inflation is happening and so crypto falls. This was predictable too. The question Wa a matter of when exactly will the pandemic end and people will start enjoying life. Thats what happened. So don't look at it as omg crypto falling. It's just an economic shift. New question: what will Future savings look like? Need to brush up on economic theories after world wars for insight

JeremyNT 4y ago

I really dislike all of these crypto pyramid schemes, which I view as a purely wasteful endeavor that rewards speculation and con artists, but it's far too early to gloat. Time and again we've seen dips - and this nonsense always bounces back. This looks like an overall market correction, which we're overdue for, rather than a fundamental collapse. Maybe some of the more blatant fraudsters will lose their shirts, but at this point I wouldn't dream of betting against this stuff. It's simply become too big to fail.

aww_dang 4y ago

Please consider building. Create the change you want to see. >I'm hoping this crash and those in the future rid the space of the toxic backrooms these $30,000 jpegs provide access to and get us to collectively work on building really exciting cool new things. Which part about current valuations changes your ability to create? Dislike "crypto-bros"? Fine. I'm not sure who that is, but they are neither here nor there. Do you give them control over your creative endeavors? If so, why? Perhaps a less charitable interpretation might be: You're not interested in building at all. In lieu of creation, you blame "crypto-bros" for what you dislike in the space. There are plenty of alt-coin communities if you are looking for alternatives. There are thousands of cryptocurrencies with different energy consumption patterns and market valuations. Choose one that fits your technical and ideological needs.

wonderwonder 4y ago

Crypto is fascinating to me as its the first truly social media driven financial market. If twitter died tomorrow, most crypto currencies would go to zero or would start at zero and stay there. Just as social media surfaces the worst of society, crypto currency often reflects that. I do think there are interesting use cases and i do invest in it as a portion of my retirement. I have never felt joy at someone else losing money as at the end of the day many of these abrasive personalities are just reply guys living lives of quiet desperation hoping for some attention and a small chance of exiting the rat race. Majority of them are dealing in very small volumes and are fueled by hope. Why would I wish loss on these people? The truly successful crypto bros are likely still very wealthy and will weather the bear market. Its the small time average investor that serves as exit liquidity.

hnthrowaway0328 4y ago

I'm glad. Crypto IMHO mostly is a scam. Neither is it backed by real commodities, nor is it backed by violence (think military might). It alone (without converting to other currencies) can make few legitimate purchases. Because it still can make some legitimate purchases, I used the word "mostly". The computational power could be used for other purposes.

bironran 4y ago

The word you're looking for is "Schadenfreude".

ElonsNightmare 4y ago

...castles made of sand. Fall in the sea eventually...

DeathArrow 4y ago

Me.

rglover 4y ago

Yes, washes out all of the shitcoins and brings people back to Bitcoin—the way it should be.

deleted 4y ago

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root_axis 4y ago

> I'm hoping this crash and those in the future rid the space of the toxic backrooms these $30,000 jpegs provide access to and get us to collectively work on building really exciting cool new things None of this prevents people from working on cool things, cryptocurrency is just a dead-end technology without much potential to create cool things. I don't think it can be denied that the concept of bitcoin is pretty interesting from a technology perspective, but in terms of practical utility there's really not much blood to squeeze from this stone.

colechristensen 4y ago

Crash was inevitable, I guess I’m glad it happened now vs later when it would be worse.

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fredgrott 4y ago

the phrase Dutch Tulips comes to mind

EVa5I7bHFq9mnYK 4y ago

Of course, people are glad. Someone is glad that Bitcoin and Tesla crashed 35% YTD, because they don't own them. I am glad that ARKK crashed 56% YTD because I don't own it.

ISL 4y ago

Weapons are instruments of fear; they are not a wise man's tools. He uses them only when he has no choice. Peace and quiet are dear to his heart. And victory no cause for rejoicing. If you rejoice in victory, then you delight in killing; If you delight in killing, you cannot fulfill yourself. https://www.wussu.com/laotzu/laotzu31.html https://www.wussu.com/laotzu/laotzu31.html

macksd 4y ago

I'm pretty perplexed by what crypto has become in practice. All the big selling points for me are that it's a currency (that almost nobody uses as a currency) with mathematically-ensured security (which goes away if, like many people, you're holding a lot of wealth in a centralized exchange that tries to dumb everything down for the entry-level consumer) and controlled inflation (which is defeated somewhat by the massively fluctuating prices all driven by hype and speculation) and the potential privacy (which is really only there in some currencies and / or if you never use any other currency) and lack of government involvement (which goes away if the government can tell you've been using crypto and decides to tax it like a security). In the end, it's a bunch of crypto bros who want to show how much they don't depend on the government suddenly realizing that FDIC-insured accounts were actually developed for a reason. It's people calling dibs on numbers. And yeah - the blockchain has led to all sorts of interesting ideas, but the money you pump into the currency du jour isn't really worth anything once people move on to a new trend, or once your exchange is hacked, or whatever. I've been getting told for months that I'm missing the train and making a bad decision by a guy who bought BTC at 60k and told me "everyone" was saying it was going to go past 100k. And apparently I was a fool for investing in property and a diversified stock and bond portfolio. So yeah - I feel somewhat vindicated right now.

mirceal 4y ago
It ain't over till the fat lady sings. Bitcoin (and crypto in general) is far from done. You cannot take one data point in time and derive your conclusion based on the point in time. Also, it does not matter what decision you would make 3 months ago with the information you have today. What matters is what decision you made 3 months ago with the information you had 3 months ago. Same for the decision you are making now. BTW: I'm not necessarily disagreeing with you. I'm mostly disagreeing with the "methodology" :)
- macksd 4y ago
  I'm not saying I don't buy crypto because it crashed at this point in time. I'm saying continuously over a very long period of time I haven't bought crypto, and that's based on the information I have had over that continual period of time. Nothing has changed for me with this crash except that some people who I think are wrong are going to shut up now. (edit: I dream - I'm sure they'll find a way to tell me they're just buying the dip). I'm saying I don't buy Bitcoin because at no point in the last few years have I seen it be used for anything other than speculation. There are no dividends. There are no voting rights in anything. There is no actual asset aside from a number that a blockchain says you own. It's like owning a share of a company that doesn't actually exist. The only upside is I can buy it and then get lucky and sell it for more than I paid for it, to someone who will almost certainly eventually get unlucky when things crash because it is and always has been useless. I see it as being no different than roulette, a game I also don't play. It's a fascinating technology on which to build a digital currency, but rounding down, currency seems to be none of the actual usage.

martini333 4y ago

I don't really care about the price itself. But the thought of some stupid crypto-kid losing money makes me glad, I guess.

cableshaft 4y ago

Not here. A correction was overdue, sure, but I never hope for full on crashes, especially the people it hurts, as dumb as it may have been for them to FOMO entire life savings into coins not tested by time. I'm not a bitcoin maximalist, but there's only a small handful of coins I feel comfortable putting more than ~$200 into. Of course I have a decent amount invested in these things, but it's not a huge deal, I got in long enough ago I'm still way up, just wish I stepped on the sidelines a few months ago instead of stubbornly staying in like I did the last two market cycles. But I never put in anything more than ~2% of my paycheck into it. I waste way more money on two or three takeout meals every week. Even with these crashes, my piddly crypto purchases are still outperforming my 401k, and I'm putting about 7x times more into that every paycheck.

danschumann 4y ago

People who belong trading in the market are the people who can figure out how to make money in any condition. The rest of the people, the long hodlers, will probably be fine. If you hold bitcoin for 2 years, you basically have not lost money since its inception.

cwkoss 4y ago

If everyone thinks this is an existentially large drop, from a historical perspective, now is probably a fantastic time to buy Bitcoin. I think DCA-ing into ~1% of net worth held in crypto over the next few weeks would be a pretty solid trade.

asdff 4y ago

I'm not really invested or care for crypto, I'd rather it not be around. But I don't see how this is any different than when bitcoin hit $17k and also "crashed" and everyone talked about how this was the end and crypto had a good run. Then it got even bigger. Now that you have institutional investors in this pie and not just those dudes you knew in college, its not going anywhere. People are automatically putting retirement contributions into crypto. The shitcoins come and go but things like bitcoin and the other major major coins will probably always be around with appreciable volume unless there is regulatory crackdown imo.

mrleinad 4y ago
This time interest rates are going up, inflation is going up, and commodities are going up. "Only when the tide goes out do you discover who's been swimming naked". Well, cryptobros don't even have a fig leaf...
- deleted 4y ago
  [deleted]
- asdff 4y ago
  But eventually interest rates will go down, and people will begin diversifying again instead of desperate rebalancing, and diversifying with modern snake oil investment marketing that's advertised in the media and online means opening crypto positions. I don't think we will ever see people up and walking away from ever investing in crypto again. Consider also how many buyers are probably waiting for a crash to get in on even more crypto on discount.
  - mrleinad 4y ago
    "Eventually" could mean a decade or two from now. Nobody knows what that will look like.
    - asdff 4y ago
      People will definitely be buying assets within a decade of a recession. They will begin the buying the very day of a market crash they had any sense.

jl6 4y ago

I don’t know whether this is a crypto crash or part of some wider downturn or maybe even not a crash at all, but I think it’s perfectly rational to welcome a market correction. Anything being wildly overvalued or undervalued causes bad decision-making and makes us all collectively net poorer.

MisterBastahrd 4y ago

There are things that can be useful in the abstract and so antithetical to usefulness in actuality that it's not really worth getting into. Like... the idea of using blockchain to ensure a decentralized * network. We've HAD them before on the internet. They worked fine as long as the average person knew nothing about them. They don't work when 12 year olds and 4chan trolls and Trump groupies get access. Wanna fix social networks? Step 1: Recreate twitter. Step 2: Make it compatible with user-created subscribable blocklists (and exception lists) that can be shared and modified. Step 3: ??? Step 4: Profit You never have to see anything but the content you like, and it's still "free speech" even under the most ridiculous faulty application of the term because the company isn't blocking anyone directly. List owner block someone you like? Add them as an exception. Boom, social media solved, at least until people who are REALLY for personal responsibility decide it's too much trouble.

kissgyorgy 4y ago

Yes, absolutely! The most people actually using crypto for payments are scammers and criminals (ex. ransomware), most of them is bad for the environment (huge energy consumption) and NFTs are basically a huge scam for non-technical people. I hope all these criminals go broke and there will be finally some actually useful things can happen.

hristov 4y ago

I am glad. And it is not because of schadenfreude either. I believe that crypto has actually been a serious contributor to inflation through the use of electrical power for "mining" crypto. It is no coincidence that last year when bitcoin achieved unheard of highs and many obscure cryptos, including at least one that was started as a joke, achieved multibillion market caps was also the year when many power companies around the world found themselves suddenly without the ability to provide sufficient power to demand. Sure there were other reasons. But crypto was part of it. And probably the most important part because it is the most drasticaly rising source of power demand. You see power demand is usually not that hard to predict. It depends on boring slow changing factors, like population numbers, number of households, GDP, average temperature, etc. So power utility commissions and power companies had a relatively easy time predicting demand and keeping up with demand. Then crypto comes. And then the price of crypto skyrockets to the point that people can really print money by plugging in computing devices in their wall sockets. All of a sudden power demand goes up much faster than power companies can handle. And we have high power costs, power outages etc. OF course there were other factors, such as extreme weather events, etc. but the higher power costs persisted even after the extreme events were over. There are official estimates floating around the web that crypto uses about half of percent of worldwide power. I suspect the real number is much higher. Crypto power use is hard to estimate because a lot of crypto power use is done secretly. If bitcoin actually crashes to very low numbers (like 3 digit dollars), then we will see a dramatic reduction of power use, and all the experts and power utility commissions will be surprised how much power crypto was using all this time.

mirceal 4y ago
I don't know what drugs you're on but I'd like some. Seriously. That stuff is prime quality if you actually believe this. Seriously? Crypto is to blame for the inflation? Not the reckless money printing that has been going on for years? Power demand did not go up faster than the power companies can handle it. The whole grid is designed to have a certain capacity and there is also a financial level power companies can use to regulate consumption (if consumption spikes, price will spike to). So the whole power demand is also grade A BS. If bitcoin goes away tomorrow and we miraculously get all the power that was used back we're still f'ed as far as global warming and financial markets go.

seydor 4y ago

No. A bunch of ultra-rich VCs were bored of having too much money and pumped up a crazy web3 thing. This was their "Squid Game" moment where they create the games and put millions of clueless kids to run like rats around their pyramid schemes. I somehow wish the VCs would lose their money instead of millions of kids.

deleted 4y ago

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agentultra 4y ago

Yes. It's been a lovely week so far. I'm mad as hell that people got taken in by it. Increased suicide rates, broken families, lost homes, etc. It is infuriating that the people behind this are going to walk away without a single scar or regret. It's been a giant con from the get-go and it sucks seeing so many lives ruined over it. However I will dance on its grave and laugh as it all burns down. If it wasn't going to be put down it would destroy itself eventually. I'm here for it.

2OEH8eoCRo0 4y ago

We will all pay for it. All these gullible idiots strain the economy and hurts everyone when this happens.

acchow 4y ago

I myself was a big believer in Bitcoin and its ability to transform internet transactions. However, I believe Bitcoin and other crytocurrencies got taken over by get-rich-quick MLM pyramid schemers. It can't be a useful blockchain until it shakes off all these get-rich-quick people and settles around some stable value (no, 10% MoM gains is not stable).

walt74 4y ago

Me. I got psychologically raped by bitcoin-rich feminists from Berlin and I hope their shit burns down.

notacoward 4y ago

I'm glad that it's becoming a lot less likely for new people to be sucked into the insanity. As long as "number go up" there will always be a bigger fool, and so the cycle perpetuates itself. When number go down, the supply of new fools becomes much smaller, and maybe the whole scam will recede into memory.

slickrick216 4y ago

Negative comment's here are going to be prime meme material in the future.

fjfbsufhdvfy 4y ago

Yes.

MrGuts 4y ago

If you haven't yet caught on that cryptocoin are Ponzi schemes and a medium of exchange for criminal enterprises, then... you haven't caught on.

RichardHeart 4y ago

Yes, I am. I called the top on roughly the day over a year ago. You'll be mad about this part though. It will find a bottom. I will buy that bottom. And it will make new all time highs. Then a few years after, you can post your anger / relief thread cycle again. It keeps oscillating higher and higher. There's some real innovation hidden in the mess, and it still truly is the best performing asset class that has ever existed in history. BTW, everything is crashing, so hopefully you don't own any of those things, or someone else's post about being happy the things you owned crashing might seem crass to you right? lol.

Volrath89 4y ago

I’m glad to finally be able to enter in it :)

DoreenMichele 4y ago

get us to collectively work on building really exciting cool new things. What do you all think? If it's not your bag, don't put your time into it. /2cents

NKosmatos 4y ago

I’m not glad, I’m a little bit disappointed that such marvelous software tools (blockchain, crypto, algorithms, protocols…) are being used as profit/investment tools, like stocks, forex, commodities and all the rest. I wanted a market/ecosystem where the cryptocoins would be used to make our lives easier, free from banking restrictions, cheaper than existing systems and serving a good cause. Instead I see people investing in every shitcoin/NFT that pops up, with the hope that will get a 1000x return :-(

nightski 4y ago

I'm so excited to hear what you have been building that is so revolutionary while you lash out at others who might want to create something you don't enjoy.

tapper 4y ago

Glad it it's crashing I want a GPU.

rland 4y ago

I don't particularly like cryptocurrency. It's clear that the utopian vision has not panned out: these aren't currencies, they're securities. But seeing people lose their life savings is just sad. I completely understand people's rationale for taking the crypto bait. Many people bought into something that they didn't understand, motivated by the "standard" financial system failing them completely. Read some of the replies to this status: https://twitter.com/stablekwon/status/1524164780189126657 https://twitter.com/stablekwon/status/1524164780189126657 "I put my life savings in because I trusted you. Putting good yield on binance for locked period, now that billions of dolar have been locked this happens and thats the day before my locked period is over. now i put two stakes of max 30.000$ =60.000$ an thats my life savings ... I feel terible now. I really hope you can understand, I trusted you. No one is telling me now what is going on. I took a loss,my life is ruined" Another "please hear me Do kwon tell me everything will be okay if I just keep DCA Luna is not going anywhere it was my choice. I spent two years putting everything I had into it and my family and I suffered because of it and I have a few hundred left I'm not selling. Just give me hope" Another "Too late, everything built up, from 15k invested to 75k, to 45k end of last week to final 0 today and a fkin credit card debt for the final roll of the dice, no bear market DCA for me now fk" Another "I lost everything my apartment my house my money everything is gone someone help me" This isn't joyful to watch, it's sad. As it turns out, the return on cryptocurrency isn't good, when you factor in the risk. The biggest bummer about this is that it was entirely preventable: we have an existing framework of securities regulation, created when all of this (suicides included!) happened with traditional financial instruments 100 years ago in 1929.

washedup 4y ago

It's good. Shake out the leverage, teach some lessons, and the strongest projects will survive.

otikik 4y ago

I am ambivalent. On one hand the schadenfreude is high, not going to lie. On the other hand I liked that they were all in the same spot. Every time crypto dips down, or there's a rugpull or whatever, I am afraid they'll jump ship to some other area that they'll ruin for everyone. Or worse, they will move to many different areas, spreading the greedulousness all over the world.

r3trohack3r 4y ago

For a different take - I’m generally happy when things go on sale. Until I’m living off of my investments, it’s generally in my interest for the prices to be low. This is true for company stock programs. Yeah - it can be painful to watch 3 years of options go to zero, but if I’m being given $N in options every vesting period, that just means my next vest is going to be great! Crypto is no different. If I’m dollar cost averaging into Bitcoin, crashes are in my interest and rallies are less than worthless unless I’m planning on selling.

holysantamaria 4y ago

Every single bitcoiner I know keeps selling me a world where everyone will be free from central banks, free from "the banking system"(tm), free from taxation, free from states. They buy bitcoin to destroy the central banks, the states. The corrupted ones. They are on a crusade and at the top of this very new world : them. One day they will dominate the society. We poor ant-sheeps will continue to struggle while they golden eagles will have almost unlimited satoshis in their wallet that they will have earned so hard by pressing some buttons on a web app. So yeah I somehow like to see their dreams taste a dose of reality. Bitcoin is a shitcoin too despite them chanting otherwise. And don't get me started on NFTs or other cryptos...

alkonaut 4y ago

Sure. Because most of it is scams. And because I don’t think there is a status quo that needs disrupting. I find the idea of widespread anonymity in the larger economy downright scary. I can’t see anything that is interesting, cool or necessary that needs it. I also fail to think any of the tech built on/with crypto (and blockchains in general) is even vaguely cool or exciting. I don’t think expensive apes are an abberation in an otherwise promising field, I’m convinced it’s just apes and scams all the way down. Artificial scarcity, pyramid schemes, pump and dump. Whether it’s coins or apes it’s the same thing. The promise (or threat, if you see it from my POV) of actual widespread use in society to challenge traditional systems and industries like credit card companies is perpetually just over the horizon. And as soon as it really does have an impact it’s obviously going to be outlawed.

aww_dang 4y ago
Are USDs not artificially scarce? If not for law enforcement, anyone could print their own. Then there are the MMT people, who seem to believe that money can be printed by the state in any amount, without consequence.

Saphyel 4y ago

I'm not glad of the people got ruined (if that's the case of anyone?) but I'm pleased that I'll hear less often "buy kkcoins!"

xlaacid 4y ago

I am beyond happy. Its a freaking pyramid scheme- top to bottom. Same with NFT's

redox99 4y ago

I don't think it's nice to have posts on the front page basically celebrating other people's misfortunes. The only thing that could be celebrated is if crypto mining capacity were to lower. But this aspect isn't even mentioned. And although the most valued coins currently rely on PoW, PoW isn't something intrinsic to cryptocurrencies. It's something we should move away, the same way ETH is planning to do.

015a 4y ago

Quote I heard at some point (about crypto, and many things): Money is a star which obscures our view of the planets orbiting it. Blockchains have many use-cases. The community's insistent push toward tokenization and assetiziation of this technology near-totally obscures the fundamental technology and what its capable of. Arguably, it isn't even the tokenization. Tokens make sense. Tokens which have value makes sense. But then enters: greed. It's not just about having a token which has value and can do things via interfacing with the blockchain. The asset has to be an investment. We don't think about ETH in terms of what it can do on the blockchain (utility); we think about it in terms of an ETH:USD price. Its utility is impossible to detangle from Growth; Deflation; my Investment portfolio. ENS is my favorite example. Arguably; this is how domain names should work. A distributed, trustless ledger. Power to the people! And then you realize, it costs $100USD/year to register a domain name. Today is pretty cheap; thursdays are cheaper than fridays, but you should really buy one on a wednesday because that's when gas is at its lowest. Why is it so expensive? Because the token is an asset. Thousands of stakeholders, really every ETH user, has an interest in seeing the token go up. Token goes up; utility of the token goes down, as it becomes prohibitively expensive to actually do interesting, real, utilitarian things with it. Real world: Assets which have both Utility & Investment Potential are somewhat rare. Cash has little investment potential, but high utility. Gold, Silver, etc; low utility (not zero, but low), classic investment options. Corporate shares? Low/moderate utility; maybe you can use them to vote on corporate direction, but at the end of the day that vote is in service to investment potential. It turns out that assets which overload Utility and Investment Potential inevitably screw over someone who needs that utility. They aren't egalitarian, even by the perverted definition of capitalistic egalitarianism. They inordinately favor early adopters and capital holders. The biggest real world asset class which suffers from this: real estate; and our world is observing, in real time, the decades-long consequences of treating housing like an investment. That leads me to three conclusions about crypto: 1. Crypto & Blockchains are too intertwined with money. It will never not be about money. Most will recover from this crash, and still be about money. 2. Some people say: "How can bitcoin have value? it's nothing. just bits in a computer." That's literally its best feature! Not only is it irrelevant that it can't do anything; it's a good thing. It's among the purest investment vehicles ever created. A store of wealth with near-zero utility. I say let it grow! Every dollar tied up in BTC is a dollar not being spent to make housing more expensive, or grow the tendrils of gigacorporations into every nook and cranny of our lives. 3. Some people say: "This crypto project will be successful; it's doing something really cool, blockchain for wifi networks, or dogs, NFTs for games, whatever". I disagree. Crypto projects which try to be utilitarian Will Always Fail; unless they can detangle themselves from the deflationary investmentization of their tokens. None do that; all are started to make money; their founders being the biggest holders of the tokens, look for a return on investment of their time and effort. You can't engineer greed away. And here's a prediction for the immediate future: The stock markets are red this month, abstractly, simplistically, because of Fed rate hikes. Recent analysis has suggested that the markets have already priced in more rate hikes than the Fed has gestured it wants to do, for the foreseeable future. That would tend to signal that a broad market crash isn't forthcoming; I'm not timing the bottom, or saying we're heading up, I'm just saying that there's reasons to be positive right now. Crypto is still dumping; hard. The first reason is the Luna situation, which is REALLY bad, I don't think its possible to understate how bad that is. The second reason is really that last paragraph; value, or money, is a fixed entity. If institutions are seeing positive signs concerning the stock market right now, they're seeing whats happening to Luna, they may be positioning to move capital out of the crypto markets and back into the stock markets. Crypto diehards will be unhappy to discover that most coins are correlated with one-another. That's sad; there's an alternate reality where people could lose faith in Luna, but still maintain faith in BTC or ETH, and different coins become inversely correlated. But there's another test running in parallel to that: is the crypto market as a whole inversely correlated with the stock market? Over the past eight years, the answer to that has been No; but its also not been tested in the fires of a major sell-off in one or the other. Today is that test. And if the result ends up, actually, being Yes: that's REALLY good. I can't understate how good that is, for both crypto and our economy; it will give our economy another $1T+ alternative store-of-value to bonds, it'll desync boom-bust cycles which lessens the economic impact of recessions, it just gives capital holders optionality. What we don't want is: everything crashing at the same time. Crashes are necessary; but its healthier to have smaller, isolated crashes in specific asset classes.

adra 4y ago

I hate the miss-allocation of funds toward things that are objectively worse for the world. At least with loss-leading-mega-projects and rampant corruption, some of the money cycles back to contribute to society. I just see crypto a net tax on society in the wasted electricity, hardware for more novel uses, and the shear number of people being thrown at building a better pile of crap to extract money out of. Finance is and enough for that, but at least they tend to invest in things that often make people's lives better in some way .

thefz 4y ago

Yes. I want some common computer components to go back at normal MSRP. Also bitcoin at least was good on paper but instead of liberating the common folk ended up in the hands of the same big investors all over again, polluted and wasted a lot of resources.

dropnerd 4y ago

smells like schadenfreude

sys_64738 4y ago

It was always fool's gold to me.

mknze 4y ago

If it wipes out the Ponzi schemes and people learn, then it's a good thing. But, some folks are loosing their shirts and that is never a good thing.

trizuz 4y ago

asmr 4y ago

The one thing I can’t stand about the criticism towards the present NFT space is when people heavily reduce the current market to ‘jpgs’. you’re not purchasing or trading images, that’s only how it appears.

trizuz 4y ago

senectus1 4y ago

I definitely get a sense of schadenfreude when i see the particularly toxic communities in the crypto market suffering. but i don't particularly want to see cryptocurrencies fail in general. I think atm I see this a a "reset" or cleansing. There was too many obvious scams and well dressed and marketed pyramid schemes. This will collapse a lot of them.

bacan 4y ago

Citadel’s loss is our gain, so…… yes?

radar1310 4y ago

Yes it will be wonderful to see a glut of video cards on the market. Hopefully the end of highway robbery is close to an end.

birthday 4y ago

Just from title, I can tell you are unintelligible and uninformed about crypto. Tech stocks are crashing just as much as crypto right now. And Bitcoin is trading 30 THOUSAND DOLLARS. Would barely call this a "crash that's finally happening"

rambojazz 4y ago

Yes. It's driven on speculation, and it has the side effect of ruining hardware for everybody.

vietvu 4y ago

I am. But sad at the same time that this catastrophe has to happen to filter out all those bullshits. Blockchain can be cool, but it really needs to be free of toxic scammers.

stefek99 4y ago

Haters gonna hate. Builders gonna build. The most impactful technology since the internet. Changes trust, governance, economy, incentives. Changes everything.