3 ms·

How could they be surprised? It was so so so obvious crypto would crash. Did they think money pulled from the bright blue sky would get more and more valuable f

How could they be surprised? It was so so so obvious crypto would crash. Did they think money pulled from the bright blue sky would get more and more valuable forever?. People that stupid can’t put on shoes. There must be some other dynamic. This is astounding to me. These people are so stupid. So stupid.

valdiorn 4y ago
Even very reasonable and intelligent people can get swept up in the bullshit when faced with a potential life-changing opportunity. Falling for a scam is not a sign of low intelligence, it's a sign of being easily trusting, or desperation to improve your situation. Scam artists know this, and the majority of crypto runs on the same principles.
- jazzythom 4y ago
  You're wrong. Perhaps in denial. It certainly is a sign of low intelligence. Evolution has sorted the weak and is now drowning them. But I will agree it may be lack of a specific type of critical thinking. Perhaps religion bred a type of person vulnerable to bullshit and now that the environment has changed those with the mutation are no longer fit. There are many similarities between religious beliefs and the crypto-mania. Neither had a foundation in reality. Both appeared to be infectious and used peer groups to overrule an individuals critical cognitive processes. Both persecuted dissenters relentlessly. This is a similar phenomena
  - cafard 4y ago
    You will correct me if I'm wrong--I say that with confidence--but it seems to me that crypto has been talked up a lot on HN over the last few years. Without any way or reason to take a poll, my impression is that HN readers are at least of normal intelligence in general, and probably well above average technically. In everyday life--talking with neighbors, overhearing conversations on the bus, etc.--I have never that I recall heard cryptocurrency mentioned for good or for bad. But it has been discussed a lot and often favorably on HN. [Edit: changed terminal character from ">" to ".".]
    - jazzythom 4y ago
      So crypto built a lobby by permeating social networks. Those who owned it effectively received a kickback from promoting it to their peers and were heavily incentivized to silence dissent. On HN I remember Sam Altman promoting a ridiculous concept of a sphere that would scan a hash from your iris and then give you a shitcoin (worthless hyped token) in return. This shitcoin would, claimed ‘worldcoin’ be humanities future currency. Everyone called bullshit but HN censored the dissent where twitter did not - and that is valuable proof of the mechanism in play. It was a cash grab plain and simple. The key to understanding cryptomania lies in the correct definition of scarcity. What, exactly, is scarce about cryptocurrency? Because even though the math guarantees a finite number of bitcoins, since almost anyone could in 20 minutes create a shitcoin and hype it on social media, and then exchange it for bitcoin, and the bitcoin for USD… it would appear that the true scarce resource backing the cryptocurrency markets is the collective expendable income and credit of a gullible demographic of the online population. So you’re witnessing a transfer of resources very likely from one group with a genetic mutation that results in a series of specific behavioral traits, to a group without the defect. You’re actually witnessing evolution.
    - ProfXponent 4y ago
      HN hates crypto, it’s almost a meme here. OP is a perfect example, a low value troll pushed to the top of the thread. And if you have heard no one around you talking about crypto the last year you live in a bubble.
      - cafard 4y ago
        A bubble? I am reminded of the old Saul Steinberg New Yorker cover: https://en.wikipedia.org/wiki/View_of_the_World_from_9th_Avenue https://en.wikipedia.org/wiki/View_of_the_World_from_9th_Ave... .
        ProfXponent 4y ago
        Sure, not trying to criticize you, but it has been on the news pretty much daily for the last year and crypto ads dominated the super bowl. If you find yourself in a space where you aren’t exposed to it at all that’s fine, but I would say it is definitely not the norm for people working in tech these days.
ProfXponent 4y ago
glances at tech stocks

valdiorn 4y ago

Even very reasonable and intelligent people can get swept up in the bullshit when faced with a potential life-changing opportunity. Falling for a scam is not a sign of low intelligence, it's a sign of being easily trusting, or desperation to improve your situation. Scam artists know this, and the majority of crypto runs on the same principles.

jazzythom 4y ago
You're wrong. Perhaps in denial. It certainly is a sign of low intelligence. Evolution has sorted the weak and is now drowning them. But I will agree it may be lack of a specific type of critical thinking. Perhaps religion bred a type of person vulnerable to bullshit and now that the environment has changed those with the mutation are no longer fit. There are many similarities between religious beliefs and the crypto-mania. Neither had a foundation in reality. Both appeared to be infectious and used peer groups to overrule an individuals critical cognitive processes. Both persecuted dissenters relentlessly. This is a similar phenomena
- cafard 4y ago
  You will correct me if I'm wrong--I say that with confidence--but it seems to me that crypto has been talked up a lot on HN over the last few years. Without any way or reason to take a poll, my impression is that HN readers are at least of normal intelligence in general, and probably well above average technically. In everyday life--talking with neighbors, overhearing conversations on the bus, etc.--I have never that I recall heard cryptocurrency mentioned for good or for bad. But it has been discussed a lot and often favorably on HN. [Edit: changed terminal character from ">" to ".".]
  - jazzythom 4y ago
    So crypto built a lobby by permeating social networks. Those who owned it effectively received a kickback from promoting it to their peers and were heavily incentivized to silence dissent. On HN I remember Sam Altman promoting a ridiculous concept of a sphere that would scan a hash from your iris and then give you a shitcoin (worthless hyped token) in return. This shitcoin would, claimed ‘worldcoin’ be humanities future currency. Everyone called bullshit but HN censored the dissent where twitter did not - and that is valuable proof of the mechanism in play. It was a cash grab plain and simple. The key to understanding cryptomania lies in the correct definition of scarcity. What, exactly, is scarce about cryptocurrency? Because even though the math guarantees a finite number of bitcoins, since almost anyone could in 20 minutes create a shitcoin and hype it on social media, and then exchange it for bitcoin, and the bitcoin for USD… it would appear that the true scarce resource backing the cryptocurrency markets is the collective expendable income and credit of a gullible demographic of the online population. So you’re witnessing a transfer of resources very likely from one group with a genetic mutation that results in a series of specific behavioral traits, to a group without the defect. You’re actually witnessing evolution.
  - ProfXponent 4y ago
    HN hates crypto, it’s almost a meme here. OP is a perfect example, a low value troll pushed to the top of the thread. And if you have heard no one around you talking about crypto the last year you live in a bubble.
    - cafard 4y ago
      A bubble? I am reminded of the old Saul Steinberg New Yorker cover: https://en.wikipedia.org/wiki/View_of_the_World_from_9th_Avenue https://en.wikipedia.org/wiki/View_of_the_World_from_9th_Ave... .
      - ProfXponent 4y ago
        Sure, not trying to criticize you, but it has been on the news pretty much daily for the last year and crypto ads dominated the super bowl. If you find yourself in a space where you aren’t exposed to it at all that’s fine, but I would say it is definitely not the norm for people working in tech these days.

ProfXponent 4y ago

glances at tech stocks