5 ms·
The sad thing is that a new crop of suckers will appear in a few months / years, and we'll repeat the blues again.
by rinze 4y ago
The sad thing is that a new crop of suckers will appear in a few months / years, and we'll repeat the blues again.
- deleted 4y ago[deleted]
- adam_arthur 4y agoI tend to think that after enough cycles people will begin to write off crypto entirely. A USD CBDC will kill it either way
- Krasnol 4y agoSomehow I doubt it. It's just too easy to participate. Also: are you interested in my brand new Krasnol-NFT?
- rinze 4y agoPeople still "invest" in multi-level marketing stuff, so I'm not an optimist. Have you seen this new coin? Have you read the white paper? It's a completely new scam^Wthing!
- adam_arthur 4y agoBy "kill", I mean that it won't likely go mainstream mania, featured on CNBC etc. Not that it won't exist at all. There's definitely another fool born every day
- KptMarchewa 4y agoMLM never was any close to being this mainstream. Maybe in 1997 in Albania.
- minsc_and_boo 4y agoHerbalife, Amway, Avon, etc. all became pretty big, it just doesn't seem like that to most people in tech bc it's a different target market.
- KptMarchewa 4y agoThey were orders of magnitude from having 3 trillion market cap.
- minsc_and_boo 4y agoMarket Cap really doesn't mean anything - if I buy a grain of sand for $1 suddenly sand has the largest market cap at $7,500,000,000,000,000,000.00
- dubswithus 4y agoMy understanding is CBDC’s are for banks and not retail. So it won’t kill it.
- adam_arthur 4y agoHmm what would the advantage be then? The Fed is already linked up with US Banks
- babypuncher 4y agoI don't think crypto actually serves much of a purpose at retail. As a customer, what reason do I have to pay for my groceries with bitcoin instead of my debit card?
- astrange 4y agoA CBDC is just a bank account at the Fed with an API. You don't need retail banks anymore if you have one; conversely you don't need one if you already have retail banks. Banks already have such an account at the Fed, and are getting realtime FedWire soon, and it doesn't really matter that the API involves SFTP'ing ACH files around.
- djbebs 4y agoI'm sure the fact that the US seized the Russian central banks dollar reserves will do wonders for the adoption of a US CBDC
- KptMarchewa 4y agoCrypto was mainstream now. Anyone gullible enough and with cash (or credit score) was into crypto now.
- Allower 4y ago
- potatolicious 4y agoI'm just pissed that we wasted all of this time and money on this crap. IMO the past ~10 years of the VC industry has been one of the biggest collective wastes of time and resources in the history of computing. We came into this with the goal of creating the next Google or the next Apple, and we exited with... what exactly? Investors of every stripe collectively lost their gourds and poured hundreds of billions into unsustainable companies that have never found their unit economics (and likely never will) like WeWork, Uber, and Lyft. After that whole scheme started unwinding they then collectively poured more hundreds of billions into something even worse - rather than simply losing money on useful products, they decided to simply lose money without even bothering with the product part of it. The result is years of tulip-mania that just set an unholy amount of money on fire and fleeced innumerable retail investors' savings. What if we poured that collective funding into producing... well, actual businesses? Delivering products that actually improved people's lives? Delivering products that at least make money? All I see from the past 10 years of the industry is the missed opportunity and what could have been. How many groundbreaking products would we have today if we put the money into... well, not this? I suppose it's not all bad - there have been some promising companies that actually deliver products for profit that came out of this era (see: Shopify, Stripe) but I can't help but wonder where we'd be without this entire misadventure.
- encryptluks2 4y agoHopefully there will be a bunch of descent GPUs dirt cheap so at least we got that.
- daydream 4y agoYou could’ve said almost the same exact thing in 2001, after the dot com bubble well and truly burst. Pets.com was a laughing stock. So was that stupid Super Bowl commercial where they shot a hamster out of a cannon. Turns out those companies weren’t wrong. They were just 20 years too early. And one or two of them even survived and thrived. (Amazon.) Also we got a lot of fiber laid that turned out to be useful. I think it’s a similar situation here. If we knew a priori which uses cases and companies would work out we’d only fund those. But we don’t. So boom, bust, repeat. Humanity moves forward. Of course, as you said there is collateral damage. And externalities.
- wollsmoth 4y agoWill they though? If this really crashes spectacularly we might see some people trading it but most people are going to steer clear of this mess.
- lurker616 4y agoYes. When the generation finishing high school and entering uni right now, are finally graduating and start getting disposable income. That's when crypto will rise up again. They are too young rn to understand the greater fool game going on, and learn from losses. That's why there's a 4-year cycle. People already in undergrad right now wouldn't really fall for it again.