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Because a lot of those people acted like they were smarter than everyone else and shoved their gains in our faces for years. I'm happy to see crypto bros losing

Because a lot of those people acted like they were smarter than everyone else and shoved their gains in our faces for years. I'm happy to see crypto bros losing their shirts.

haswell 4y ago
I'd imagine that majority of the people impacted by this crash are not crypto bros. They're people who saw a super bowl commercial, or heard about it from a friend. Hell, my mid-70s parents hold crypto, and crypto bros they are not. As I said in the parent comment, I get the sentiment towards the shills/scammers/pumpers/etc, but the reality is that this is not really about them.
- jacquesm 4y ago
  You should probably have a chat with them regarding the stuff they put their retirement money into then. For their sake I hope it was only a very small fraction of their total holdings.
  - haswell 4y ago
    Oh I’ve definitely had this conversation with them. Whatever version of the truth they’ve been sold is apparently quite convincing, which does make me angry.
    - jacquesm 4y ago
      Yes, those predators deserve a special place in hell, unfortunately I'm not religious but if I were that's what I would wish for them. In reality they are probably trying to decide on some garish color scheme for their Lambo...
- trevorboaconstr 4y ago
  Sorry that your grandparents decided to invest in shitcoin. However, they are an outlier. I’ve seen that not even 3 percent of 50+ individuals own bitcoin. If I recollect correctly, less than 20 percent of Americans own or have traded in bitcoin. Most fit the bitcoin bro mold. 18-39. Male. Can’t wait till this “currency” dies.
  - haswell 4y ago
    Would you share some citations? Percentages obscure the reality behind this. Say it is 3%. That’s still 180K+ individuals. If we were talking about a “traditional” scam, that number is astronomical. > Most fit the bitcoin bro mold. 18-39. Male. So hang on, the “mold” is just “Male, 18-39”? I fall into that gender and age group, and I also dabbled with crypto for awhile (even CPU mined some way back when…). But I’ve never been a bitcoin bro, have never advocated for crypto, and all involvement was based on curiosity/interest in learning. I’ve actively discouraged the people I know from getting into the space. Had I not sold awhile ago, would that make me worthy of the scorn/laughter being doled out here? This whole mentality is pretty antithetical to what HN has historically been, and is pretty disappointing, especially here. I think the crypto space has needed a dose of reality. I think the world would be better without it. It would make me happy to see the speculation and gambling and energy usage disappear. I wish “web 3” was focused on the real next generation of the Internet. It does not make me happy to see people ruined because of it. Whatever moral high ground some here feel they have as this unfolds is quickly lost when they take joy in the ruin of others.
    - trevorboaconstr 4y ago
      16% of Americans say they have ever invested in, traded or used cryptocurrency > https://www.pewresearch.org/fact-tank/2021/11/11/16-of-americans-say-they-have-ever-invested-in-traded-or-used-cryptocurrency/ https://www.pewresearch.org/fact-tank/2021/11/11/16-of-ameri... The SEC has been crying foul of crypto-scheme’s since at least 2013. > https://www.sec.gov/files/ia_virtualcurrencies.pdf https://www.sec.gov/files/ia_virtualcurrencies.pdf Early journalistic opinion has had called out Bitcoin as a Ponzi scheme years ago. > https://www.washingtonpost.com/news/wonk/wp/2015/06/08/bitcoin-isnt-the-future-of-money-its-either-a-ponzi-scheme-or-a-pyramid-scheme/ https://www.washingtonpost.com/news/wonk/wp/2015/06/08/bitco... Every major banker at Davos-, “ Bitcoin may be called a coin but it's not money. It's not a stable store of value," said Kristalina Georgieva, managing director of the International Monetary Fund.” > https://www.cnn.com/2022/05/23/investing/davos-central-bank-digital-currencies-crypto/index.html https://www.cnn.com/2022/05/23/investing/davos-central-bank-... Now why does that matter? Those are the people the general populace are exposed to the most. Not some peddler buying crypto ads on Twitch.TV for his new Buttcoin.
- deleted 4y ago
  [deleted]
elif 4y ago
BTC is currently UP 650% over 5 years. but thanks for coming clean about the root of your criticism. Honestly it's refreshing that it wasn't couched in some reductionist economic fundamental jargon.
- gigatexal 4y ago
  So is MSFT from Jan 2013 to now so…
  - elif 4y ago
    so, btc about 2x the growth rate of one of the best performing stocks in history, even when cherry picking the end of a crash for btc? good point btw btc 15,100% growth in that time period
wonderwonder 4y ago
celebrating the downfall of strangers especially when the majority losing out are ignorant and were just trying to find some way to retire from their meaningless wage slaving is not a good look. Sure some of them were pretty unpleasant but to yearn for their downfall is a you problem my friend, not a them problem. I have no dog in this fight, have maybe 2k in crypto which is not a lot. Anyway all the best and hope you learn to find joy outside of the misery of others.
- gigatexal 4y ago
  If it’s too good to be true it likely is. Get rich quick schemes also are part of this mantra … didn’t their parents teach them that?
  - haswell 4y ago
    Is your conclusion then “they had it coming”? Does this somehow justify or validate the schadenfreude? A country adopted crypto as their actual currency. Some retirement accounts started providing crypto as an investment option. Involvement in crypto does not automatically imply that involvement was just to “get rich quick”. For many people, it was a new investment that they didn’t really understand, similar to many of their existing investments that they didn’t really understand. You seem to be implying that anyone involved should have known better, but this seems like a tenuous claim at best. Do you feel the same about people losing their money in the stock market? Why or why not?
    - gigatexal 4y ago
      So we should coddle and protect everyone from everything? The central bank should make every Bitcoin “investor” whole? If a company goes public gets investors and then goes bankrupt because of illegal practices and it’s shown it duped investors there is recourse. If a bank goes under the assets are FDIC insured. If you “invest” in the next big revolutionary currency that will upend everything and it falls some 60 to 70% from its highs is it really a currency or a stock or a wildly speculative possibly ponzi-style scheme? So yes folks should know the risks. There’s no historical precedent for any of this. It’s always been volatile and if you wanna stay in it know you might lose your shirt. But investing for the long term is a function of time and compounding interest. On average the US stock indexes have returned some 8% or more, again on average, for the last day 50 years or something along those lines. Consistent investing day every month for years and years will see things grow. Buying when things go down and as they rise - dollar cost averaging — is a fine and prudent way to put money aside and see it grow. But to think folks could just “invest” in Bitcoin and become millionaires — maybe — but also don’t bet the farm on it if you’re a farmer.
gigatexal 4y ago
This. Because folks were touting the coins and anyone investing their life savings in something so volatile is on them.

Because a lot of those people acted like they were smarter than everyone else and shoved their gains in our faces for years. I'm happy to see crypto bros losing their shirts.

haswell 4y ago

I'd imagine that majority of the people impacted by this crash are not crypto bros. They're people who saw a super bowl commercial, or heard about it from a friend. Hell, my mid-70s parents hold crypto, and crypto bros they are not. As I said in the parent comment, I get the sentiment towards the shills/scammers/pumpers/etc, but the reality is that this is not really about them.

jacquesm 4y ago
You should probably have a chat with them regarding the stuff they put their retirement money into then. For their sake I hope it was only a very small fraction of their total holdings.
- haswell 4y ago
  Oh I’ve definitely had this conversation with them. Whatever version of the truth they’ve been sold is apparently quite convincing, which does make me angry.
  - jacquesm 4y ago
    Yes, those predators deserve a special place in hell, unfortunately I'm not religious but if I were that's what I would wish for them. In reality they are probably trying to decide on some garish color scheme for their Lambo...
trevorboaconstr 4y ago
Sorry that your grandparents decided to invest in shitcoin. However, they are an outlier. I’ve seen that not even 3 percent of 50+ individuals own bitcoin. If I recollect correctly, less than 20 percent of Americans own or have traded in bitcoin. Most fit the bitcoin bro mold. 18-39. Male. Can’t wait till this “currency” dies.
- haswell 4y ago
  Would you share some citations? Percentages obscure the reality behind this. Say it is 3%. That’s still 180K+ individuals. If we were talking about a “traditional” scam, that number is astronomical. > Most fit the bitcoin bro mold. 18-39. Male. So hang on, the “mold” is just “Male, 18-39”? I fall into that gender and age group, and I also dabbled with crypto for awhile (even CPU mined some way back when…). But I’ve never been a bitcoin bro, have never advocated for crypto, and all involvement was based on curiosity/interest in learning. I’ve actively discouraged the people I know from getting into the space. Had I not sold awhile ago, would that make me worthy of the scorn/laughter being doled out here? This whole mentality is pretty antithetical to what HN has historically been, and is pretty disappointing, especially here. I think the crypto space has needed a dose of reality. I think the world would be better without it. It would make me happy to see the speculation and gambling and energy usage disappear. I wish “web 3” was focused on the real next generation of the Internet. It does not make me happy to see people ruined because of it. Whatever moral high ground some here feel they have as this unfolds is quickly lost when they take joy in the ruin of others.
  - trevorboaconstr 4y ago
    16% of Americans say they have ever invested in, traded or used cryptocurrency > https://www.pewresearch.org/fact-tank/2021/11/11/16-of-americans-say-they-have-ever-invested-in-traded-or-used-cryptocurrency/ https://www.pewresearch.org/fact-tank/2021/11/11/16-of-ameri... The SEC has been crying foul of crypto-scheme’s since at least 2013. > https://www.sec.gov/files/ia_virtualcurrencies.pdf https://www.sec.gov/files/ia_virtualcurrencies.pdf Early journalistic opinion has had called out Bitcoin as a Ponzi scheme years ago. > https://www.washingtonpost.com/news/wonk/wp/2015/06/08/bitcoin-isnt-the-future-of-money-its-either-a-ponzi-scheme-or-a-pyramid-scheme/ https://www.washingtonpost.com/news/wonk/wp/2015/06/08/bitco... Every major banker at Davos-, “ Bitcoin may be called a coin but it's not money. It's not a stable store of value," said Kristalina Georgieva, managing director of the International Monetary Fund.” > https://www.cnn.com/2022/05/23/investing/davos-central-bank-digital-currencies-crypto/index.html https://www.cnn.com/2022/05/23/investing/davos-central-bank-... Now why does that matter? Those are the people the general populace are exposed to the most. Not some peddler buying crypto ads on Twitch.TV for his new Buttcoin.
deleted 4y ago
[deleted]

elif 4y ago

BTC is currently UP 650% over 5 years. but thanks for coming clean about the root of your criticism. Honestly it's refreshing that it wasn't couched in some reductionist economic fundamental jargon.

gigatexal 4y ago
So is MSFT from Jan 2013 to now so…
- elif 4y ago
  so, btc about 2x the growth rate of one of the best performing stocks in history, even when cherry picking the end of a crash for btc? good point btw btc 15,100% growth in that time period

wonderwonder 4y ago

celebrating the downfall of strangers especially when the majority losing out are ignorant and were just trying to find some way to retire from their meaningless wage slaving is not a good look. Sure some of them were pretty unpleasant but to yearn for their downfall is a you problem my friend, not a them problem. I have no dog in this fight, have maybe 2k in crypto which is not a lot. Anyway all the best and hope you learn to find joy outside of the misery of others.

gigatexal 4y ago
If it’s too good to be true it likely is. Get rich quick schemes also are part of this mantra … didn’t their parents teach them that?
- haswell 4y ago
  Is your conclusion then “they had it coming”? Does this somehow justify or validate the schadenfreude? A country adopted crypto as their actual currency. Some retirement accounts started providing crypto as an investment option. Involvement in crypto does not automatically imply that involvement was just to “get rich quick”. For many people, it was a new investment that they didn’t really understand, similar to many of their existing investments that they didn’t really understand. You seem to be implying that anyone involved should have known better, but this seems like a tenuous claim at best. Do you feel the same about people losing their money in the stock market? Why or why not?
  - gigatexal 4y ago
    So we should coddle and protect everyone from everything? The central bank should make every Bitcoin “investor” whole? If a company goes public gets investors and then goes bankrupt because of illegal practices and it’s shown it duped investors there is recourse. If a bank goes under the assets are FDIC insured. If you “invest” in the next big revolutionary currency that will upend everything and it falls some 60 to 70% from its highs is it really a currency or a stock or a wildly speculative possibly ponzi-style scheme? So yes folks should know the risks. There’s no historical precedent for any of this. It’s always been volatile and if you wanna stay in it know you might lose your shirt. But investing for the long term is a function of time and compounding interest. On average the US stock indexes have returned some 8% or more, again on average, for the last day 50 years or something along those lines. Consistent investing day every month for years and years will see things grow. Buying when things go down and as they rise - dollar cost averaging — is a fine and prudent way to put money aside and see it grow. But to think folks could just “invest” in Bitcoin and become millionaires — maybe — but also don’t bet the farm on it if you’re a farmer.

gigatexal 4y ago

This. Because folks were touting the coins and anyone investing their life savings in something so volatile is on them.