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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 fri

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
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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]