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Why would u enjoy people losing their life savings? Just because they told you to have fun staying poor on the way up?
by rafale 4y ago
Why would u enjoy people losing their life savings? Just because they told you to have fun staying poor on the way up?
- duxup 4y agoI think people can be interested in how something plays out without “ enjoy people losing their life savings”. I don’t mind seeing some of the pyramid schemes and such revealed for what they are. I like to think everything plays out and for a while more people don’t risk and loses their money and maybe some bad guys go to jail even.
- arcticbull 4y agoIf they banked their future on libertarian magic beans fueled by wasting a mid-sized country worth of power e-waste, and each time you mentioned the obvious flaws in their half-baked schemes they made fun of you, implying that you're 'not going to make it' and telling you to have 'fun staying poor' -- yep, a little. In the abstract of course.
- jpambrun 4y agoPeople with crypto coins needs other people to be willing to buy them at higher price just slightly later. They keep exploiting fomo for their own gain. I don't think this is moral and a bit of karma is always welcomed.
- ejanus 4y agoSame with most company shares
- jpambrun 4y agoAnd I would feel the same if a massive amount of people were pushing for it, were deceptive and exploitative about it.
- paywallasinbeer 4y agoThere's a subreddit for that too! https://old.reddit.com/r/gme_meltdown/ https://old.reddit.com/r/gme_meltdown/
- jpambrun 4y agoYes! GME stock was exactly the same and just as scummy. Thanks for pointing that out.
- ironlake 4y agoYou are wrong. No value can be added to crypto except through fiat deposit. Publicly traded companies create value by their activity. For example, if I own a share of AT&T, the value of that share goes up if AT&T runs a successful marketing campaign to get new users to sign up. Crypto has no utility and no underlying value.
- randomhodler84 4y agoNot quite! Shares of AT&T go up because people spend fiat on buying them. The activity makes it a more attractive buy, but unless the company buys back it’s own shares they don’t go up when they make money. It’s not magic, it’s a market like anything else. Note: AT&T is a dividend share, so it has yield. Cryptocurrencies generally don’t, they are more like tech stocks. Amazon shares don’t go up when Amazon makes money (unless they spend earnings on stock), or the market buys more Amazon stock.
- secondcoming 4y agoThat's not the full story. A company's share price drops when it pays a dividend - because it now has less money. So when a company makes money its share price does go up. SharePrice = CompanyValue / NumberOfShares Now it's true that trading activity can affect the share price too, for example a short squeeze. But this is due to market taking advantage of a desperate buyer rather than anything to do with the company's performance as such.
- randomhodler84 4y agoI think it is the full story. Company performance is the driver, but it doesn’t set the price. It not right to say it’s irrelevant, it is, but the most important thing is what the market is willing to pay. The dividend price drops occurs only because the market believe this and reduces the price of their orders. It’s driven by the market responding to the loss of cash, the fact the cash was spent cannot impact share price unless there is buying and selling. The company doesn’t set the share price except for IPO. It is compounded by Dividend Reinvestment Programs, where the dividends end up buying more stock. Additionally, I think your equation is wrong. Company Value = assets - liabilities. Market cap = n shares * price. Market cap != company value. Big tech stock is very similar to cryptocurrency. It’s all about the greater fool who will buy it from you.
- bandrami 4y agoShares have dividends and represent a share of ownership of the underlying book value. The book value of a bitcoin is $0. Shares also come with a vote.
- idiotsecant 4y agoThis isn't necessarily true. A lot of people have held crypto since you could purchase it for single digit American dollars because they believe in the fundamental tenants of crypto - permissionless world financial exchange where the levers and dials of the economic systems are not controlled by world governments.
- Rebelgecko 4y agoIf they believed in crypto as a unit of financial exchange, wouldn't they be actually using it for transactions instead of going full-HODL?
- idiotsecant 4y agoCuyrrently (and at a few points in the past) it's a little hard because the value of crypto is fluctuating so wildly but a lot of early adopters have continuously been using and advocating adoption of crypto for a decade now.
- kayamon 4y agoThe moment Target start accepting Bitcoin/Lightning payments, yes, I'll be buying all my groceries via that thank you.
- jpambrun 4y agoIt is probably true that 99.9% of people with crypto use it as a speculative investment. The remaining 0.1% true crypto idealist may exist, but I have never met one. So it makes the previous statement very much mostly true. This type of disingenuous argument is why some of us rejoice at the crypto meltdown.
- randomhodler84 4y agoPleased to meet you jpambrun! I am one of those 0.1% idealists.
- 4y ago
- krapp 4y agoIt's a common human trait to enjoy when bad things happen to bad people, and crypto bros are the worst.
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- asimpletune 4y agoI don't think anyone should act hateful to anyone else. However, seeing that specific bubble deflate though, and a return to, I don't know, sanity, is a welcome change. It's just a shame that so many people have to suffer though as a part of that process.
- JumpCrisscross 4y agoIt’s also, quite frankly, the market reallocating economic decision making power. After a decade of beanstalk economics, it’s reassuring to see the system at least attempting to correct itself. I have no sympathy for the people losing money. For the young people who invested precious years into what increasingly looks like an economically useless skill set, I feel badly. That said, those who picked up technical or sales chops can likely pivot to a position above the median American’s wages.
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- dmos62 4y agoA fall in price doesn't mean that people are losing their savings. They might be short and thus gaining savings.
- pastor_bob 4y agoAlways sad to see, but these people actively perpetuated falsehoods about things like regulation. Go look at a celsius thread on reddit when NY said it must cease operations in NY.
- M2Ys4U 4y ago>Just because they told you to have fun staying poor on the way up? Yes. Frankly these people need to have a check to their egos. Mocking people who just want a return on an investment but don't understand what cryptocurrencies are and falling prey to arseholes (correctly) assuming they are a Greater Fool is definitely in bad taste. But the people who went "Line goes up, stay poor, I am very smart" despite the warnings they were engaged in a scam... yeah, I have no sympathy for them. They're the get rich quick, fuck you I got mine libertarians who deserve to be taken down a peg or two.
- spaceman_2020 4y agoBecause you’d have to be a real dumbass to actually put your life savings in crypto. When I first bought crypto, I put in just enough that if I were to lose it all, it would mean one vacation less and a fewer more meals at home for a few months. The returns are absurd enough that a $10k investment can be life changing. Anything beyond that is just greed and stupidity.
- gowld 4y agoFor a lot of people, losing $10K is life-changing
- postalrat 4y ago$1.50 can also be life changing when someone does something stupid over it.
- nonamenoslogan 4y agoAhh, I see you just watched "Web of Make Believe" too.
- randomhodler84 4y ago$10k can’t even buy a car. I don’t know where you are in this crazy world but where I but $10k isn’t life changing, it’s more like a month of fancy dinners. I guess I’m a real dumbass. :-)
- mellavora 4y agohe said the *returns* can be life-changing, not the investment. some people 100xed on crypto
- randomhodler84 4y agoSome even did better than that ;-) My life is completely unchanged. I still work everyday.
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- rngname22 4y agoMaybe because crypto is burning enormous amounts of fossil fuels at a time when humans are literally destroying the biosphere and for 90% of people involved their motivation is speculation and greed (get rich) not technology or real world applications.
- antiverse 4y agoSo you finally got to the root of human nature, you're clearly disappointed, and this is your response?
- jpambrun 4y agoBeing happy at the prospect of reduced energy consumption is a reasonable and appropriate response. That greedy people took a high risk investment in something purely speculative and lost money is inconsequential..
- faefox 4y ago> Just because they told you to have fun staying poor on the way up? I mean, yes? The level of hubris so many crypto bros exhibited was truly incredible. And if that weren't enough the negative externalities (the truly shockingly wasteful nature of proof-of-work mining, the diversion and scalping of GPUs) should make anyone glad that the bubble burst.
- acchow 4y agoWhen this crypto thing turned into a ponzi scheme, it was already guaranteed that many people would lose everything. We can only hope it collapses earlier so there are fewer victims.
- xwolfi 4y agoIt was never anything else
- acchow 4y agoBitcoin's original goals and a ponzi scheme both require collective belief in a fiction, but they are distinct fictions. Bitcoin requires its users collectively believe it has value and others will accept it for some value - this is necessary in order for mining to be profitable thus hashing power be dedicated to protect the blockchain. A ponzi scheme requires that more people will be buying in at increasingly higher prices. Notice the former does not assume anything about constantly rising prices. The original vision of Bitcoin actually works better if the price itself remains stable (not rising).