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The one thing which is satisfying for me about this crash is that, as a developer working in the cryptocurrency space, I was constantly looked down on by the ma

The one thing which is satisfying for me about this crash is that, as a developer working in the cryptocurrency space, I was constantly looked down on by the mainstream FAANG tech crowd. They kept telling me "Crypto is a bubble, there's nothing behind it" and I would say back to them "Yes, but with all the money printing that's been going on and distorting the markets, how can we even know which company in the stock market is backed by real value?" And now look at what's going on; big tech stocks crashed faster than crypto did. In a realistic economic environment, could these stocks be worth less than 'worthless' crypto? The effect is even more dramatic than I thought. It confirms my beliefs that the economy of the last decade was a kind of lucky lottery system.

jfghi 4y ago
None of the tier 1 tech stocks have any chance of bankruptcy.
- jongjong 4y ago
  There is still a tiny chance. Crypto has 0 chance of bankruptcy. This is because cryptocurrencies aren't even companies; they have no directors, no board members, no debt, no assets. It's impossible for them to go bankrupt. Also, companies can become nonviable and be shut down. On the other hand, it's almost impossible for a crypto to become nonviable... There will always be some tinkerers willing to run nodes at a tiny annual loss. PoS cryptos are very cheap to operate.
  - maxerickson 4y ago
    Lack of a meaningful consensus network would be pretty similar, in the sense that someone holding that currency wouldn't be able to get anything in exchange for it. Well, it'd likely be worse than bankruptcy, because there wouldn't be any assets to go after in court.
    - jongjong 4y ago
      That won't happen because there will never be a shortage of fools and degens who will buy crypto. Same reason why gambling will always exist. Crypto is better at attracting speculators because it's not as constrained by regulations and even if price drops 80%+, people immediately start telling themselves "I'm in it for the technology and/or social mission" and this keeps them HODLing until the next bull run. Stock investors tend to think more like "This stock just dropped 80%, I have to cut my losses... Switching to value investing. Bye."
  - twblalock 4y ago
    Crypto could easily go to zero if everyone agreed that is what it is worth. I mean, FTT just went from $25 to something in the $2 range since the whole FTX thing blew up. And it will probably hit zero soon -- I have no idea why anyone still wants it.
    - Koshkin 4y ago
      > I have no idea You have no idea.
  - jfghi 4y ago
    Certain large crypto companies have gone bankrupt causing their customers to lose all their funds whereas I’d claim purchasing meta stock at this point in time is a much safer position.

jfghi 4y ago

None of the tier 1 tech stocks have any chance of bankruptcy.

jongjong 4y ago
There is still a tiny chance. Crypto has 0 chance of bankruptcy. This is because cryptocurrencies aren't even companies; they have no directors, no board members, no debt, no assets. It's impossible for them to go bankrupt. Also, companies can become nonviable and be shut down. On the other hand, it's almost impossible for a crypto to become nonviable... There will always be some tinkerers willing to run nodes at a tiny annual loss. PoS cryptos are very cheap to operate.
- maxerickson 4y ago
  Lack of a meaningful consensus network would be pretty similar, in the sense that someone holding that currency wouldn't be able to get anything in exchange for it. Well, it'd likely be worse than bankruptcy, because there wouldn't be any assets to go after in court.
  - jongjong 4y ago
    That won't happen because there will never be a shortage of fools and degens who will buy crypto. Same reason why gambling will always exist. Crypto is better at attracting speculators because it's not as constrained by regulations and even if price drops 80%+, people immediately start telling themselves "I'm in it for the technology and/or social mission" and this keeps them HODLing until the next bull run. Stock investors tend to think more like "This stock just dropped 80%, I have to cut my losses... Switching to value investing. Bye."
- twblalock 4y ago
  Crypto could easily go to zero if everyone agreed that is what it is worth. I mean, FTT just went from $25 to something in the $2 range since the whole FTX thing blew up. And it will probably hit zero soon -- I have no idea why anyone still wants it.
  - Koshkin 4y ago
    > I have no idea You have no idea.
- jfghi 4y ago
  Certain large crypto companies have gone bankrupt causing their customers to lose all their funds whereas I’d claim purchasing meta stock at this point in time is a much safer position.