6 ms·

Crypto simply followed the overall market effects. People cashed out with the economic downturn on the profits they made, just as they did the stock market.

by rabuse 4y ago

JumpCrisscross 4y ago
> Crypto simply followed the overall market effects Crypto is performing far worse than even the riskiest decile of the stock market. Which should surprise nobody.
- nightski 4y ago
  This is not true. The riskiest stocks are down thousands of %.
  - JumpCrisscross 4y ago
    > riskiest stocks are down thousands of % This isn’t how numbers work. Also, practically every asset class has a member that went to zero. The question is what fraction, and how did the others do. If you bought a basket of super-risky assets, over the past years, they went up like crypto and down less.
    - deleted 4y ago
      [deleted]
  - actionablefiber 4y ago
    > The riskiest stocks are down thousands of %. Huh?
  - nabaraz 4y ago
    Nothing can be down more than 100%. Average stocks in S&P are down 55%. Growth stocks are down 70%. S&P is down 18%. Bitcoin is down 60%.
    - nightski 4y ago
      Options very well can be down more than 100%. It's a leveraged bet and a very common vehicle in traditional finance. So much so you can buy/sell them on platforms like Robinhood.
      - maxfurman 4y ago
        Is an option "the riskiest stock," though? It's a financial instrument and not the stock itself, no?
        nightski 4y ago
        Sure if you are being pedantic you got me. I was just trying to make the point that there are very risky positions you can hold in traditional finance as well and you can be down thousands of percent.
        greatwave1 4y ago
        > Crypto is performing far worse than even the riskiest decile of the stock market. Which should surprise nobody. > This is not true. The riskiest stocks are down thousands of %. I mean, sure looks like you were trying to argue that crypto isn't performing worse than the riskiest decile of the stock market, which just isn't true at all.
        nightski 4y ago
        It is though. There are plenty of growth stocks down 80%. Many of which were being pushed heavily by the Youtube finance crowd. The same ones peddling FTX (cough)...
        greatwave1 4y ago
        Just because you can find some individual stocks that are down 80% (and keeping in mind that 80% != thousands lol), doesn’t mean that the most volatile decile of the stock market hasn’t outperformed crypto. The iShares Small Cap Growth ETF (which is a probably a decent proxy for the most volatile companies in the market) is only down 13% on the year.
  - shkkmo 4y ago
    "decile" means 10%, are you intending to claim that the riskiest 10% of stocks are down on average at least 1000%? That seems like a pretty strong claim that needs some backing...
  - deleted 4y ago
    [deleted]
- rabuse 4y ago
  Have we forgotten the amount of profit people made from the prior years of insane price growth? Tell me which stock performed as well as Bitcoin.
  - JumpCrisscross 4y ago
    > which stock performed as well as Bitcoin If you want to go for a rodeo, there are litanies of similar success stories in penny stock and angel investing.
  - parineum 4y ago
    This is true but all that it proves is that Bitcoin is incredibly volatile. It seems like the pro-crypto arguments end up being circular sometimes (not from the same person but the community). If the market is good, it's a great investment. If the market is bad, buy the dip! If it's unstable, remember all thos people who made money? If it's stable, well it's a currency after all. There are so many people who view crypto differently there's always someone there to sing it's praises. I'll still have no idea what crypto is supposed to be aside from a vehicle for fraud.
    - newaccount74 4y ago
      > I'll still have no idea what crypto is supposed to be It's anonymous payment! Great for - avoiding sanctions - selling drugs - receiving blackmail payments Those are huge markets that are completely untapped by legacy payment processors! If that doesn't sound like a great investment opportunity!
- rel2thr 4y ago
  Not really, crypto is down about as much as ARKK which is a good tracker of risky high growth tech assets
  - deleted 4y ago
    [deleted]
  - tootie 4y ago
    That's cherry picked. The S&P Index has lost less value and also pays dividends.

Crypto simply followed the overall market effects. People cashed out with the economic downturn on the profits they made, just as they did the stock market.

by rabuse 4y ago

Crypto simply followed the overall market effects. People cashed out with the economic downturn on the profits they made, just as they did the stock market.

JumpCrisscross 4y ago

> Crypto simply followed the overall market effects Crypto is performing far worse than even the riskiest decile of the stock market. Which should surprise nobody.

nightski 4y ago
This is not true. The riskiest stocks are down thousands of %.
- JumpCrisscross 4y ago
  > riskiest stocks are down thousands of % This isn’t how numbers work. Also, practically every asset class has a member that went to zero. The question is what fraction, and how did the others do. If you bought a basket of super-risky assets, over the past years, they went up like crypto and down less.
  - deleted 4y ago
    [deleted]
- actionablefiber 4y ago
  > The riskiest stocks are down thousands of %. Huh?
- nabaraz 4y ago
  Nothing can be down more than 100%. Average stocks in S&P are down 55%. Growth stocks are down 70%. S&P is down 18%. Bitcoin is down 60%.
  - nightski 4y ago
    Options very well can be down more than 100%. It's a leveraged bet and a very common vehicle in traditional finance. So much so you can buy/sell them on platforms like Robinhood.
    - maxfurman 4y ago
      Is an option "the riskiest stock," though? It's a financial instrument and not the stock itself, no?
      - nightski 4y ago
        Sure if you are being pedantic you got me. I was just trying to make the point that there are very risky positions you can hold in traditional finance as well and you can be down thousands of percent.
        greatwave1 4y ago
        > Crypto is performing far worse than even the riskiest decile of the stock market. Which should surprise nobody. > This is not true. The riskiest stocks are down thousands of %. I mean, sure looks like you were trying to argue that crypto isn't performing worse than the riskiest decile of the stock market, which just isn't true at all.
        nightski 4y ago
        It is though. There are plenty of growth stocks down 80%. Many of which were being pushed heavily by the Youtube finance crowd. The same ones peddling FTX (cough)...
        greatwave1 4y ago
        Just because you can find some individual stocks that are down 80% (and keeping in mind that 80% != thousands lol), doesn’t mean that the most volatile decile of the stock market hasn’t outperformed crypto. The iShares Small Cap Growth ETF (which is a probably a decent proxy for the most volatile companies in the market) is only down 13% on the year.
- shkkmo 4y ago
  "decile" means 10%, are you intending to claim that the riskiest 10% of stocks are down on average at least 1000%? That seems like a pretty strong claim that needs some backing...
- deleted 4y ago
  [deleted]
rabuse 4y ago
Have we forgotten the amount of profit people made from the prior years of insane price growth? Tell me which stock performed as well as Bitcoin.
- JumpCrisscross 4y ago
  > which stock performed as well as Bitcoin If you want to go for a rodeo, there are litanies of similar success stories in penny stock and angel investing.
- parineum 4y ago
  This is true but all that it proves is that Bitcoin is incredibly volatile. It seems like the pro-crypto arguments end up being circular sometimes (not from the same person but the community). If the market is good, it's a great investment. If the market is bad, buy the dip! If it's unstable, remember all thos people who made money? If it's stable, well it's a currency after all. There are so many people who view crypto differently there's always someone there to sing it's praises. I'll still have no idea what crypto is supposed to be aside from a vehicle for fraud.
  - newaccount74 4y ago
    > I'll still have no idea what crypto is supposed to be It's anonymous payment! Great for - avoiding sanctions - selling drugs - receiving blackmail payments Those are huge markets that are completely untapped by legacy payment processors! If that doesn't sound like a great investment opportunity!
rel2thr 4y ago
Not really, crypto is down about as much as ARKK which is a good tracker of risky high growth tech assets
- deleted 4y ago
  [deleted]
- tootie 4y ago
  That's cherry picked. The S&P Index has lost less value and also pays dividends.