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3 years ago ETH was $100, today it's $1300, maybe we should all just wait and see before writing the obituary

mumblemumble 4y ago
Calling this an obituary is rather hyperbolic. It is, though, yet another indication that crypto is losing momentum among mainstream consumers. Perhaps that's simply collateral damage from a downturn that's affecting all segments of the economy. But, then again, perhaps not. It strikes me as a distinct, qualitatively important development that's worth observing carefully rather than dismissing out of hand.
- monero-xmr 4y ago
  I mean, META stock has been a worse investment year over year than bitcoin. I know everything is relative, but the "momentum losing" I think is fueled by people who vehemently dislike this technology more than what the market is determining
  - mumblemumble 4y ago
    You can't draw a distinction between people who dislike an asset and "the market" like that. The market includes everyone, not just a select group of people who hold a specific set of opinions. Also, this focus on the USD exchange rates of specific cryptocurrencies is akin to moving the goalpost right out of the stadium and into, like, a tennis court or something. The shift this article is talking about is not about prices, it's about mainstream institutional support for the asset class. That's not driven by exchange rates, per se, because they're not speculating on it, they're simply enabling their clients to do so. It's more driven by things like whether they believe there's a stable consumer market that can be relied upon to cover their cost of operating in the space and provide some profit as well.
xupybd 4y ago
And that is why I don't go near any crypto. Don't get me wrong I love the idea but I don't like volatility. I can't wait until a stable DeFi is established. for international transactions this will be a dream. If it's up over 10 fold in 3 years then I don't see why it couldn't drop 3 fold in the next 3. I like simple investments where the value is obvious and a simpleton like me can guess if the price matches the underlying value.
- hem777 4y ago
  Can you give an example of what you’d consider “simple investments where the value is obvious” and where “a simpleton like all of us can guess if the price matches the underlying value”? I’m genuinely curious.
  - xupybd 4y ago
    Most commodities such as gold and oil. You don't need to know much about them to know they have value. Government bonds because you're trusting in the government lasting that period and keeping their word. Index funds, you're just following the market and betting it will do the same thing it did the last 30 years over the next 30 years. All of these I'd only look at for long term investing. Short term trading is not for me. My crystal ball is just not good enough for that.
Animats 4y ago
1 year ago it was $3000.
- monero-xmr 4y ago
  A year ago TSLA was $368 and today is $120. I don't think we should ban electric cars or think the tech is dead
  - asdff 4y ago
    What in particular does TSLA do that makes it worth more than toyota, honda, and ford combined in market cap?
    - njarboe 4y ago
      They produced 20 times more fully electric vehicles than toyota, honda, and ford combined in 2022. Tesla produced about 1.4 million all electric vehicles in 2022 with a growth rate of about 40%.[1] Toyota:1220 (The BZ4X is the only full electric sold in 2022)[2] Honda: I don't think they sell any all electric cars right now. None on this list[3]. Ford about 65 thousand.[4] [1]https://www.cnbc.com/2023/01/02/tesla-tsla-q4-2022-vehicle-delivery-and-production-numbers.html https://www.cnbc.com/2023/01/02/tesla-tsla-q4-2022-vehicle-d... [2]https://www.prnewswire.com/news-releases/toyota-motor-north-america-reports-year-end-2022-us-sales-results-301713474.html https://www.prnewswire.com/news-releases/toyota-motor-north-... [3]https://electrek.co/2022/10/18/us-electric-vehicle-sales-by-maker-and-ev-model-through-q3-2022/ https://electrek.co/2022/10/18/us-electric-vehicle-sales-by-... [4]https://web.archive.org/web/20230109011143/https://www.nytimes.com/2023/01/05/business/ford-2022-sales-electric-vehicles.html https://web.archive.org/web/20230109011143/https://www.nytim...
      - postexitus 4y ago
        and Toyota sold an infinite times of hybrids than Tesla, which are more profitable, accessible, affordable. Your point?
LastTrain 4y ago
There’s no reason for it to have gone up but there are plenty of reasons for it to go down. Keep HODLing though.
top_sigrid 4y ago
It baffles me, that the people that are the most cryptocurreny-enthusiast are the ones most likely to confuse the proof for a _usecase_ of a technology with the sheer _price_ development a digital token on a completely volatile market. What your comment says is that more people decided to pump money into a cryptocurrency over (completely biased chosen) x amount of time than people cashing out (if put differently one could definitely encorporate the terms of greater-fool or pyramid in this senetence).
- monero-xmr 4y ago
  I mean I could list a ton of milestones and use cases and things but on HN few people care about that. The price is an easy way to quantify the value to the market holistically.
  - top_sigrid 4y ago
    And yet again you confuse monetary "value" (more like exchange value) with value as in there is a use for it.
Ekaros 4y ago
Isn't that actually a bad thing? Wouldn't I want the currency I use for finance and so on to be relatively stable? And money come from these activities and not the currency changing in value.

Calling this an obituary is rather hyperbolic. It is, though, yet another indication that crypto is losing momentum among mainstream consumers. Perhaps that's simply collateral damage from a downturn that's affecting all segments of the economy. But, then again, perhaps not. It strikes me as a distinct, qualitatively important development that's worth observing carefully rather than dismissing out of hand.

monero-xmr 4y ago
I mean, META stock has been a worse investment year over year than bitcoin. I know everything is relative, but the "momentum losing" I think is fueled by people who vehemently dislike this technology more than what the market is determining
- mumblemumble 4y ago
  You can't draw a distinction between people who dislike an asset and "the market" like that. The market includes everyone, not just a select group of people who hold a specific set of opinions. Also, this focus on the USD exchange rates of specific cryptocurrencies is akin to moving the goalpost right out of the stadium and into, like, a tennis court or something. The shift this article is talking about is not about prices, it's about mainstream institutional support for the asset class. That's not driven by exchange rates, per se, because they're not speculating on it, they're simply enabling their clients to do so. It's more driven by things like whether they believe there's a stable consumer market that can be relied upon to cover their cost of operating in the space and provide some profit as well.

xupybd 4y ago

And that is why I don't go near any crypto. Don't get me wrong I love the idea but I don't like volatility. I can't wait until a stable DeFi is established. for international transactions this will be a dream. If it's up over 10 fold in 3 years then I don't see why it couldn't drop 3 fold in the next 3. I like simple investments where the value is obvious and a simpleton like me can guess if the price matches the underlying value.

hem777 4y ago
Can you give an example of what you’d consider “simple investments where the value is obvious” and where “a simpleton like all of us can guess if the price matches the underlying value”? I’m genuinely curious.
- xupybd 4y ago
  Most commodities such as gold and oil. You don't need to know much about them to know they have value. Government bonds because you're trusting in the government lasting that period and keeping their word. Index funds, you're just following the market and betting it will do the same thing it did the last 30 years over the next 30 years. All of these I'd only look at for long term investing. Short term trading is not for me. My crystal ball is just not good enough for that.

Animats 4y ago

1 year ago it was $3000.

monero-xmr 4y ago
A year ago TSLA was $368 and today is $120. I don't think we should ban electric cars or think the tech is dead
- asdff 4y ago
  What in particular does TSLA do that makes it worth more than toyota, honda, and ford combined in market cap?
  - njarboe 4y ago
    They produced 20 times more fully electric vehicles than toyota, honda, and ford combined in 2022. Tesla produced about 1.4 million all electric vehicles in 2022 with a growth rate of about 40%.[1] Toyota:1220 (The BZ4X is the only full electric sold in 2022)[2] Honda: I don't think they sell any all electric cars right now. None on this list[3]. Ford about 65 thousand.[4] [1]https://www.cnbc.com/2023/01/02/tesla-tsla-q4-2022-vehicle-delivery-and-production-numbers.html https://www.cnbc.com/2023/01/02/tesla-tsla-q4-2022-vehicle-d... [2]https://www.prnewswire.com/news-releases/toyota-motor-north-america-reports-year-end-2022-us-sales-results-301713474.html https://www.prnewswire.com/news-releases/toyota-motor-north-... [3]https://electrek.co/2022/10/18/us-electric-vehicle-sales-by-maker-and-ev-model-through-q3-2022/ https://electrek.co/2022/10/18/us-electric-vehicle-sales-by-... [4]https://web.archive.org/web/20230109011143/https://www.nytimes.com/2023/01/05/business/ford-2022-sales-electric-vehicles.html https://web.archive.org/web/20230109011143/https://www.nytim...
    - postexitus 4y ago
      and Toyota sold an infinite times of hybrids than Tesla, which are more profitable, accessible, affordable. Your point?

LastTrain 4y ago

There’s no reason for it to have gone up but there are plenty of reasons for it to go down. Keep HODLing though.

top_sigrid 4y ago

It baffles me, that the people that are the most cryptocurreny-enthusiast are the ones most likely to confuse the proof for a _usecase_ of a technology with the sheer _price_ development a digital token on a completely volatile market. What your comment says is that more people decided to pump money into a cryptocurrency over (completely biased chosen) x amount of time than people cashing out (if put differently one could definitely encorporate the terms of greater-fool or pyramid in this senetence).

monero-xmr 4y ago
I mean I could list a ton of milestones and use cases and things but on HN few people care about that. The price is an easy way to quantify the value to the market holistically.
- top_sigrid 4y ago
  And yet again you confuse monetary "value" (more like exchange value) with value as in there is a use for it.

Ekaros 4y ago

Isn't that actually a bad thing? Wouldn't I want the currency I use for finance and so on to be relatively stable? And money come from these activities and not the currency changing in value.