from Hacker News

‘It's a Bloodbath’: The Crypto Crash Is Real

by OberstKrueger on 5/11/22, 11:35 PM with 9 comments

• by ThrowITout4321 on 5/12/22, 1:20 AM

  A big issue with Crypto is that there is no floor. It also trades 24/7. So there is no cool down period if people start to panic. So we are seeing the result of that. People are panicking and will sell as soon as they see their gains start to disappear. It's not the first time and it won't be the last.

  It needs a shakeout and it will be stronger once it stops. There are going to be lots of people who will pick up some great bargain since at some point it will reverse course. Unfortunately no one knows that number.

• by daniel-cussen on 5/12/22, 7:27 PM

  The beauty of bitcoin, in its unique status as the idealistic cryptocurrency, is that it never promised anything. Satoshi never tried to set an exchange rate with anything, never pegged, never said he'd provide any asset, product, guarantee, for any amount. Even monopoly money is based on the US dollar, and you can buy properties on the board with it, and they're symbols for actual real estate, have names from Atlantic City, get $200 for passing go, $2000 for landing on Boardwalk, everything in the game gives some tangibility to the paper.

  With Bitcoin, there's absolutely nothing. It's only relative to itself, in that mining a block is worth 40 bitcoins, which are this divisible and no more, and there is a limit to how many there will ever be, 21 million. And a block is mined every ten minutes. That's it. Three parameters. Totally free-floating from the very beginning.

• by yuppie_scum on 5/11/22, 11:40 PM

  You hate to see it

• by GreaterFool on 5/12/22, 2:42 AM

  There is no "crypto crash."

  There is "everything crash."

  Crypto, stocks, baby formula, war.

  The world has turned into an insane clown world.

  There are evil people out there, and they fuel the flames.

  Instead of building, they steal, instead of creating, they destroy.

  They are driven by a belief in scarcity--that for them to have, others must not.

  The people who cheer at this mayhem are fools who think they missed out. They can't stand other people making money. Because they can't stand artists making money. Because they can't stand women making money. Because they can't stand people from "foreign countries" making money.

  They'd rather see the world burn or go back to the dark times.

  This is foolish and small-minded.

  In crypto, there is a floor. It is ZERO. It is "no crypto."

  What crypto doesn't have is the ceiling.

  There is no ceiling.

  It is not a zero-sum game.

  WHEN YOU BUILD, MERIT ACCUMULATES. THERE IS NO LIMIT TO THE AMOUNT OF MERIT ONE CAN ACQUIRE.

  The benefits should flow to everyone and not some at the cost of the others.