[HN Gopher] The Cryptocurrency Crash Is Replaying 2008 as Absurd...
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The Cryptocurrency Crash Is Replaying 2008 as Absurdly as Possible
Author : davidgerard
Score : 38 points
Date : 2022-05-12 20:23 UTC (2 hours ago)
(HTM) web link (foreignpolicy.com)
(TXT) w3m dump (foreignpolicy.com)
| rvz wrote:
| Exactly. Maybe that is why it is the justification for more
| regulations for stablecoins. Highly likely that is going to
| happen or introducing their own CBDCs like China or both co-
| existing once the regulatory framework around stablecoins becomes
| clearer. Then we will see which ones will comply or not.
|
| As for the crypto-maximalists screaming about Bitcoin as a peer-
| to-peer electronic cash system for on-chain payments and as a
| _currency_ , it is safe to say that experiment has totally failed
| and that was found out the hard way.
| ElDji wrote:
| So basically bitcoin died again. Oops.
| mirceal wrote:
| Is it safe to say that Bitcoin failed?
| randomhodler84 wrote:
| It is not safe to say, but rvz likes to keep saying it. When
| the blocks stop, it has failed. It's a timechain, a
| decentralized clock. Tick Tock Next Block.
| rvz wrote:
| > It is not safe to say, but rvz likes to keep saying it.
|
| Yes it is. Assuming you have read the whole article, it is
| safe to say that it has failed in its original purpose. I
| and and many others keep saying it because it is an
| irrefutable _fact_ after many years of its existence. In
| the case of the author on Bitcoin and the contents of this
| article, he has made that _totally_ clear.
|
| Hence, can one use it for on-chain payments as _described_
| in Satoshi 's white-paper which was _supposed_ to be
| _better_ than the current system or even as a _currency_?
|
| Please think about your response to this question before
| answering.
| jakupovic wrote:
| Just because you keep repeating something doesn't make it
| true, same goes for your statements. Tick-tock next block
| ...
| davidgerard wrote:
| archive: https://archive.ph/cNkr5
| sharadov wrote:
| 200 Billion in crypto wiped out in 24 hrs is bound to cause
| ripple effects in traditional finance as well.
|
| "Crypto has at least started to work its way into the real
| financial system. Some traditional investors also own crypto; if
| their crypto goes down they might have to sell regular stuff.
| Some public companies are exposed to crypto (because they are
| crypto exchanges, because they have levered crypto holdings,
| etc.), so your boring old index fund might go down when crypto
| goes down".
|
| https://www.bloomberg.com/opinion/articles/2022-05-12/crypto...
| Barrin92 wrote:
| >so your boring old index fund might go down when crypto goes
| down
|
| I need someone to explain to me how my S&P 500 blackrock
| ishares are going to die from crypto. I don't think FAANG,
| Berkshire, Exxon and Pfitzer are going to notice if all of
| crypto dropped to zero right now.
| rglullis wrote:
| How much of FAANG's customers would cease to exist and stop
| spending if crypto went to zero?
| blibble wrote:
| probably less than 1%
| CPLX wrote:
| Yeah but is crypto causing the crash or just a symptom of it?
|
| It doesn't seem like all the large investment banks and
| reinsurers are flirting with insolvency due to crypto exposure.
|
| They definitely were due to CDO and mortgages. That distinction
| seems substantive.
| quantified wrote:
| There's bleed in various areas. Institutional investors own
| stocks in the companies involved. Microstrategy made owning
| Bitcoin part of its business. Stupid abounds.
| NicoJuicy wrote:
| That's because their own business was faultering
| javert wrote:
| Is there evidence for that?
|
| You have to wonder. But Michael Saylor comes across as a
| true believer in bitcoin.
| [deleted]
| fartcannon wrote:
| An opportunistic scapegoating by the banks, maybe. There's
| quite a lot of astroturfing about crypto (for and against these
| days). I'd expect a couple decades of conspiracy theories about
| their role at the very least.
|
| But Bitcoin was created as a response to the banks failures in
| 2008, so maybe they're trying to get ahead of that message
| returning this time around.
|
| Anyone work in PR for mortgage companies? What kinda position
| are you taking right now?
| quantified wrote:
| Matt Levine writes well about it:
| [https://www.bloomberg.com/opinion/articles/2022-05-10/anothe...]
| arrakis2021 wrote:
| It's fascinating read.
|
| Still, the amount of brain power Matt has dedicated to this
| makes me feel like it would be better spent elsewhere.
| quantified wrote:
| Were that there were other topics to occupy his mind. I just
| like the way he thinks about them and voice he gives to the
| explanations.
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