News for hackers. Stuff that matters.

A comment on $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k. Parent comment

Re:$7.6B in crypto long positions liquidated in 1 hour as Bi... by ullevaal on Sunday April 18, 2021 @12:18PM (#26853751)
Yes, for someone whose prior has been: “The price will crater and most people will lose interest”, I think that the thousands of hours of developer time and institutional interest is probably starting to pay of in terms of more mature markets.

I still have problems with the idea that people are able to pick the correct winners. When the blockchain finally gets its killer mainstream app, why not do a new ICO on a restarted blockchain instead of a billion dollar wealth transfer to early adopters?

[ Parent | on HN ]
Re:$7.6B in crypto long positions liquidated in 1 hour as Bi... by xur17 on Sunday April 18, 2021 @12:31PM (#26853879)
Because all of the money and users that you hope use your killer mainstream app have to come from somewhere - a brand new blockchain makes your app that much harder to launch.

In addition, your killer mainstream app may only be useful inside of an existing ecosystem. Ex: Uniswap is pretty useless if you don't have any assets that people want to trade.

[ Parent | on HN ]
Re:$7.6B in crypto long positions liquidated in 1 hour as Bi... by blueblisters on Sunday April 18, 2021 @12:50PM (#26854059)
I think Bitcoin’s biggest strength (and weakness) is hype and FOMO. If another coin comes along that gets more attention (see Dogecoin), you’ll see the Bitcoin community try to discredit for the same reasons that Bitcoin is currently dissed for right now.
[ Parent | on HN ]