News for hackers. Stuff that matters.

A comment on Ask HN: Is anyone else glad the crypto market is crashing?. Parent comment

Re:Ask HN: Is anyone else glad the crypto market is crashing? by jtlisi on Thursday May 12, 2022 @02:32PM (#31358274)
You’re focusing on the price of bitcoin. Bitcoins market cap during Mt Gox was a few billion. Today it’s over a trillion.

Luna going from a market cap of close to 100 billion to basically worthless in a few days is like 50 Mt Gox incidents in terms of wealth destruction.

Bitcoin has market cap swings larger than the loss during Mt Gox in minutes these days.

[ Parent | on HN ]
Re:Ask HN: Is anyone else glad the crypto market is crashing? by epolanski on Thursday May 12, 2022 @03:40PM (#31359277)
> in terms of wealth destruction

It's a net zero game. Someone sells at 10, someone pays 10. But we still have the 10 in the game, they just moved.

[ Parent | on HN ]
Re:Ask HN: Is anyone else glad the crypto market is crashing? by cwkoss on Thursday May 12, 2022 @03:23PM (#31359040)
Underscores the fallaciousness of thinking paper gains are wealth.

Profits aren't real until you have to pay taxes on them.

[ Parent | on HN ]
Re:Ask HN: Is anyone else glad the crypto market is crashing? by Breza on Sunday May 15, 2022 @02:34AM (#31385680)
Which technically should happen as soon as you transfer your floating cryptocurrency into a stablecoin, but I get the feeling that most people don't pay taxes when making that mind off transaction.
[ Parent | on HN ]