Re:Ask HN: Is anyone else glad the crypto market is crashing?
by rot13xor on Thursday May 12, 2022 @02:57PM
(#31358643)
The crypto believers told me US dollar would enter hyperinflation very soon and Bitcoin will be the only viable currency because it has a finite supply.
[ Parent
| on HN ]
Re:Ask HN: Is anyone else glad the crypto market is crashing?
by epolanski on Thursday May 12, 2022 @03:28PM
(#31359114)
Why something that has a finite supply would be viable as a currency.
Since it's deflative all the incentive is holding, not spending. Why buy a house for 5 bitcoins now, if I can get it at 4 bitcoins 3 months from now..What if I could get it at 1 bitcoin in 3 years...crazy right..?
And no one spends, because the incentive is not here.
Our economies are all based on people wanting to spend or invest rather than stock money.
Re:Ask HN: Is anyone else glad the crypto market is crashing?
by mattwilsonn888 on Monday May 16, 2022 @04:43AM
(#31394752)
How is saving for the future somehow bad? People will spend on what's important and the bullshit will go bankrupt. Welcome to reality.
Re:Ask HN: Is anyone else glad the crypto market is crashing?
by timtas on Tuesday May 17, 2022 @12:30PM
(#31413055)
You're right. No one ever buys computers or phones. They'll be cheaper and more powerful tomorrow!
Re:Ask HN: Is anyone else glad the crypto market is crashing?
by matheusmoreira on Thursday May 12, 2022 @10:05PM
(#31362432)
Finite supply doesn't even matter anymore since exchanges are now operating like banks with fractional reserves, loans and everything. Through credit they can inflate away the value of cryptocurrencies as much as they want. The entire financial system was reinvented on top of bitcoin, it's the worst possible outcome.
Re:Ask HN: Is anyone else glad the crypto market is crashing?
by mattwilsonn888 on Monday May 16, 2022 @04:44AM
(#31394758)
> entire financial system was reinvented on top of bitcoin
You can build shit on top of anything. But you can't build anything worthwhile on top of shit. Bitcoin at least has a solid, extractable, base.