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A comment on The amateur investors ruined by the crypto crash.

Re:The amateur investors ruined by the crypto crash by rvz on Tuesday July 12, 2022 @04:35PM (#32075317)
Let's hope that the same repeated responses on every crypto-related post do not pollute this one. I hope not, but we'll see.

But this is yet another rinse and repeat story about retail once again holding the bag as they throw away their life savings on crypto. The same old story which retail always loses. every. time. on the hype and mania.

The crash was inevitable and was going to happen anyway. The signs was in November [0] as I said and even before that with crypto. I warned them [1] when Bitcoin reached over $60K and they still didn't listen. One was willing to bet that DOGE would go over $1 by September 2021 and he lost as I warned them again [2]. The same had happened with stocks like Cloudflare rocketing all the way up and warned many to sell. [2] They just held on as it crashed later.

So tell me, how was it a surprise that it all had to crash (especially crypto) in 2022? [4]

[0] https://news.ycombinator.com/item?id=29508238

[1] https://news.ycombinator.com/item?id=26937153

[2] https://news.ycombinator.com/item?id=27046019

[3] https://news.ycombinator.com/item?id=29355360

[4] https://news.ycombinator.com/item?id=29752372

[ Parent | on HN ]
Re:The amateur investors ruined by the crypto crash by formerkrogemp on Tuesday July 12, 2022 @06:58PM (#32076876)
O, great market oracle, when will crypto prices go back up again?
[ Parent | on HN ]
Re:The amateur investors ruined by the crypto crash by MacsHeadroom on Tuesday July 12, 2022 @07:08PM (#32076963)
Who cares? Price doesn't matter for any crypto specific use cases.

Even price stability is of marginal importance. Speculators can take a hike.

[ Parent | on HN ]
Re:The amateur investors ruined by the crypto crash by quickthrowman on Tuesday July 12, 2022 @07:38PM (#32077223)
> Price doesn't matter for any crypto specific use cases.

Exactly! Ransomware groups, drug dealers, and money launderers don’t mind the volatility or transaction fees since their funds are illegally obtained. It’s just a tax they pay to launder or steal money.

I’m not aware of any other specific use cases for crypto aside from speculation and the ones I listed in the previous paragraph.

[ Parent | on HN ]