I don't know why, it is probably highly irrational, but I always rejoice when the Bitcoin crashes.
So it's a relief when it looks more like it's going away or at least staying contained.
I think blockchains (esp. programmable ones) have or will have significant real value in making markets more efficient and transactions lower friction, but right now blind speculation is driving 99% of the market. IMO while this brings lots of useful funding to speed along development, it could also endanger the true purpose of the tech.
Those sort of comments you mention started creeping in, but now that is the mainstay, in every individual crypto community. I dont care that they are speculation vehicles, but pretending you are changing the world just grates. And the constant calls to HODL, which used to be humourous, are now just so much propaganda.
People who care about that have already moved on. Bitcoin has failed in that aspect, only speculators still care about it. The fact it's still the number one coin despite the existence of coins with better fundamentals like Monero and Ethereum is proof of how irrational this market is.
If prices come down, that is going to encourage some miners to take capacity offline, which is probably great for anyone who's interested in keeping Amsterdam dry.
However the world always needs more energy so the plants built will unfortunately continue operating in some other capacity for a while, but the sooner the mining stops, the sooner they will be replaced by renewables.
It's just...sad...at a level.
- those who care only about making money
- those who care only about seeing crypto fail
OTOH, the excitement and bustling activity around the actual technology is largely ignored by the mainstream media, and seems also conspicuously-absent here.
Many are not aware such a vibrant developmental ecosystem - with altruistic and exploratory goals far removed from a demented push to "make money" - even exists.
In my opinion, states and currencies are almost the same thing.
As an ex-anarchist I think that it is unreasonable to completely remove centralized states or currencies.
Because the alternative is worse.
People might have altruistic intentions, it does not matter.
But also try taking a step back: why are they gambling? Sure, greed is ever-present in human history—that's a given. But also listen to the doubt in the present establishment. I know what it's like to be poor and what the banks do to you in that state. It doesn't surprise me in the slightest that there's so much being thrown at it. The chances of and potential returns are almost guaranteed better than a savings account. That's a problem, isn't it?
Most people aren't equipped to handle the volatility of the coin market and most people don't understand that you don't actually lose until you realize losses. Therein creates almost more guaranteed stress than actually making money, as we're seeing now with all the bag holders from the past couple months getting destroyed.
Most people also aren't equipped to see their savings reduce in real value every month. This is a global phenomenon, not one isolated to first-world subdivisions.
You seem to be mistaking my seeking the reason why people might do what appears [to you and many others] to be such a wildly irrational thing to do. I'm arguing it's not irrational in their case, but one of the most rational things one can do as someone without much means when faced with the ready alternatives. It becomes no surprise.
The senior management of regular banks in many countries are often required by law to deny that the bank is in jeopardy right up until the moment they close the doors, as a way to prevent bank runs.
Because crypto is distributed, every holder is a bank manager, and must deny or minimize problems with the currency in order to maintain sentiment and prevent runs.
This for me is one of the biggest problems with Bitcoin - it incentivizes the holders to become engines of disinformation.
Seems like if a large part of the population of the US held Bitcoin, and 51% of the hash power remains in China, there will be some nasty geopolitical consequences.
And now I am laughing at the ones who bought BTC at >$60K who are now bag-hodling around and have to wait again.