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Comment by kjakm | Hacker News Reader

As someone with no real opinion on crypto the arrogant stupidity of the anti-crypto crowd (really prevalent on HN) is also quite tiring.

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For me, it's because the hype isn't around the technology (which is the interesting part and for the most part, why we're on HN), it's around the speculation. From the outside, looks like a bunch of gamblers constantly getting each other off on whether their bets will make them millionares.

It's just...sad...at a level.

I agree.

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?

Almost guaranteed? If one put all that money into S&P indexes instead of coin, they'd be up 20% versus betting on crazy coin returns.

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.

Traditionally, poor people did not have the means or access to invest money in an index like S&P.

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.

Yes. And I'd add the "hype" around speculation works both ways, coming from mainly from two camps:

- 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.

I've tried to follow the scene, but I still don't understand the value behind the tech.

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.

A fair opinion to have. I feel every HN thread on crypto now though dissolves to negativity (without any substance) + toxicity really quickly.

It is hard not to be negative about something with such a huge environmental impact that doesn't seem to do anything but let gamblers gamble.

If crypto dies you will have to find a new group of people to feel superior to to feed your ego.

A very common saying in the crypto world to "no coiners" is "have fun being poor". They are eating their words.

And so, it seems, will you.

So feeling pity for the bag holders because they're gambling in a highly speculative market, of which most have no idea what they're buying, is now egotistical. Gotcha.

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