Crypto has crashed – can it bounce back? | Hacker News Reader

Crypto has crashed – can it bounce back?

theguardian.com

15 pointsarbol10 comments

The growing demand for currency not controlled by the government is undeniable. Only a matter of time. But this time, hopefully less irrational exuberance for alt-coins that serve no purpose besides speculation

Cryptocurrencies are acting as anything but, though. In 2015 electronic cash wasn't really a thing in my country (it's still got a long way to go today). I tried using Bitcoin. It was slow, difficult to use, and the value was prone to wild swings. I wanted Bitcoin or something similar to succeed as a currency. But it's all been taken over by speculators and scammers.

When I moved to Australia I found that I could just use AUD electronically. Fast, easy, stable, and fee-free.

USD works the same within the US, I have found for decades.

And I don't mean that in any negative way; I mean what you said seems true in Australia and in the US.

I sold my BTC late Jan 2021 for around $30k. Everytime ppl say it has crashed since then, the price is still hovering around 29-30k like the universe is playing some sick joke to me.

So no it hasnt crashed yet. Let me see under 10k, then we can talk.

It has 'crashed' for the 990th time. And?

Do you know what? I hope after what happens to Tether, Bitcoin crashes even further below $20K and below $15K and then several years later, it will bounce back 'up' again.

It has to go down first before it goes 'up'. So I hope it crashes again and this time you do not buy in at $69K. [0][1]

[0] https://news.ycombinator.com/item?id=27206314

[1] https://news.ycombinator.com/item?id=31351130

It's worth zero but people pay 30k for it. No, it hasn't crashed yet.

> It has to go down first before it goes 'up'.

going down doesn't imply that it would eventually go back up. It might, or it might not.

That's why it's speculative!

A number in a computer has NO INTRINSIC WORTH AT ALL. It's merely a promise of money. Its worth depends on the integrity of others. No integrity, no money.

If you can't hold anything in your hot little hand or touch it, it doesn't belong to you. That gold of yours in the Bank's safety deposit box? That belongs to the Bank. You want proof? Just try to get it out at midnight when the Bank is closed.

> If you can't hold anything in your hot little hand or touch it, it doesn't belong to you.

society has built law and order upon natural chaos. What belongs to you is different from what you can hold in your hand. For example, a land title, which is only meaningful if everyone else respects the title. The gold in the bank's safe is still yours, even if they deny access in the middle of the night, when it's inconvenient for them to give you access.

Crypto's worth(lessness) is not due to it not being in your hands, nor that you cannot touch it.

If this is a crash, crypto has already won.

Reply on news.ycombinator.com