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Comment by howlin | Hacker News Reader

Seems like the entire capitalization of crypto is around $1 trillion. The total value of housing in the USA is a bit over $40 trillion. So that should give you some sense of scale of the crypto market versus other markets that pose systematic risks.

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Note that the dot-com bubble lost about $1.7T [edited from B] in market cap, off a total of roughly $3T for the sector:

https://money.cnn.com/2000/11/09/technology/overview/

In the grand scheme of things crypto is still relatively small, another dot-com bubble or not even that. It's going to be a sideshow for the bloodbath that happens in the public equity and corporate debt markets (and eventually, the housing market), which is just getting started.

> Note that the dot-com bubble lost about $1.7T …

… in 2000. That would be $2.85T today, going by the official CPI inflation calculator.[0]

[0] https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=1.7&year1=2000...

At peak ~7 months ago crypto's market cap was ~$2.8 trillion. Now down nearly $2 trillion.

Tether's $70B market cap is currently over 50% of ETH's and nearly 20% of BTC's. The whole thing looks like an incredible shitshow.

https://coinmarketcap.com/charts/

But the 1T number is mid-crash - I think the pre-crash figure I've seen was around 3T. Adjusted for inflation, crypto is still a bit short of the dot-com crash, but not by a lot, and it doesn't seem like it's over.

The peak number was not monetizable unlike the door com crash. Dutch and Razzlekhan had five billion dollars worth of crypto, but had trouble buying 500$ Walmart gift cards. The wealth effect really never took hold- there was no market depth and the holders didn't act as if their wealth was real, so they won't change their behavior when it evaporates

$1.7T isn't it

Fixed, thanks.

The housing market is somewhat different than the crypto market in that people need a place to live.

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