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Comment by ntoskrnl | Hacker News Reader

Crypto has given back its money-printer-fueled gains since 2020. Tech stocks have done the same. Why should one set of companies should be more worried than the other? The market gives, the market takes away.

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Crypto companies are tech stocks. But even so, crypto itself has actually given up LESS than the typical high growth tech stock. The pre-pandemic price of BTC was around 9-10k. It's still double that right now. Meanwhile, companies like Teladoc and Shopify have fallen BELOW their pre pandemic levels, and newly IPO'd companies like Palantir, Robinhood, etc. are floundering down to new lows every other week.

What an odd comparison, BTC is essentially one of two "blue-chips" in crypto. Comparing it to a AAPL or BOFA would be more apt. Or comparing RH PLTR to a shitcoin (ApeCoin has called to essentially nothing.)

There is no blue chip cryptocurrency. They are just as speculative as growth stocks and certainly nowhere near as stable as Apple or Bank of America.

The market for Tesla cars is still red hot, though. I would be extremely worried about Tesla if there were no factories and dealers, just stock and hype. If hype is your only asset, it's hard to see how you recover from a crash.

This is not crypto's first crash, and won't be its last. From early 2018, ETH dropped 94%. The current price is about fifteen times higher than it was at the bottom of the 2018 bear market.

So either you can recover when hype is your only asset, or hype isn't crypto's only asset.

Hype seems to be the one infinitely renewable resource.

So too are AdWords.

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