I don’t support the grave dancing. Especially because it sometimes involves real graves - people have certainly died (typically suicide) from this crypto downturn.
I think celebrating this “crash” is primarily driven by the cryptocurrency community being so insufferably obnoxious to promote their self-serving agenda (“Have fun staying poor”). There’s a natural desire to celebrate the downfall of a community that has been exhibiting such a condescending superiority complex during this run.
I suspect that suicide rates, other wider societal effects, etc are higher with cryptocurrency because (in addition to other factors) it becomes the entire identity to most people in the space - hence the obnoxious Thanksgiving crypto bro archetype.
For these people the crypto crash is more deeply felt because I’m sure for many of them it’s about much more than the financials. They take it really personally to the point where it can strike to the core of who they are. This is especially dangerous given other than constantly hawking their favorite coin they are handing a significant portion of their well-being to a market they have absolutely no control over. Scary.
They also tend to be risk seeking to the point of desperate/reckless, inexperienced, easily influenced, generally unsophisticated, etc. It’s the shoeshine boy giving stock tips. I also think that due to the volatility it likely attracts legitimate gambling addicts at a much higher rate (and the resulting jump in suicides and shattered lives).
I can’t recall it being common to post suicide hotline numbers on various forums, etc when a stock goes down 80%…
If I’m doing any grave dancing at all it’s due to the most obnoxious of them just finally shutting up about crypto. It gets old so quickly.
I have a contact on LinkedIn who is a high level executive at a crypto company you’ve heard of. His activity on LinkedIn is the most childish, obnoxious, and often times offensive I’ve ever seen from a professional in a professional setting. It blows my mind this is how he conducts himself in public on a professional social media platform.
His conduct along with activity, stories, interviews of other major figures (think SBF-types) adds yet another data point on just how far blockchain is from real relevance to the general public.
I keep thinking - if an executive at that level from a bank or any non-crypto related financial anything made these posts they would be fired more or less instantly. This guy was promoted to his current position a few months ago.
He went from at least one absolutely ridiculous FOMO/if you don’t buy in you’re a moron/have fun staying poor post daily to first disappearing for a week (likely managing fallout) to now occasionally posting some lighthearted saying maybe once a week or so.
Humble pie.
Even though I essentially can’t stand this person (and many like them on Twitter) I find their personalities and activity to be a really interesting observation into the space.