People have such a hatred for crypto they are overjoyed to celebrate a crypto crash. They were annoyed people they disliked were getting rich and now feel “vindicated” the bubble is popping.
But…have people actually looked around? Airbnb stock is down 80% in the last 6 months. Netflix, Twilio, DoorDash, and many many other companies have taken a similar beating.
Bitcoin has actually done much better then most of the tech stocks, especially if you look at a 2 year chart.
Amazing to see all this gravedancing when the crypto crash isn’t a crypto crash at all but a speculative asset crash and most of our jobs fall into that category.
Another funny dynamic is many pro-crypto subreddits hate NFTs but similarly we’re seeing gravedancing over monkey JPEGs even though the bored apes have held up better then many “serious” crypto projects.
My point is that people want confirmation bias for their narrative. And they are overjoyed to celebrate crypto crashing to extent it confirms their narrative it’s a big Ponzi scam that was due for a crash. But they seem less eager to be intellectually honest and work in the rest of what’s going on into that narrative.
If bitcoin falling 60% proves it was a scam what does Airbnb falling 80% say about Airbnb. And I know your answer will be they have a business model with cash flow. But these are all “a priori” assumptions. The crash is viewed in a different lens based not on evidence but on what we believe to be true beforehand.
Tech bros celebrating the death of crypto bros are knee deep in the icey waters of the Titanic sinking celebrating the guy whose shoulder deep as they both continue to sink, but due to preconceived notions refuse to realize they’re all about to drown from the same iceberg crash.