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Comment by anovikov | Hacker News Reader

What's the value of coins if with Binance down, most certainly Bitcoin will be down too as it was propped up with fake printed USDT, which will collapse as well, and with them evaporating, every other coin will follow? If Binance falls, all crypto will vanish. And good riddance.

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BTC won’t vanish but most all other ones will revert to their natural state outside of the last few years bubble (zero-ish). I’m sure BTC will still be worth some thousands. And I’m a BTC long term skeptic

At least Tulip bulbs can be planted. Crypto just burns electricity. The value of crypto is actually negative at this point.

People have been making the crypto tulip comparison since when bitcoin was worth less than $100. Not saying you're wrong at this point, but if you're right, you're about as right as a broken clock.

True but I have been making them from the beginning.

I actually think it would be good for people to see crypto as worthless. Maybe then they would spend it instead of holding it and it could actually act as a currency.

> Maybe then they would spend it

Why? Do you want to buy?

Currency shouldnt be “bought” it should be used. Earned and spent.

Forex is a very real very gigantic form of investment.

If your argument is that a few years of irrational market pricing is meaningful, then boy do I have some Enron shares to sell you in 2001.

That's definitely true. What - unfortunately in some ways - is also true is that a lot of people cleaned up on both Enron and bitcoin. They did this ultimately at the expense of other people but those people too were trying to do the exact same thing.

It's effectively one group of greedy people feeding off people that are greedy too but a bit later to the musical chairs game. And so they end up without chairs, but if you start such a game you already know that somebody is going to end up without a chair, you just hope it won't be you.

Not true. Only censorship-resistant asset. Only asset in entire universe that cannot be confiscated.

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