Binance Is Bleeding Assets, $12B Gone in Less Than 60 Days
forbes.com
forbes.com
If tether de-peggs, which is not unlikely, then this is just the tip of the outflows , margin calls, and bankruptcy we'll see in the crypto space.
(Although agree that Tether de-pegging would be catastrophic for all crypto companies)
Betting against cryto is betting that everyone gives up on it which is different than if it will be useful to most.
Cryto can work in different ways for different people. It is not ready for the masses but more people are finding different ways to use it everyday.
Add more limitations that no more than 7 or X number of people can exchange currency notes among themselves at a time and there's no privacy whenever you pay someone, your and their name gets advertised on TV, Radio broadcasts and is printed on NYT frontpage.
That's how much useful any crypto is.
Amazing... What a summary.
The entire space is a huge net negative on society and I wish it didn't exist.
Yes, absolutely. While it allows people to keep in touch more easily, the manipulation of society via fake news, targeted advertising, etc. has been extremely harmful. It has made people increasingly vainglorious, and promotes wasteful excess in the name of social status (influencers and other parasites on society). It brings out the very worst in people.
Not to forget the rise of far-right extremism. Look at the Qanon thing, what should have been limited to a few paranoid weirdos eventually led to open insurrection. This disgrace would not be possible without social media.
>Gig economies?
Yes. While it is convenient and can benefit some small percentage of the gig workers, it is an overall negative to most of these gig workers - e.g. with ride sharing services they have successfully offloaded the costs of owning and operating a vehicle fleet (fuel, wear and tear / maintenance, etc.) onto people's personal vehicles. I have heard of a number of cases where drivers have taken out loans to purchase luxury cars to be eligible for Uber's higher-end service, only to be stung by pricing changes and forced to default, leaving them far worse off than when they started.
>Every societal shift enabled by technology comes with significant negatives, but you won't know if it is a true net negative on society until it plays out to maturity.
Cryptocurrency has had ~15 years and the only real successes in that space have been new and interesting forms of fraud and incompetence.
It basically acts like gold with more hype because it's on the internet. We have hundreds of years of economic history with gold. It is not some revelation.
So to keep their own ego alive they must now convince themselves they were right all along, the others just don't see it yet. They are of course very bitter and wish their own suffering onto others.
I, on the other hand, made a shitton of money in crypto, and cashed out a part so I can never lose. The people that I described above really hate these kinds of comments so I'm surely going to be downvoted to hell.
So I'll leave this comment with a crypto-usecase of a fellow HNer: https://news.ycombinator.com/item?id=31996612
What Bitcoin does is reward people who have excess money lying around and who can take the loss. Any person who actually needs their money can't invest into something like that.
Neither did I, nor would I invest so much. $50 would have given you $5000.
> Any person who actually needs their money can't invest into something like that.
The trick is to keep high-risk investments very low. Let's say you have some money you are saving up. You could invest 1% of that in a high risk thing such as crypto. When it goes to zero, you only lose 1%. However, when it does the bitcoin thing and goes x100, you just doubled your total savings.
I agree that when you are in highschool and put $20 or $50 in that, it's a gamble.
But just to be clear, I have nothing against people not investing in crypto. I have a problem with all the people here that seem very resentful and just hope to see everyone in that space lose money.
That results in no decrease in book value, so word choice "bleeding" a bit of a reach to create extra drama.
Fundus are clearly not safu with him or anyone else and people are starting to realize that now, hopefully this finally sinks into people's head when getting involved.
And Coinbase has already been humbled with their stock price drop, but I feel that still more needs to be done to reduce their influence on the market.