How could they be surprised? It was so so so obvious crypto would crash. Did they think money pulled from the bright blue sky would get more and more valuable forever?. People that stupid can’t put on shoes. There must be some other dynamic. This is astounding to me. These people are so stupid. So stupid.
Even very reasonable and intelligent people can get swept up in the bullshit when faced with a potential life-changing opportunity. Falling for a scam is not a sign of low intelligence, it's a sign of being easily trusting, or desperation to improve your situation. Scam artists know this, and the majority of crypto runs on the same principles.
You're wrong. Perhaps in denial. It certainly is a sign of low intelligence. Evolution has sorted the weak and is now drowning them. But I will agree it may be lack of a specific type of critical thinking. Perhaps religion bred a type of person vulnerable to bullshit and now that the environment has changed those with the mutation are no longer fit. There are many similarities between religious beliefs and the crypto-mania. Neither had a foundation in reality. Both appeared to be infectious and used peer groups to overrule an individuals critical cognitive processes. Both persecuted dissenters relentlessly. This is a similar phenomena
You will correct me if I'm wrong--I say that with confidence--but it seems to me that crypto has been talked up a lot on HN over the last few years. Without any way or reason to take a poll, my impression is that HN readers are at least of normal intelligence in general, and probably well above average technically. In everyday life--talking with neighbors, overhearing conversations on the bus, etc.--I have never that I recall heard cryptocurrency mentioned for good or for bad. But it has been discussed a lot and often favorably on HN.
[Edit: changed terminal character from ">" to ".".]
So crypto built a lobby by permeating social networks. Those who owned it effectively received a kickback from promoting it to their peers and were heavily incentivized to silence dissent. On HN I remember Sam Altman promoting a ridiculous concept of a sphere that would scan a hash from your iris and then give you a shitcoin (worthless hyped token) in return. This shitcoin would, claimed ‘worldcoin’ be humanities future currency.
Everyone called bullshit but HN censored the dissent where twitter did not - and that is valuable proof of the mechanism in play. It was a cash grab plain and simple.
The key to understanding cryptomania lies in the correct definition of scarcity. What, exactly, is scarce about cryptocurrency? Because even though the math guarantees a finite number of bitcoins, since almost anyone could in 20 minutes create a shitcoin and hype it on social media, and then exchange it for bitcoin, and the bitcoin for USD… it would appear that the true scarce resource backing the cryptocurrency markets is the collective expendable income and credit of a gullible demographic of the online population.
So you’re witnessing a transfer of resources very likely from one group with a genetic mutation that results in a series of specific behavioral traits, to a group without the defect. You’re actually witnessing evolution.
Sure, not trying to criticize you, but it has been on the news pretty much daily for the last year and crypto ads dominated the super bowl.
If you find yourself in a space where you aren’t exposed to it at all that’s fine, but I would say it is definitely not the norm for people working in tech these days.
The sudden collapse of two popular digital coins in early May shocked investors and wiped $400bn (£318bn) from the value of many other cryptocurrencies, including the biggest, Bitcoin."
Should read...
"The sudden collapse of two popular digital coins in early May shocked investors and wiped $400bn (£318bn) from the price of many other cryptocurrencies, including the biggest, Bitcoin."
Lol all he did was knock on the guys door. This is utterly ridiculous. South Korea is filled with these heavy handed and repressive laws. I don’t know why anybody even remotely considers it a free country.
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[ 67.3 ms ] story [ 122 ms ] thread[Edit: changed terminal character from ">" to ".".]
The key to understanding cryptomania lies in the correct definition of scarcity. What, exactly, is scarce about cryptocurrency? Because even though the math guarantees a finite number of bitcoins, since almost anyone could in 20 minutes create a shitcoin and hype it on social media, and then exchange it for bitcoin, and the bitcoin for USD… it would appear that the true scarce resource backing the cryptocurrency markets is the collective expendable income and credit of a gullible demographic of the online population.
So you’re witnessing a transfer of resources very likely from one group with a genetic mutation that results in a series of specific behavioral traits, to a group without the defect. You’re actually witnessing evolution.
OP is a perfect example, a low value troll pushed to the top of the thread.
And if you have heard no one around you talking about crypto the last year you live in a bubble.
If you find yourself in a space where you aren’t exposed to it at all that’s fine, but I would say it is definitely not the norm for people working in tech these days.
Yes I'm sure you were well intentioned and his answer would have satisfied you.
Should read...
"The sudden collapse of two popular digital coins in early May shocked investors and wiped $400bn (£318bn) from the price of many other cryptocurrencies, including the biggest, Bitcoin."
You are correct, though. The value of a digital currency is not well-defined. The price is. But the two are definitely not the same.
Do Kwon deserves to face consequences, and the evidence is definitely mounting against him.