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Comment by neals | Hacker News Reader

It already burst a couple of times actually. Back with MtGox we had quite the burst and a long period of decline. Or how about the 5 times China forbid Bitcon? Burst after burst.

As with the internet: we continued to built it anyway. Adding value to the network in our own way.

I have not stopped working with Blockchain technology no matter the price. I went from millionaire to nothing back to multi-millionaire and I have just kept on working. And I will keep on working, bubble or no bubble, there's always going to be cryptocurrencies and cryptocurrencies-innovation and work for developers and a nice people and fun projects.

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As a developer of these technologies, you're in a completely different situation than the investors. Crypto-technologies have obvious value anywhere privacy is desired, but once productized as a virtual floating asset, the value becomes much harder to quantify, and then the grifters appear. Seems to me incorporating less privacy, a private side-channel for checks and balances of sorts, is something necessary. But I'm not a crypto-technologist, just someone with a graduate economics education, so my impressions may be irrelevant.

Privacy is actually a common misconception when it comes to cryptocurrency. More currencies, bitcoin included, are actually the opposite of private – every transaction is completely public for everyone to see. There are currencies (i.e. Monero) that aim to add privacy, but by and large it doesn’t exist.

The number of bursts can also be summarized from history of heists https://imgur.com/0WDy5Wo

The MtGox magnitude was way way larger than what we have seen so far.

While I suspected the same, after reading the article, the author does not conflate the bursting of the crypto bubble with the price of BTC.

After this realization I was able to set aside my indignation and observe that the author makes a good point in that most other Cryptos and "blockchainy" startups are doomed to fail, while BTC as he claims will likely recover (he makes some mention of a v-shaped price trend in BTC when the bubble bursts.

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