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Comment by thematrixturtle | Hacker News Reader

> “Whenever there’s a failure or a catastrophe in crypto, the fear is always that someone will misread the situation and overcorrect in a position that’s not helpful for the entire community writ large,”

This statement is all kinds of amazing:

* Casual use of the phrase "whenever there's a catastrophe in crypto", since there really is one every few days

* "Misread the situation and overcorrect" --> read: taking their money out of the casino and turning it back into filthy fiat

* "Not helpful for the entire community" --> read: taking money out of shitcoin X damages the valuations of all other shitcoins, so the owner of one random blockchain would very much prefer that you didn't do that

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* "Someone will ... overcorrect" would mean that someone has a lot of power to set outcomes. Does not sounds very decentralized.

> This statement is all kinds of amazing:

> Casual use of the phrase "whenever there's a catastrophe in crypto", since there really is one every few days

in some sense crypto's resiliance against so many catastrophies is amazing. if this was USD we would be at WW10 and two October revolutions by now

Yeah, but notice, it isn't.

there is a crisis in the usd though. it is fast losing its status as world reserve currency and coincidentally today we are at a footstep of ww3 ;)

Well - define fast. It's amazing to me that USD has been the world reserve currency for so long. Historically only silver has done better.

> define fast

as in the order of things in the world is changing so fast we have little time to analyze root causes. some examples

we went from being too scared to visit family because of a flu virus to pumping our chests against a super power in a blink of an eye

the us just approved a massive military package to ukraine that dwarfs anything given to israel and at a time us has trouble getting baby formula

forget crypto ... the world economy is on the verge of total collapse

and this all is tied to the is dollar because ... well ... of its current status as world reserve currency

None of these things matter at all. Thanks to the US military, USD as the reserve currency remains.

Agree - the power to open markets, guarentee acccess and obtain resources is what underpins it. As the Russians are showing us, no one else has a fraction of that capability.

whether we like it or not the us ability to carry on unchallanged has noticably diminished in comparison to the period from 1990 to 2010

also ... if ukraine-russia conflict is showing us anything it is that the natural resources question is far from certain. if we are to learn from history we would hastily take note that it is the question of resources that brought about the first world war

of course it matters. it devalues the us dollar as a stable reserve

How does Ukraine aid devalue USD? If anything, it helps keep it in power by weakening Russia and furthering the US hegemony.

its a massive investment and if you look at it this way you have to ask, is ukraine such a sure bet and what are the consequences of that investment going south. and the failure to ask these questions is indicative that too many people see the usd as being in unlimited supply, which by itself devalues the usd

Nothing is a sure bet but leaving Russian aggression unchecked destabilizes the region. The world counts on the US to maintain the peace and status quo. As long as there's still confidence in that, the US currency will continue being the world's reserve currency along with all the benefits that come with that.

> The world counts on the US to maintain the peace and status quo

Reducing the use of the USD as a reserve currency has been US policy for a while now. It only accounts for 60% of global reserves right now and has been trending down for a long time.

> in some sense crypto's resiliance against so many catastrophies is amazing. if this was USD we would be at WW10 by now

Because USD is actually used as a currency...?

I think the kids call this "copium".

The only reasons crypto is so "resilient" is that there are so many of them to fail and most of the money invested is from speculation and crime and both sources kind of expect to lose it.

It's not resilient. It's worthless. The same grift keeps working on bigger fools and it hasn't been outlawed yet. Ergo, it stays and cycles from one catastrophe to the next.

> if this was USD we would be at WW10 and two October revolutions by now

This is the farthest reach I've ever seen someone make to state a positive about crypto.

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