Hacker News Reader

Comment by eldenwrong | Hacker News Reader

Love when IYIs make up random tests on short timeframe where Bitcoin constantly fails.

When stock market speculators entered like sheep into Bitcoin it was obvious that the correlation with the stock market would increase.

View on HN

It absolutely was not obvious. At least not to anyone who believed the mission statement. Read the post and tell me what is wrong. It's a bit coarse, but still accurate. BTC was created ostensibly as a privacy currency. A job it failed at by deflating wildly until it was utterly useless for simple transactions and became an investment asset. Amateurs saw it going up and wanted in, then it crashed much harder than every other investment class. It was supposedly an inflation hedge because it wasn't subject to central bankers, yet it lost value far faster than any fiat currency. What even is the current crash? There's no fundamentals like yields or P/E ratios to say that any crypto has gained or lost any intrinsic value. There's no equity voting rights. There's no index associated to it's purchasing power. There's no bonds denoted in any crypto value. It is driven entirely by sentiment. After the dotcom bust, it took the NASDAQ _17 years_ to fully recover to it's peak. Crypto investors are not going to wait that long.

Lost value faster than any fiat currency? Classic privileged american who hasn't left his backyard

This year so far, you'd have been better off putting your money into Turkish Lira than BTC. You'd be better off investing in Russian tanks than Luna.

Love how you cherry pick timelines that suit your argument. Try being intellectually honest

Also reminds me of the time I went to Russia in 1996. They had serious inflation and a very uncertain post-Soviet economy. You know how they managed it? They asked us all to pay for things with USD as much as possible.

Reply on news.ycombinator.com