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Comment by postexitus | Hacker News Reader

If bitcoin has not popped so far, AI will never pop.

Bitcoin needs less resources than AI, and Bitcoin totally failed its purpose as a currency.

Bitcoin not popping is a testament to human delusion. It cant function as a stable store of value becuase theres nothing preventing if from hyperdeflating, and yet people are still buying it. What are they even buying? The deflation based gains? Deflation based on nothing but speculation? It doesnt do anything. Its madness

I dont think the GenAI bubble will be as resilient because its not being funded through discretionary expenditure. Its being funded with capital expenditure. If your cousin spent his savings on bitcoin and isnt getting any benefit from it (or even loses it in a drop) thats fine because millenials dont have savings anyway. But if a company spends on AI and doesnt get a positive value prop in a while, they will pivot and pull their money out, because shareholders will get mad

Whether it failed is (unfortunately) beside the point. Number still go up.

Prices for artwork also go up, gold goes up and if NFTs would still be a thing they would go up too.

you mean NFTs popped

BTC has popped in the past, the last crash was to ~1/3 of peak. A 70% drop in the stock market would be historically disastrous (even the dotcom crash was only 50% in the broader market).

In the high 90%s of ownership of Bitcoin is owned by ~6 entities.

Bitcoin is propped up by individuals spending discretionary funds no one will really hold them accountable for

AI is pripped up by corporations spending capital expenditure that shareholders will want to see a positive ROI on, otherwise they bail.

So the AI bubble will definitely not be as resilient as the crypto bubble

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