[jtlisi]

You’re focusing on the price of bitcoin. Bitcoins market cap during Mt Gox was a few billion. Today it’s over a trillion.

Luna going from a market cap of close to 100 billion to basically worthless in a few days is like 50 Mt Gox incidents in terms of wealth destruction.

Bitcoin has market cap swings larger than the loss during Mt Gox in minutes these days.

[epolanski]

> in terms of wealth destruction

It's a net zero game. Someone sells at 10, someone pays 10. But we still have the 10 in the game, they just moved.

[cwkoss]

Underscores the fallaciousness of thinking paper gains are wealth.

Profits aren't real until you have to pay taxes on them.

[Breza]

Which technically should happen as soon as you transfer your floating cryptocurrency into a stablecoin, but I get the feeling that most people don't pay taxes when making that mind off transaction.