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anshublog | 3 years ago

This is sad. This was avoidable. There’s no recession as far as the eye can see. There’s a crypto recession.

Let’s go back to building real tech.

discuss

order

choeger|3 years ago

>There’s no recession as far as the eye can see.

Back your pardon? The Fed is expected to raise the interest rate by 0.75% in September, IIRC. If that's not a recession on the horizon, then what is?

tobltobs|3 years ago

We would still be below 2%. Interest Rate in the United States averaged 5.44 percent from 1971 until 2022.

ethanbond|3 years ago

They raised interest rates several times over the last year. Of course from any point in time a recession is “on the horizon,” but this is not the cut and dry predictor you’re making it out to be.

freeone3000|3 years ago

Two straight quarters of declining GDP. Merely raising interest rates to a sane figure (still below 3%!) isn't recession-causing in any sane economy.

JKCalhoun|3 years ago

Is there a "recession" in the rest of the tech industry? I took that to be the point of the person you are replying to.

melling|3 years ago

Raising rates has a lagging effect. That results in the economy won’t be felt until next year.

One of the benefits of crypto was supposed to be that it was uncorrelated to the market, etc.

“Money” shouldn’t change in value so quickly.

iso1631|3 years ago

> Real gross domestic product (GDP) decreased at an annual rate of 1.5 percent in the first quarter of 2022

Any bets it's going to be positive in Q2 with the ballooning oil prices?

HHC-Hunter|3 years ago

>There’s no recession as far as the eye can see.

You cannot print money nigh on end. If you did not see this downturn coming in the markets, I have a bridge to sell you.

rvz|3 years ago

> There’s no recession as far as the eye can see. There’s a crypto recession.

Don't be the guy who replied to my comment, waiting for the results to tell you that it is a recession. [0] If you are preparing now, you're almost too late.

Only the paranoid survive.

> Let’s go back to building real tech.

Like the spyware laden software made by the likes of Meta, Apple, Google, Microsoft, Amazon that they are building? No worse than crypto I'm afraid.

The free-software foundation are still waiting for you and others for 37 years to stop building non-free software riddled with surveillance and tracking. But neither that nor crypto is going to stop is it?

[0] https://news.ycombinator.com/item?id=31441710

krzyk|3 years ago

Have you seen stock market? They are crashing also, this is recession.

cj|3 years ago

> This was avoidable. There’s no recession as far as the eye can see.

Can you elaborate on how the situation we're in was avoidable? Also curious why you think there's no signs of a recession.

JKCalhoun|3 years ago

The avoidable part is pretty obvious: don't invest in, work for, trade in crypto.

The recession part is of course debatable.

puranjay|3 years ago

upper middle-class tech workers live in their own bubble.

puranjay|3 years ago

The yield curve says otherwise.

You won't feel it until Q4 2022 or Q1 2023.

smilebot|3 years ago

Better believe in recession, you're in one.