Wouldn't losses for most other asset classes be piling up as well? Direct exposure to assets or securities is inherently risky. I bought some shares of SHOP at ~$1,200 several months ago and now it's ~$320. a 73% loss is much worse than Block's loss of 22%.
I'm not sure how many companies add individual securities to their balance sheets, but the point is that people like to vilify this particular asset as if it is much riskier than traditional alternatives.
Given HN's demographic there's a ton of people that had the opportunity to get into bitcoin in its early stages and make some unthinkable amount of money, private island amount of money, myself included.
Some people cannot come into terms with that and let cognitive dissonance do its work.
Are we done wasting resources on free speech? How about freedom in general?
Humanity will break free of tyranny. Bitcoin and the honest cryptos are a part of that. Sorry if you cannot see the value in financial instruments that cannot be controlled by corrupt intermediaries. In spite of the dollar pegged to these instruments, we need to exchange absent intermediaries more than ever.
Are we done wasting resources on parasitic intermediaries?
This is interesting, if bitcoin collapses there will be that much “extra” electrical power available in a world where Russia is conquering neighbors and distorting prices.
That is the Texas model... let miners drive up the average price for consumers across Texas, with the idea they will voluntarily stop mining and free up capacity when there is a power surge event. The Governor is so into free market ideology that instead of pricing capacity into the system, we are relying on private groups of miners to 'do the right thing' when needed. Meanwhile, the energy companies are seeking my permission to auto-adjust my smart thermostat to keep the miners running.
[+] [-] amanj41|3 years ago|reply
I'm not sure how many companies add individual securities to their balance sheets, but the point is that people like to vilify this particular asset as if it is much riskier than traditional alternatives.
[+] [-] kobalsky|3 years ago|reply
Specially here.
Given HN's demographic there's a ton of people that had the opportunity to get into bitcoin in its early stages and make some unthinkable amount of money, private island amount of money, myself included.
Some people cannot come into terms with that and let cognitive dissonance do its work.
Ahh if only I had... better just go back to work.
[+] [-] aspyct|3 years ago|reply
[+] [-] kobalsky|3 years ago|reply
[+] [-] MomoXenosaga|3 years ago|reply
[+] [-] survirtual|3 years ago|reply
Humanity will break free of tyranny. Bitcoin and the honest cryptos are a part of that. Sorry if you cannot see the value in financial instruments that cannot be controlled by corrupt intermediaries. In spite of the dollar pegged to these instruments, we need to exchange absent intermediaries more than ever.
Are we done wasting resources on parasitic intermediaries?
[+] [-] mensetmanusman|3 years ago|reply
[+] [-] baldeagle|3 years ago|reply
[+] [-] Finnucane|3 years ago|reply