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Everyone's Getting Hilariously Rich and You're Not

74 点作者 imjk超过 7 年前

15 条评论

pavlov超过 7 年前
A housekeeper who invested $12k in cryptocurrencies in the past few weeks is quoted as saying:<p><i>“And maybe I’m going to lose it,” she said. “Maybe I’m going to keep cleaning houses. But something is telling me I can trust this generation. My instinct is telling me this is the future.”</i><p>This time is different?<p>Personally I don&#x27;t feel any regret in ignoring the whole thing, even though I&#x27;ve known about Bitcoin since pretty much day one (thanks to HN of course). I look at the people who are crypto enthusiasts and it&#x27;s obvious that I would have to be a completely different kind of person to be in the game.<p>In that sense it&#x27;s no different from Wall Street traders, YouTube personalities, real estate agents or multi-level marketers -- I don&#x27;t envy their financial successes either because I wouldn&#x27;t want their lives (and even if I wanted it, I would most likely fail hard at the job because of personality mismatch).
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Giroflex超过 7 年前
This articule just seems to revolve around some pretty skewed data.<p>&gt; Recently the founder of something called Ripple briefly became richer than Mark Zuckerberg.<p>Became paper richer, which is really quite different. The &quot;market cap&quot; calculations just don&#x27;t represent reality; he couldn&#x27;t realistically dump all of his Ripple and expect price to not crash (not even taking into account the huge natural correction in price after the peak of the bull run)<p>&gt; The cryptocurrency community is centered around a tightknit group of friends<p>This statement implies that there are few people in the community at all, which is just not true.<p>&gt; some estimate that 95 percent of the wealth is held by 4 percent of the owners.<p>This links to an article that says that 95% of the wealth is held by 4% of the wallets, which makes an absolutely huge difference. This is because:<p>- Some of these wallets are held by exchanges, who hold all of their users&#x27; crypto<p>- Some of these wallets are lost early adopter wallets, from when a large number wasn&#x27;t something impressive (e.g. Satoshi&#x27;s lost Bitcoin, accounting for 4 million (!) Bitcoin)<p>- Many of the wallets created are never used or have already been used just for moving funds and thus have 0 balance (in fact, the article&#x27;s graph states that 41.93% of wallets hold just 0.01% of bitcoin)
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314超过 7 年前
Kind of weird to watch.<p>It’s almost the definition of swimming naked: a tightly knit group who have no source of income, relying on the promise of their illiqud assets, but burning their small amount of liquid wealth on lifestyle.<p>Wonder why people say it will end badly?
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comboy超过 7 年前
&gt; founder of something called Ripple briefly became richer than Mark Zuckerberg<p>Want to try this at home? Create your own crypto. Sell one unit to your friend for $1. Create additional 1T units under your control. And voila! Same thing.
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jeandejean超过 7 年前
It&#x27;s amazing how people pretend to genuinely believe cryptocoins would change the world, but immediately describe so proudly their lavish lifestyle to prove their point. What exactly did they change? Attract and take advantage of the world greed doesn&#x27;t look new to me...
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dictum超过 7 年前
&gt; Recently the founder of something called Ripple briefly became richer than Mark Zuckerberg<p>Excuse me as I just came back from 2005, but nothing says &quot;everyone&#x27;s getting hilariously rich and you&#x27;re not&quot; like the point of comparison being Mark Zuckerberg.
redthrowaway超过 7 年前
This is the dumbest bubble.<p>I put in about $1000 and took out $1500. It&#x27;s gambling, pure and simple. It&#x27;s shits and giggles; I had my laughs and now I&#x27;m out.<p>Seriously though, the dumbest bubble. There&#x27;s no value here. There&#x27;s just greater fool speculation.
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amriksohata超过 7 年前
Most aren&#x27;t getting super rich, they&#x27;re making a decent raise but you only get rich if you were very early on in the game
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mratzloff超过 7 年前
Another bubble that passed me by, it seems. If I were one of these paper millionaires, I&#x27;d be investing in property and precious metals—there are a few companies that accept BTC for those.
chillydawg超过 7 年前
I wonder when the kidnappings will start? Pulling finger nails for wallet keys is a pretty lucrative business, if you&#x27;re already in that world.
OscarTheGrinch超过 7 年前
Currently each digital currency is a wild ecosystem, a watering-hole that entices many herbivore investors and attract all manner of predators: hackers, scammers and rent seekers at the periphery.
infinity0超过 7 年前
Pretty much every sentence in here is jokes, well trolled NYT:<p>&quot;Over long hours in [..] Settlers of Catan game nights, they talk about how cryptocurrency will [..] [change] the world order.<p>&quot;[..] There are only a few winners here, and [..] [they] also remember who laughed at them and when. [..] his Facebook post from 2014 telling everyone to buy ether. [..] “It got one like.”<p>&quot;[..] He said his closest friends are moving to Puerto Rico to get around paying taxes. [..] “They’re going to build a modern-day Atlantis out there,” he said. “But for me, it’s too early in my career to check out.”<p>&quot;[..] “I was given this necklace and was told my net worth would go up, and it’s gone up six x since then,” he said.<p>&quot;[..] Nearby is a building residents call the Crypto Crackhouse. [..] Long hallways called Bitcoin Boulevard and Ethereum Alley lead to communal bathrooms.<p>&quot;[..] “My neurons are fried from all the volatility,” [..] &quot;I’m numb to it. I’ll lose a million dollars in a day and I’m like, O.K.”<p>&quot;[..] “The worse regular civilization does and the less you trust, the better crypto does,” Mr. Hummer said. &quot;It’s almost like the ultimate short trade.”<p>&quot;[..] There’s a common paranoia among the crypto-wealthy that they’ll be targeted [..] so many are obsessively secretive. [..] This also allows people to pretend to be wealthier than they are, of course.<p>&quot;[..] They talk about buying Lamborghinis, the single acceptable way to spend money in the Ethereum cryptocurrency community.<p>&quot;[..] “When I meet people in the normal world now, I get bored,” Mr. Hummer said. “It’s just a different level of consciousness.”<p>&quot;[..] “Sometimes I think about what would happen to the future if a bomb went off at one of our meetings,” [..] “[that] would set back civilization for years.”<p>&quot;[..] James Fickel, 26, lives in a high-rise with a Russian blue cat called Mr. Bigglesworth. Mr. Fickel is known in the community for “going full YOLO” and investing $400,000 when Ethereum was at 80 cents. Now, with a fortune he says is in the hundreds of millions [..]<p>&quot;[..] Today, Mr. Fickel is outlining the endgame for cryptocurrency true believers. [\n] “It’s the entire world reorganizing itself,” Mr. Fickel said. “We could get rid of our armies because for the first time you’ll have people saying, ‘I want to vote for a global order.’ [..]&quot; [..] Mr. Hummer is skeptical. [\n] “All I know is the price of ether is going to go up,” Mr. Hummer said.<p>&quot;[..] Nearby was Chante Eliaszadeh, 22, a law student [..] who started the Berkeley Law Blockchain group. [\n] “Obviously the bubble’s going to burst and everyone’s going to need a lawyer,” she said.<p>&quot;[..] As the holiday party filled up, a cryptocurrency rapper called CoinDaddy [..] was getting ready to perform. [\n] Formerly a commercial real estate agent, Mr. Bahmanyar works full time at CoinDaddy after becoming a self-described crypto-millionaire (“you think I would dress up like this if I wasn’t?”). “Right now all our entertainers come from outside crypto culture — not inside crypto, and we’ve got to change that,” he said.<p>^ LOL probably 2 best quotes of the article<p>----<p>Serious points:<p>&quot;[..] The goal may be decentralization, but the money is extremely concentrated. [..] 95 percent of the wealth is held by 4 percent of the owners.<p>&quot;[..] Pieter Wuille, 33, a Bitcoin core developer, kept his backpack on as he wandered the party. [..] Mr. Wuille said. &quot;This infusion of interest is bringing the wrong kind of attention. Some people believe Bitcoin can’t fail or this technology solves many more problems than it does. [..]”<p>&quot;[..] Maria Lomeli, 56 [..] [a] housekeeper from Pacifica, Calif., she said she had invested $12,000 in cryptocurrencies over the last few weeks after reading about it in the news. [..] She invested $1,000. It went up. So she put in $10,000 more, she said, along with $1,000 in a currency called Litecoin. Both her children have discouraged this. [..] “And maybe I’m going to lose it,” [..] &quot;[..] But something is telling me I can trust this generation. [..]” She had to leave the party early because parking downtown is expensive, she said. She zipped up her jacket and left on her own.&quot;
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ohiovr超过 7 年前
Money money money, pretty funny, in the bitcoin world.
hal9000xp超过 7 年前
Many people, even within crypto-community, failed to recognize that <i>speculation is one of fundamental factors</i> which bring <i>real value</i> to cryptocurrencies.<p>To understand that you have to think about a concept called <i>self-fulfilling prophesy</i>:<p><a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Self-fulfilling_prophecy" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Self-fulfilling_prophecy</a><p>Bitcoin started as a fixed-supply currency. Fixed-supply attracted early speculators who are willing to put their fiat into gamble about future utility of Bitcoin.<p>As speculators started to trade, guys who sell drugs over internet got idea that they can use these new unknown strange tokens for transactions <i>because they could dump these weird tokens on speculators in exchange of fiats</i>.<p>So gamble about unknown future became reality which attracted even more speculators (<a href="https:&#x2F;&#x2F;www.wired.com&#x2F;2011&#x2F;11&#x2F;mf_bitcoin&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.wired.com&#x2F;2011&#x2F;11&#x2F;mf_bitcoin&#x2F;</a>).<p>This in turn attracted wealthy people in countries like China because they wanted to move money out of their country.<p>Do you see here <i>a loop</i>?<p>If Bitcoin wouldn&#x27;t have huge financial incentive for early adopters, then nobody would give a shit about these weird p2p internet tokens!<p>So key factors of early cryptocurrency value: speculation, war on drugs, excessive cross-border transfer regulation.<p>Since most people are politically left-wing, they can&#x27;t get rid of negative bias towards words like speculation and bubble.<p>There are good bubbles and bad bubbles. Every bubble eventually burst but it doesn&#x27;t automaticaly make them bad.<p>Dot-com bubble was good as it was wealth transfer towards programmers with lack of social skills. Some one them created something cool and interesting, some of them are don&#x27;t.<p>2005-2008 housing bubble was bad as it was wealth transfer towards snobbish conservative bankers who live in their exclusive Wall-Street club protected from competitors by excessive regulation ironically supported by left-wing voters.<p>Cryptocurrency bubble is very good. It&#x27;s not just wealth transfer towards programmers. It&#x27;s wealth transfer towards <i>open-source protocol creators</i>. Of course, there will be clowns in the space but come on, it&#x27;s life, nothing is perfect. It&#x27;s way better bubble since in the center of this bubble some random nerds, not snobby privileged Harvard-type Lehman Brothers top managers.
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noemit超过 7 年前
I think this keeps getting reposted. Anyway, It&#x27;s worth the read just for Coin Daddy.
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