Comment by smeeagain2
5 hours ago
> 'this idea of “go to zero” never happens.'
Apparently you've never lived through the crash of a 'currency' which is based on a flawed mathematical concept. You'll get to experience what that's like (for the first time in history!) when it's revealed there is some kind of subtle flaw in SHA-256 which renders it worthless as the basis of anything important, let alone a 'currency.'
How do you sell your 'coin' to anyone when the market disappears at the speed of news? Yes, it will go to ZERO, INSTANTLY.
Guess what happens when the crypto crash is combined with a) collapse of the real estate bubble, especially commercial real estate; b) the ongoing IT crash that is only just getting started; c) whatever damage the (current, red-flavored) orangutan in the White House manages to accomplish in his 3+ remaining years of hell; d) fear of looming war; e) economic fallout from COVID which is still ongoing and expanding (hint--many destroyed businesses and people out of work); f) a thousand other icebergs, minefields, and financial hazards confronting us in the near future? Buckle up!
I don’t really see what’s relevant about crypto nonsense in this context. We are really talking about the overall economy especially in the tech sector.
Even if every cryptocurrency becomes worthless overnight, that doesn’t represent the market going to zero.
I see you’ve edited your comment with more doom and gloom. It’s easy to view everything as a bubble when you’re in a negative mental space.
> a) collapse of the real estate bubble, especially commercial real estate;
Any proof of this bubble? Housing construction continues to lag demand. Offices are largely RTO and Covid-era remote jobs are basically legacy and grandfathered. Every remote employee I know who was laid off in the past couple years had to get a hybrid/in-person job. You can’t just assume 2008 is going to happen again without some real data that shows real estate instability. Where are the poorly qualified borrowers?
> b) the ongoing IT crash that is only just getting started;
That’s one industry of many. One specific industry struggling doesn’t mean much.
> c) whatever damage the (current, red-flavored) orangutan in the White House manages to accomplish in his 3+ remaining years of hell;
Lame duck presidency, he can’t crash shit. Congress will be unfriendly next year and already isn’t even very supportive within his own party.
> d) fear of looming war;
In what universe is any impending war impacting the American economy? You mean the one where defense contractors are hiring and the US is selling weapons to the nations who are doing the fighting?
> e) economic fallout from COVID which is still ongoing and expanding (hint--many destroyed businesses and people out of work);
You are gonna need to explain this one and back this up with some numbers that make sense.
> f) a thousand other icebergs, minefields, and financial hazards confronting us in the near future?
Sounds like internal anxiety demons that are not tangible.
Look, I’m in full agreement that AI will face some kind of correction or crash, but predicting once in a century catastrophe is a losing game.
OK.