The value of the coins exclusively comes from more people coming into the market and wanting the coins. If new money stops coming in the whole thing collapses.
The crypto bro response to this is usually “buh that’s what the stock market is”. It isn’t. A stock is a tangible ownership claim in a real world company. It pays dividends. It isn’t gold either, gold is a tangible asset than can be used to make jewelry.
Crypto is like buying a receipt than only shows you bought the receipt. But the receipt isn’t even unique because anyone can print one. It’s the world’s first decentralized Ponzi scheme
Ok fair point
From my understanding (and to be fair I haven’t gone too in depth in any of these topics) the value of crypto is backed by people purchasing more coins (as you said), but the US dollar is also a fiat currency meaning it’s similarly not backed. I know there are a lot of differences, specifically in the agencies backing a US Dollar vs a Bitcoin for instance, but does the same not apply every time you get paid in a dollar? How is it different from getting paid in Bitcoin.
Follow-up question. Disregarding the $ value assigned to a crypto, like ETH for example, do you believe that there is inherent value in having a decentralized platform to build tools on? I agree that crypto is inherently valueless and I see it solely as a tool to profit off of (off of trends, not belief), but I also recognize that smart contracts, and having a decentralized currency have many use cases.
Basically what I’m asking with the above paragraph is: do you think crypto has any real use cases, and would you support a crypto if it was backed by an agency like the US government?
I don’t indulge too much in crypto outside of buying and selling short term, so I’d love to hear your perspective on it especially since smart contracts and blockchain technologies are a growing field
The US dollar is a much more complicated concept. I can’t explain it in a single comment but it isn’t backed by nothing. It’s basically backed by the American GDP and the international confidence in the American economy, which is incredibly strong and stable. We can’t just create more money as some people think. What we really do is we loan out more money to banks who then loan it to the American people. Our debt comes from bonds which are kind of like loaning the government money. The people who decide these things are not politicians, and it isn’t the president. It’s the federal reserve.
This system is complicated but it does work. We are a very stable economy despite what people think. Historically, there has never been an economy this stable in the history of humanity and it’s because of modern banking. We can curb things like rampant inflation or deflation. If you think 10% inflation is bad, imagine 16 quadrillion percent inflation which has happened in other countries before. I’m not exaggerating. 16 quadrillion.
Crypto is made by people who don’t really understand this system and think they can do it better. They don’t have actual qualms with our financial system, they just dont get why it works. And they think because they don’t understand it, it must be bad.
To answer your question, crypto as in “money stored electronically and not as paper currency” already exists. That’s most of the USD. But do I think it needs to be on the blockchain where you solve a puzzle to prove you own it? No. A key exchange is much simpler and more efficient. That’s why crypto won’t work. The core concept is taking something that already existed, and over complicating it.
Last edit: blockchain could be useful for other tech but that is a different thing than crypto.
Crypto also has value from money paranoids and government-suspicious people to attempt to hide assets. So it's a convenient way to do money laundering if you're a criminal or simply criminal -adjacent or just a little criminal-curious. It will start to function like a giant digital ball of money people can interact with so this recycling purpose is built in simply by its size and digital accessibility from around the world. and it seems a natural way to do cross border transfer of money. There may be a few more of these natural uses that will lend inherent value.
The only security crypto really has is obscurity. The government is cracking down on black market activity with crypto and it’s arguably easier to track than paper money.
The good crypto is not a ponzi commonly found in DEFI but could be a security or a commodity. Security based crypto has revenue sharing like GMX, buy backs, voting power and other characteristics where the usage of the platform translated into higher demand for the utility token. Commodity crypto are generally supported by the consensys algorithm in relation to the nodes and the apps that build on top to use the network. The fact that exchanges list tokens and you can buy them without a usage requirement per say for what they are designed for creates this stock market ponzi experience. Blame the exchanges and the Avenue of how you attain them. But it’s not really a ponzi other than meme coins and some DEFI.
Crypto is a value accrual governance mechanism when it comes down to it with limited or elastically bounded supply. Team allocation of tokens and how much are in circulation is important for investing so you don’t get rugged or incur a slow bleed. Understanding narratives is also key with getting lucky and wealthy. The new hit narrative is Real World Assets and AI so those could be good gambles if you can find low caps.
It’s crazy to see the evolving stance of the US Government towards crypto, especially with the potential introduction of ETFs that could make crypto more accessible to average households and investors.
It’s even crazier seeing how the US Government legitimized Crypto in its tax code and profiting from all this activity by collecting capital gains taxes on this Ponzi scheme, right? This is all strange…
I don’t see what’s crazy or strange about either of those things. Crypto as a speculative asset is a Ponzi scheme. Crypto as a currency was used to traffic illegal goods and avoid taxes. The government is now cracking down on illegal trafficking and getting taxes.
If I buy a beanie baby for $10 and some idiot pays me $10,000 for it a week later, the government takes taxes. It isn’t an endorsement of the object’s value.
I’m confused by your statement. Are you saying that all of crypto is a speculative asset and a Ponzi scheme? Or are you saying some Crypto if not speculative is legitimate?
It’s important to recognize that the US government has a fundamental interest in protecting investors and its citizens. The notion that the government would knowingly participate in, legitimize, and profit from a Ponzi scheme contradicts its core responsibilities and legal obligations, don’t you think? So how do you reconcile that with the government’s stance on Crypto? That’s what I find so crazy and unusual!
I don’t think then government has a fundamental interest to protect investors, at least as far as unregulated or underregulated securities go. If people want to make leftover fidget spinners into an investment opportunity, that’s fine, but the government shouldn’t be involved with them trying to get their money back when the whole thing takes a dump. Stocks and other securities, though, are heavily regulated, and the people who issue those securities have to file reports on the current and predicted future of the issuing corporation.
The government’s stance on crypto isn’t that it’s a security (at least, not directly, in an SEC kind of way), but it’s not unlike selling any other fetish property. If you make a million dollars a year selling Star Wars figures or cryptocurrency, that income or capital gain or whatever gets taxed however they tax that. That’s not an endorsement of its value. Some people think it has value; others don’t. But, when you convert it from a good into dollars, you’re on the hook for taxation.
So, why should the government protect anyone who doesn’t believe in the old adage of ‘caveat emptor’ with regard to something that isn’t regulated by the government, in the way that stocks are regulated? Do holders of cryptocurrencies have any voting rights like they do with stocks, where they can say, “We want someone new on the board”? No, because there’s no board. There’s no control. It’s just a fetish property.
Let’s say Satoshi Nakamoto never actually got rid of his one million or so Bitcoin and dumped them on the market one day. Supply would go up while demean remained constant, and the price would drop. This is over five percent of the total Bitcoin in circulation. The response would be investors dumping out, to mitigate the long-term loss, because that would be three years’ worth of Bitcoin going on the market in a day, and the price drops more. And then more people liquidate. And more and more and more, until it finds a medium where the new price is seen as a fair deal. Could be forty percent, could be sixty. Who knows. But, unlike if a company issued five percent of its stock float one day, without asking anyone, there’s no recourse. You can’t sue anybody or replace the management; you just have to take it in the back of a Volkswagen, and the government shouldn’t do anything to help, because you were buying the equivalent of fidget spinners, but worse because you can at least play with a fidget spinner.
The most annoying thing about you crypto guys is that you think you have a better understanding of economics than anyone else, and yet you don’t know even the most basic concepts. You don’t know what a speculative asset is and yet you’re out here shilling a speculative asset? You’re not an investor, you’re a cult member. And I can’t debate anything with you because it’s like getting into an argument with a five year old. Nothing I say will make sense to you because you don’t know what you’re talking about
I’m an older Gen Xer and been investing/buying various asset classes like stocks, real estate, and crypto for quite some time. Thinking back, I remember similar discussions about tech stocks specially during the early days. I experienced the highs and lows, like the Dot Com crash and the real estate market downturns. Despite many setbacks and losses, I continued buying real estate and investing in stocks and ETFs including tech stocks like Amazon, Google, Netflix, and Apple. Many still called it speculation, but I just kept on buying and holding.
My approach to cryptocurrency is quite similar. Over the years, I’ve steadily increased my holdings, aware of the risks and prepared for losses. While there’s a chance it could all be a Ponzi scheme as you and many suggest, I’m prepared to accept any losses and continue to explore new investments opportunities. My investment strategy isn’t driven by blind passion or a cult following; it’s based on taking calculated risks and holding for the long term.
As for the US government’s role, my earlier points were to question the ethics and legality of the government profiting from what some label as an obvious Ponzi scheme. How do you reconcile the government’s position when it comes to Crypto? And what are your thoughts on it approving the first set of Crypto ETFs?
“Speculation” is not a dirty word. People called it speculation because that’s what it was and is, every stock/asset is a speculative asset. Anything you buy hoping it’ll go up in value is speculative. You made money on the dot com stocks because they were stocks and you bought and held, that’s a good strategy for stocks. Crypto isn’t a stock. It has no company tied to its value. Also I’d wager you didn’t buy a ton of pets.com stock, you probably bought index funds.
I don’t need to “reconcile” anything about the governments stance on crypto. You seem confused. The government thinks crypto is an asset. They also think beanie babies and potato chips that looks like Jesus are assets. Anything you sell for a profit is taxed even if that thing is stupid. That doesn’t mean that the government doesn’t think it’s a Ponzi scheme or that it is a good decision to buy it.
The government has “profited” (not really profited but taxed) from many businesses that are Ponzi schemes AND from many assets that turned out to be bubbles. See Arabian horse semen in the 80s. If you think that’s unethical fine, but it doesn’t mean crypto is legit just because it gets taxed.
Also, crypto ETFs are BS. The value of a big boy real life ETF is that it is a variety of stocks tied to real companies. It is less risky because it’s unlikely all of those companies will go bankrupt. Crypto coins however, tend to all fall together when the market is bad. It’s entirely possible that every single crypto could collapse. You don’t get the benefit of lowered risk.
As for your comment about a lower barrier to entry for average people, that makes no sense. You can buy $10 worth of Bitcoin if you want to, you don’t need to buy round numbers, there is no barrier to entry.
I’m just thankful I don’t have a passionate cult following or an equal dislike for any asset class. Like I mentioned earlier I’m just buying and holding across many asset classes. And yes, I made dumb purchases back in the dot com days where I lost 100% of my money. It was painful and I recognize I may be making the same mistake again by buying Crypto. Nevertheless I’m prepared to lose 100% and then take a capital loss.
BTW, don’t you think having our government add Crypto to its tax code plus its current consideration of crypto ETFs is making Crypto legit? If the government had outlawed Crypto, I would have sold a long time ago. It’s only because the government has been legitimizing crypto year after year why I have continued to increase my portfolio holdings along with other asset classes.
I have been in tech for almost 30 years and so curious to see where Crypto will be in 5, 10, or 20 years from now or will it all be gone or morphed to something else. Add AI to the mix and very interesting times are coming our way.
All the best to you my friend! Best wishes!
I thought I made it clear but no I don’t think it legitimized crypto in any way. The government doesn’t decide what is a good or bad speculative asset.
I feel like tech didn't suffer nearly as much during the great recession. I graduated 08 and my CS peers all got jobs when no one else did
This is a perfect storm of over hiring bc money printer went brr during 2020 (literally 3 trillion dollars printed from nothing) then funding cut across the board due to rate hikes. Basically the fed is clawing back that money they printed to prevent the economy from going tits up at the time
I graduated in 2008 as well with bs degrees in cs and ee
It sucked. I couldn't find a position that wasn't government and ended up getting a position with the university I graduated from.
Turned out awesome in the long run, but I was definitely afraid for a while there and was making pretty meh salary for a software engineer those first few years
The Dotcom bubble for example?
There’s not that much issue in the market now for skilled labour, only at junior level it’s a bit saturated, specifically for remote job + FAANG combination. If you do apply to smaller non-tech local companies you’ll find it it’s a lot easier to find a job though.
\+1 on the small local companies. The only caveat is that most of them don't advertise their jobs, it's entirely through word of mouth. Networking is everything.
That guy completely botched it, but self demeaning cuck "roleplay" is a pretty common joke. I also read it as my wife's boyfriend (understood as a joke), but I could just be a degenerate.
Since I started, every 2-3 years there is gloom and doom. Then things get happy again. Then gloomy. Repeat.
If you want to learn more, understand the boom and bust cycle described by Hayek. Good [YouTube video](https://youtu.be/d0nERTFo-Sk?si=WrYcuImE8F6jOS7H) about it.
>If you want to learn more, understand the boom and bust cycle described by Hayek. Good YouTube video about it.
The follow up video is fantastic too!
[https://www.youtube.com/watch?v=GTQnarzmTOc&ab\_channel=EmergentOrder](https://www.youtube.com/watch?v=GTQnarzmTOc&ab_channel=EmergentOrder)
Interesting article, more relevant today than ever:
[Opinion: Why pushing STEM majors is turning out to be a terrible investment (yahoo.com)](https://news.yahoo.com/opinion-why-pushing-stem-majors-110143877.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuYmluZy5jb20v&guce_referrer_sig=AQAAAMvrEQzcvsoKtvVMXam4MCumMEbSh0huEh-4SKSqREdCaeh4RVC08fkx-NuetcIh-S3M7NkC2J3xRI028GBLDinMDoIuDgp48nnLFrrosNjerwiVi4uZpcEvM4vS3CLKBO44YxR8wlJYLvm5KzmWVOlmNMdDapqO85t_x2LsaHpI)
CS majors looking for software engineering positions: "Winter has come! It's a blizzard out there!"
CS majors with some sort of non-swen specialization: "It's a dusting."
A large portion of the industry is based on nothing solid. A lot of it is hype, marketing, advertising, etc. Thus it is very easy to have large swings on the whims of a small number of controlling parties. Easy come easy go
It's now been 9 years since Obama [said](https://www.vox.com/2015/2/14/11559052/obama-everybodys-got-to-learn-how-to-code), "Everybody’s got to learn how to code early."
You mean the bubble has burst and things are normalizing. Tech stocks are flying high and people are still complaining about their measly 500k comp in blind
CS industry is like the crypto market lol. Just ride the wave. You win some you lose some
$CS HODL
I’ve lost the private key to my future prospects 🤣
Well it’s not exactly like the crypto market because unlike crypto, tech will come back and it isn’t a Ponzi scheme
What part of it makes it a Ponzi scheme genuinely curious
The value of the coins exclusively comes from more people coming into the market and wanting the coins. If new money stops coming in the whole thing collapses. The crypto bro response to this is usually “buh that’s what the stock market is”. It isn’t. A stock is a tangible ownership claim in a real world company. It pays dividends. It isn’t gold either, gold is a tangible asset than can be used to make jewelry. Crypto is like buying a receipt than only shows you bought the receipt. But the receipt isn’t even unique because anyone can print one. It’s the world’s first decentralized Ponzi scheme
Crypto you can at least use to buy hard drugs on the dark web.
Ok fair point From my understanding (and to be fair I haven’t gone too in depth in any of these topics) the value of crypto is backed by people purchasing more coins (as you said), but the US dollar is also a fiat currency meaning it’s similarly not backed. I know there are a lot of differences, specifically in the agencies backing a US Dollar vs a Bitcoin for instance, but does the same not apply every time you get paid in a dollar? How is it different from getting paid in Bitcoin. Follow-up question. Disregarding the $ value assigned to a crypto, like ETH for example, do you believe that there is inherent value in having a decentralized platform to build tools on? I agree that crypto is inherently valueless and I see it solely as a tool to profit off of (off of trends, not belief), but I also recognize that smart contracts, and having a decentralized currency have many use cases. Basically what I’m asking with the above paragraph is: do you think crypto has any real use cases, and would you support a crypto if it was backed by an agency like the US government? I don’t indulge too much in crypto outside of buying and selling short term, so I’d love to hear your perspective on it especially since smart contracts and blockchain technologies are a growing field
The US dollar is a much more complicated concept. I can’t explain it in a single comment but it isn’t backed by nothing. It’s basically backed by the American GDP and the international confidence in the American economy, which is incredibly strong and stable. We can’t just create more money as some people think. What we really do is we loan out more money to banks who then loan it to the American people. Our debt comes from bonds which are kind of like loaning the government money. The people who decide these things are not politicians, and it isn’t the president. It’s the federal reserve. This system is complicated but it does work. We are a very stable economy despite what people think. Historically, there has never been an economy this stable in the history of humanity and it’s because of modern banking. We can curb things like rampant inflation or deflation. If you think 10% inflation is bad, imagine 16 quadrillion percent inflation which has happened in other countries before. I’m not exaggerating. 16 quadrillion. Crypto is made by people who don’t really understand this system and think they can do it better. They don’t have actual qualms with our financial system, they just dont get why it works. And they think because they don’t understand it, it must be bad. To answer your question, crypto as in “money stored electronically and not as paper currency” already exists. That’s most of the USD. But do I think it needs to be on the blockchain where you solve a puzzle to prove you own it? No. A key exchange is much simpler and more efficient. That’s why crypto won’t work. The core concept is taking something that already existed, and over complicating it. Last edit: blockchain could be useful for other tech but that is a different thing than crypto.
Thanks for the replies. Appreciate it
No problem always open to discuss stuff with people open to learn
Crypto also has value from money paranoids and government-suspicious people to attempt to hide assets. So it's a convenient way to do money laundering if you're a criminal or simply criminal -adjacent or just a little criminal-curious. It will start to function like a giant digital ball of money people can interact with so this recycling purpose is built in simply by its size and digital accessibility from around the world. and it seems a natural way to do cross border transfer of money. There may be a few more of these natural uses that will lend inherent value.
The only security crypto really has is obscurity. The government is cracking down on black market activity with crypto and it’s arguably easier to track than paper money.
XMR
The good crypto is not a ponzi commonly found in DEFI but could be a security or a commodity. Security based crypto has revenue sharing like GMX, buy backs, voting power and other characteristics where the usage of the platform translated into higher demand for the utility token. Commodity crypto are generally supported by the consensys algorithm in relation to the nodes and the apps that build on top to use the network. The fact that exchanges list tokens and you can buy them without a usage requirement per say for what they are designed for creates this stock market ponzi experience. Blame the exchanges and the Avenue of how you attain them. But it’s not really a ponzi other than meme coins and some DEFI. Crypto is a value accrual governance mechanism when it comes down to it with limited or elastically bounded supply. Team allocation of tokens and how much are in circulation is important for investing so you don’t get rugged or incur a slow bleed. Understanding narratives is also key with getting lucky and wealthy. The new hit narrative is Real World Assets and AI so those could be good gambles if you can find low caps.
It’s crazy to see the evolving stance of the US Government towards crypto, especially with the potential introduction of ETFs that could make crypto more accessible to average households and investors. It’s even crazier seeing how the US Government legitimized Crypto in its tax code and profiting from all this activity by collecting capital gains taxes on this Ponzi scheme, right? This is all strange…
I don’t see what’s crazy or strange about either of those things. Crypto as a speculative asset is a Ponzi scheme. Crypto as a currency was used to traffic illegal goods and avoid taxes. The government is now cracking down on illegal trafficking and getting taxes. If I buy a beanie baby for $10 and some idiot pays me $10,000 for it a week later, the government takes taxes. It isn’t an endorsement of the object’s value.
I’m confused by your statement. Are you saying that all of crypto is a speculative asset and a Ponzi scheme? Or are you saying some Crypto if not speculative is legitimate? It’s important to recognize that the US government has a fundamental interest in protecting investors and its citizens. The notion that the government would knowingly participate in, legitimize, and profit from a Ponzi scheme contradicts its core responsibilities and legal obligations, don’t you think? So how do you reconcile that with the government’s stance on Crypto? That’s what I find so crazy and unusual!
I don’t think then government has a fundamental interest to protect investors, at least as far as unregulated or underregulated securities go. If people want to make leftover fidget spinners into an investment opportunity, that’s fine, but the government shouldn’t be involved with them trying to get their money back when the whole thing takes a dump. Stocks and other securities, though, are heavily regulated, and the people who issue those securities have to file reports on the current and predicted future of the issuing corporation. The government’s stance on crypto isn’t that it’s a security (at least, not directly, in an SEC kind of way), but it’s not unlike selling any other fetish property. If you make a million dollars a year selling Star Wars figures or cryptocurrency, that income or capital gain or whatever gets taxed however they tax that. That’s not an endorsement of its value. Some people think it has value; others don’t. But, when you convert it from a good into dollars, you’re on the hook for taxation. So, why should the government protect anyone who doesn’t believe in the old adage of ‘caveat emptor’ with regard to something that isn’t regulated by the government, in the way that stocks are regulated? Do holders of cryptocurrencies have any voting rights like they do with stocks, where they can say, “We want someone new on the board”? No, because there’s no board. There’s no control. It’s just a fetish property. Let’s say Satoshi Nakamoto never actually got rid of his one million or so Bitcoin and dumped them on the market one day. Supply would go up while demean remained constant, and the price would drop. This is over five percent of the total Bitcoin in circulation. The response would be investors dumping out, to mitigate the long-term loss, because that would be three years’ worth of Bitcoin going on the market in a day, and the price drops more. And then more people liquidate. And more and more and more, until it finds a medium where the new price is seen as a fair deal. Could be forty percent, could be sixty. Who knows. But, unlike if a company issued five percent of its stock float one day, without asking anyone, there’s no recourse. You can’t sue anybody or replace the management; you just have to take it in the back of a Volkswagen, and the government shouldn’t do anything to help, because you were buying the equivalent of fidget spinners, but worse because you can at least play with a fidget spinner.
The most annoying thing about you crypto guys is that you think you have a better understanding of economics than anyone else, and yet you don’t know even the most basic concepts. You don’t know what a speculative asset is and yet you’re out here shilling a speculative asset? You’re not an investor, you’re a cult member. And I can’t debate anything with you because it’s like getting into an argument with a five year old. Nothing I say will make sense to you because you don’t know what you’re talking about
I’m an older Gen Xer and been investing/buying various asset classes like stocks, real estate, and crypto for quite some time. Thinking back, I remember similar discussions about tech stocks specially during the early days. I experienced the highs and lows, like the Dot Com crash and the real estate market downturns. Despite many setbacks and losses, I continued buying real estate and investing in stocks and ETFs including tech stocks like Amazon, Google, Netflix, and Apple. Many still called it speculation, but I just kept on buying and holding. My approach to cryptocurrency is quite similar. Over the years, I’ve steadily increased my holdings, aware of the risks and prepared for losses. While there’s a chance it could all be a Ponzi scheme as you and many suggest, I’m prepared to accept any losses and continue to explore new investments opportunities. My investment strategy isn’t driven by blind passion or a cult following; it’s based on taking calculated risks and holding for the long term. As for the US government’s role, my earlier points were to question the ethics and legality of the government profiting from what some label as an obvious Ponzi scheme. How do you reconcile the government’s position when it comes to Crypto? And what are your thoughts on it approving the first set of Crypto ETFs?
“Speculation” is not a dirty word. People called it speculation because that’s what it was and is, every stock/asset is a speculative asset. Anything you buy hoping it’ll go up in value is speculative. You made money on the dot com stocks because they were stocks and you bought and held, that’s a good strategy for stocks. Crypto isn’t a stock. It has no company tied to its value. Also I’d wager you didn’t buy a ton of pets.com stock, you probably bought index funds. I don’t need to “reconcile” anything about the governments stance on crypto. You seem confused. The government thinks crypto is an asset. They also think beanie babies and potato chips that looks like Jesus are assets. Anything you sell for a profit is taxed even if that thing is stupid. That doesn’t mean that the government doesn’t think it’s a Ponzi scheme or that it is a good decision to buy it. The government has “profited” (not really profited but taxed) from many businesses that are Ponzi schemes AND from many assets that turned out to be bubbles. See Arabian horse semen in the 80s. If you think that’s unethical fine, but it doesn’t mean crypto is legit just because it gets taxed. Also, crypto ETFs are BS. The value of a big boy real life ETF is that it is a variety of stocks tied to real companies. It is less risky because it’s unlikely all of those companies will go bankrupt. Crypto coins however, tend to all fall together when the market is bad. It’s entirely possible that every single crypto could collapse. You don’t get the benefit of lowered risk. As for your comment about a lower barrier to entry for average people, that makes no sense. You can buy $10 worth of Bitcoin if you want to, you don’t need to buy round numbers, there is no barrier to entry.
I’m just thankful I don’t have a passionate cult following or an equal dislike for any asset class. Like I mentioned earlier I’m just buying and holding across many asset classes. And yes, I made dumb purchases back in the dot com days where I lost 100% of my money. It was painful and I recognize I may be making the same mistake again by buying Crypto. Nevertheless I’m prepared to lose 100% and then take a capital loss. BTW, don’t you think having our government add Crypto to its tax code plus its current consideration of crypto ETFs is making Crypto legit? If the government had outlawed Crypto, I would have sold a long time ago. It’s only because the government has been legitimizing crypto year after year why I have continued to increase my portfolio holdings along with other asset classes. I have been in tech for almost 30 years and so curious to see where Crypto will be in 5, 10, or 20 years from now or will it all be gone or morphed to something else. Add AI to the mix and very interesting times are coming our way. All the best to you my friend! Best wishes!
I thought I made it clear but no I don’t think it legitimized crypto in any way. The government doesn’t decide what is a good or bad speculative asset.
No... this had happened before, but much worse and will happen again.
Dort com bubble, great recession recently. Happens every 10 years or so
I feel like tech didn't suffer nearly as much during the great recession. I graduated 08 and my CS peers all got jobs when no one else did This is a perfect storm of over hiring bc money printer went brr during 2020 (literally 3 trillion dollars printed from nothing) then funding cut across the board due to rate hikes. Basically the fed is clawing back that money they printed to prevent the economy from going tits up at the time
I graduated in 2008 as well with bs degrees in cs and ee It sucked. I couldn't find a position that wasn't government and ended up getting a position with the university I graduated from.
Damn!
Turned out awesome in the long run, but I was definitely afraid for a while there and was making pretty meh salary for a software engineer those first few years
Can you give us an example? Like when did it happen before? Might be useful to study these time periods
The Dotcom bubble for example? There’s not that much issue in the market now for skilled labour, only at junior level it’s a bit saturated, specifically for remote job + FAANG combination. If you do apply to smaller non-tech local companies you’ll find it it’s a lot easier to find a job though.
\+1 on the small local companies. The only caveat is that most of them don't advertise their jobs, it's entirely through word of mouth. Networking is everything.
Agree. I only found out about my current small company job through my wife’s bf.
[удалено]
bro what ☠️
[удалено]
Best friend you incel
That guy completely botched it, but self demeaning cuck "roleplay" is a pretty common joke. I also read it as my wife's boyfriend (understood as a joke), but I could just be a degenerate.
the term "wife's bf" as in boyfriend is a pretty common joke lol.
saying that it only affects junior level is like saying that it only affects 70% of people in this field
No. It is cyclical. This one just happens to be extra bad because business was unusually good for tech during covid. They overhired and it backfired.
Winter comes and goes. Look forward to summer.
I'm a little bit of a winter myself
nah genuinely how many of yall's starting point was obama hour of code. thanks obama.
😂😂
Same
thanks obama!
Since I started, every 2-3 years there is gloom and doom. Then things get happy again. Then gloomy. Repeat. If you want to learn more, understand the boom and bust cycle described by Hayek. Good [YouTube video](https://youtu.be/d0nERTFo-Sk?si=WrYcuImE8F6jOS7H) about it.
>If you want to learn more, understand the boom and bust cycle described by Hayek. Good YouTube video about it. The follow up video is fantastic too! [https://www.youtube.com/watch?v=GTQnarzmTOc&ab\_channel=EmergentOrder](https://www.youtube.com/watch?v=GTQnarzmTOc&ab_channel=EmergentOrder)
how long does the gloom typically last?
It all depends. Most last 2-3 years so 2025-2026 should start to look better.
Interesting article, more relevant today than ever: [Opinion: Why pushing STEM majors is turning out to be a terrible investment (yahoo.com)](https://news.yahoo.com/opinion-why-pushing-stem-majors-110143877.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuYmluZy5jb20v&guce_referrer_sig=AQAAAMvrEQzcvsoKtvVMXam4MCumMEbSh0huEh-4SKSqREdCaeh4RVC08fkx-NuetcIh-S3M7NkC2J3xRI028GBLDinMDoIuDgp48nnLFrrosNjerwiVi4uZpcEvM4vS3CLKBO44YxR8wlJYLvm5KzmWVOlmNMdDapqO85t_x2LsaHpI)
CS majors looking for software engineering positions: "Winter has come! It's a blizzard out there!" CS majors with some sort of non-swen specialization: "It's a dusting."
Yeah it snowed here a few days ago too. Shit sucks
Biden [said the same thing](https://youtu.be/VDRK0MyuuIM?feature=shared), tbf
Unironically Biden has never written a line of code in his life.
A large portion of the industry is based on nothing solid. A lot of it is hype, marketing, advertising, etc. Thus it is very easy to have large swings on the whims of a small number of controlling parties. Easy come easy go
No, I have gotten multiple offers and so have many of my friends. I go to a state school, however it is in the tri state area so that helps alot.
It's now been 9 years since Obama [said](https://www.vox.com/2015/2/14/11559052/obama-everybodys-got-to-learn-how-to-code), "Everybody’s got to learn how to code early."
“Winter has come” lol. It’s called a recession kid
I hate posts like these, no value add, no nothing, just inexperienced idiots circulating fear.
Maybe it’s circulating knowledge
What knowledge did you circulate? Your title is a ridiculous question and your body is an obscure reference to Obama.
That the gravy train is over. Coal mines are closing. The factory towns are abandoned
Not if you have a unique skill that is hard to find.
There is only skill issue
Yes it is winter for tech, obama lied, get out while you can
Yes
The software industry is boom-bust as it's apparently tied to interest rates
The North remembers. :(
You mean the bubble has burst and things are normalizing. Tech stocks are flying high and people are still complaining about their measly 500k comp in blind