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wycats's profile
Yehuda Katz 🥨
Yehuda Katz 🥨
Yehuda Katz  🥨
Verified account
@wycats

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Yehuda Katz  🥨Verified account

@wycats

Tilde Co-Founder, OSS enthusiast and world traveler.

Portland, OR
yehudakatz.com
Joined August 2007

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    1. Yehuda Katz  🥨‏Verified account @wycats 22 Dec 2017

      In 2008, the Dow dropped from 11,000 to 7,000 over the course of several months. What did we call it? A crash. When bitcoin drops from 20k to 10k (now trading around 14k) over the course of one day, optimists call it a "natural market correction"

      19 replies 32 retweets 85 likes
      Show this thread
    2. Daniel Ƀ‏ @csuwildcat 22 Dec 2017
      Replying to @wycats

      That's a dreadful comparison: a market index dropping 20%+ is a crash b/c it represents a vast, aggregated market cap of 1000s of assets. Swings like that in a single small cap commodity are far more frequent b/c they can be swung by far less vol/participants. This is Finance 101

      2 replies 1 retweet 15 likes
    3. Yehuda Katz  🥨‏Verified account @wycats 22 Dec 2017
      Replying to @csuwildcat

      Yes, I was being a little cheeky. Still, 50% crash in a commodity with market cap of hundreds of billions is not a small detail.

      3 replies 0 retweets 0 likes
    4. Stu Cox‏ @StuCoxMedia 22 Dec 2017
      Replying to @wycats @csuwildcat

      But most of that market cap isn't real money people have put in. Don't have numbers, but a huge number of them will have been bought at a lower rate then hugely inflated in a matter of months. Stable commodities actually have had a value somewhere near their market cap pumped in.

      2 replies 0 retweets 0 likes
    5. Yehuda Katz  🥨‏Verified account @wycats 22 Dec 2017
      Replying to @StuCoxMedia @csuwildcat

      And the Dow largely reflects dollar amount invested in liquid stable commodities?

      1 reply 0 retweets 0 likes
    6. Stu Cox‏ @StuCoxMedia 22 Dec 2017
      Replying to @wycats @csuwildcat

      Well yeah, to be fair they're all inflated. But stable indexes will have had a lot of people buying at roughly the current rate for a long period of time. Millions of bitcoins will have been bought at MUCH lower rates and held.

      1 reply 0 retweets 0 likes
      Yehuda Katz  🥨‏Verified account @wycats 22 Dec 2017
      Replying to @StuCoxMedia @csuwildcat

      So you're saying the crash is no big deal because it was a bubble anyway?

      11:09 PM - 22 Dec 2017
      2 replies 0 retweets 0 likes
        1. New conversation
        2. Stu Cox‏ @StuCoxMedia 22 Dec 2017
          Replying to @wycats @csuwildcat

          Are you talking about BTC or 2008? Depends what you mean by "a big deal" — both are obviously notable. 2008 was a horrible event in which a lot of people suffered through no fault of their own. Haven't yet heard of any huge negative impact of the BTC "crash".

          1 reply 0 retweets 1 like
        3. Stu Cox‏ @StuCoxMedia 22 Dec 2017
          Replying to @StuCoxMedia @wycats @csuwildcat

          And for disclosure, I have BTC I bought in Sept, which are still worth 3x what I paid for them. I have no plans to sell any time soon.

          0 replies 0 retweets 1 like
        4. End of conversation
        1. New conversation
        2. Daniel Ƀ‏ @csuwildcat 22 Dec 2017
          Replying to @wycats @StuCoxMedia

          I'm saying: when a corp is young w/ few shareholders and the stock price swings significantly due to low vol/liquidity, do you call every big drop a crash? How about when an older corp w/ many shareholders & high vol/liquidity sends shareholders running for empirical biz reasons?

          2 replies 0 retweets 1 like
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