Hacker News new | ask | show | jobs
by KaoruAoiShiho 1363 days ago
It was sudden and couldn't have been predicted. Ethereum ended PoW just this month but the GPU crash was 7 months ago. In reality the PoW transition had nothing to do with the GPU crash, it was the end of WFH and the crypto decline caused by the russian invasion that resulted in the GPU crash.
1 comments
mccorrinall 1363 days ago
> crypto decline caused by the russian invasion

What? One of the biggest recent decline in crypto happened when LUNA foundation dumped multiple billions as BTC in order to keep terra stable (didn’t work out). The other dump is caused because borrowing money for leverage won’t be as cheap as it was for at least the next 4 years (taking bloomberg projections of Fed rates here).

How is the invasion related to the dump at all?

link
KaoruAoiShiho 1363 days ago
These are all caused by general asset declines due to the russian invasion, inflation spiking, and fears of fed reaction. General asset declines put pressure on crypto whose more dramatic moments is really traced back to the russian invasion.
link