Throwaway as I used to socialize with a number of names connected to all this.
It did not “happen that fast”. It’s been forecasted and debated for weeks if not months. We were just not privy to those meetings, IMs, and calls. You’d have to be incredibly handicapped to assume behind the scenes comms aren’t occurring and merely a deluded rube to assume it’s all “nice”.
The analytics exist to predict these things and people chose to let it play out, see if it could be fixed before the bill was due.
This is the free market. Awareness exists for those with the money to build the analysis. They sit and gamble on the actual outcome that will occur.
SBF screwed up by assuming the establishment cared enough to rescue his ephemeral pet. The establishment never cares about the fallout to the average person. “Free market” to be stupid. Where being smart is kowtowing to established rule.
Because the establishment is people too. Same core motives. Same lack of obligation to buy into others bullshit. Life on Earth is sorted. It’s normalized. Actual science of net new discovery is the only true frontier, not engineering new versions of old shit. Crypto is just a new version of a manipulated value store like religious symbols and nation state currency. It has all the same upsides and pitfalls because it’s belief in nothing but the imagination of a handful of dumb apes.
As a data structure it’s not interesting; a linked list with a unique hash in place of an index. Yes yes much mathematical notation can be jotted down to explain it but the same can be said of growing lettuce and we don’t seem to feel the need to do so. Short hand recipes and experience suffice.
Crypto is former script kiddies clinging to nostalgia as humans do. It fills the same existential hole as things like superheroes, war heroes, and gods; not for everyone and demanding it should be is the same old human imperialism of thought. We don’t need crypto like we don’t need fiat currency, because special people don’t exist. Any rules for defining them are arbitrary given the unknown reason for our existence.