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Didn't blow up enough to scare people away long term, it will be back soon enough.
Exactly. FTX.com wasn't even legal in the US. The Terra/Luna crash was WAY worse for people, and that didn't do much to scare people away. BTC has held above $16k, which is really saying something considering the circumstances.
From earlier this year:
https://emtemp.gcom.cloud/ngw/globalassets/en/articles/image...
Now we enter the Trough of Disillusionment.
Given the general accuracy of this model/metaphor in the past, should we consider it to be any different this time around?
Earlier quoted context omitted.
Aren't basically all of crypto transactions facilitated by centralized exchanges? Why is FTX alone the antithesis?
No, you can trade crypto on a decentralized exchange like a token trading contract on ethereum. You do have the risk of bugs in the code or poorly coded contracts with backdoor but the code is public.
> Moreover, sceptics should acknowledge that nobody can predict which innovations will bear fruit and which will not. People should be free to devote time and money to fusion power, airships, the metaverse and a host of other technologies that may never come good. Crypto is no different. As the virtual economy develops, useful decentralised applications may yet appear—who knows? The underlying technology continues to…
This is an exercise in pure ideology, conveys no information, and presents the scam sales-pitch around crypto entirely verbatim.
It is that most common of trap that classical liberals fall into, defending private forces of unfreedom on the basis that they underpin the "free" market. What a bleak picture, and as a defender of free markets, a betray of that world view.
Freedom, as a contingent property of markets, is a careful and precious thing. It requires us to be on the guard against a variety of feudal forces, the pinnace of which could be nothing other than crypto.
Here, The Economist, on the basis of classical liberalism, advocates for a feudalist scam. It's quite saddening.
When Crypto was young it was this cool new technology that mostly interesting because of the underlying tech. But even back then it was mostly valuable for buying drugs online and other illegal stuff. Now it's that and a way to scam people of their life savings. I do hope it dies out, it should have been heavily regulated from the get go. Way too many people saw these high production commercials with their favorite c…
The mainstream response to this debacle is a bit incomprehensible. FTX was the antithesis of cryptocurrency; it was a centralised exchange, that was also trying to become a bank, and was AFAICT trying to kill DeFi [0]. The failure/success of FTX has no relation to the soundness of cryptocurrency. I do however hope that this crash means fewer people will speculate on the prices such that it can finally stabilise a bit…
> FTX was the antithesis of cryptocurrency No true scotsman. "The USSR wasn't real communism." What cryptocurrency could be or should be in an ideal world is irrelevant. If cryptocurrency fails to live up to its ideals, it may be because these ideals are impossible to fulfill. That could be due to technological limitations, human nature, or something else. And in this case, we have no choice but to judge crypto for w…
People here did not own any crypto. It's a simple fact, not some nebulous idea of what is or isn't communism. People gave money to fraudsters, who said "give us money and we'll hold crypto on your behalf", but FTX didn't actually have that crypto. They just ran with the money.
I'll add this to the list. http://bitcoinisdead.org/
I prefer this one: https://99bitcoins.com/bitcoin-obituaries/
>Beyond the most hardcore users, skepticism has only increased. Nobel Prize-winning economist Paul Krugman wrote that the currency’s tendency to fluctuate has encouraged hoarding. Stefan Brands, a former ecash consultant and digital currency pioneer, calls bitcoin “clever” and is loath to bash it but believes it’s fundamentally structured like “a pyramid scheme” that rewards early adopters.
They were correct on both counts. Since then, proponents have simply stopped trying to sell it as a currency (buy your games in bitcoin! pay your rent in bitcoin! -- that was the initial pitch), and its pyramid scheme structure has only been exploited, not fixed.
When Crypto was young it was this cool new technology that mostly interesting because of the underlying tech. But even back then it was mostly valuable for buying drugs online and other illegal stuff. Now it's that and a way to scam people of their life savings. I do hope it dies out, it should have been heavily regulated from the get go. Way too many people saw these high production commercials with their favorite c…
On the other hand, if it had been heavily regulated from the get-go, there would be tremendous pressure to bail it out now, so maybe it's for the best that it wasn't regulated by the government.
It would have been nice if there was a countervailing force to the billionaire-savior cults promoting it, but unfortunately our media environment promotes those ideas rather than combat them.
When Crypto was young it was this cool new technology that mostly interesting because of the underlying tech. But even back then it was mostly valuable for buying drugs online and other illegal stuff. Now it's that and a way to scam people of their life savings. I do hope it dies out, it should have been heavily regulated from the get go. Way too many people saw these high production commercials with their favorite c…
So bad people did bad things to stupid people using made up numbers, so people with guns should take other made up numbers and give them to people with guns, and tell the people with guns to make sure the bad people don’t do bad things to the stupid people, because they know what’s best for them because they’re too stupid and incapable of becoming strong enough for the big scary world?
