The Cryptocurrency Crash Is Replaying 2008 as Absurdly as Possible
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The Cryptocurrency Crash Is Replaying 2008 as Absurdly as Possible
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Re: The Cryptocurrency Crash Is Replaying 2008 as Absurdly as Possible
#2Exactly. Maybe that is why it is the justification for more regulations for stablecoins. Highly likely that is going to happen or introducing their own CBDCs like China or both co-existing once the regulatory framework around stablecoins becomes clearer. Then we will see which ones will comply or not.
As for the crypto-maximalists screaming about Bitcoin as a peer-to-peer electronic cash system for on-chain payments and as a currency, it is safe to say that experiment has totally failed and that was found out the hard way.
Re: The Cryptocurrency Crash Is Replaying 2008 as Absurdly as Possible
#3archive: https://archive.ph/cNkr5
Re: The Cryptocurrency Crash Is Replaying 2008 as Absurdly as Possible
#4Yeah but is crypto causing the crash or just a symptom of it?
It doesn’t seem like all the large investment banks and reinsurers are flirting with insolvency due to crypto exposure.
They definitely were due to CDO and mortgages. That distinction seems substantive.
Re: The Cryptocurrency Crash Is Replaying 2008 as Absurdly as Possible
#5Exactly. Maybe that is why it is the justification for more regulations for stablecoins. Highly likely that is going to happen or introducing their own CBDCs like China or both co-existing once the regulatory framework around stablecoins becomes clearer. Then we will see which ones will comply or not. As for the crypto-maximalists screaming about Bitcoin as a peer-to-peer electronic cash system for on-chain payments…
Is it safe to say that Bitcoin failed?
Re: The Cryptocurrency Crash Is Replaying 2008 as Absurdly as Possible
#6Matt Levine writes well about it: [https://www.bloomberg.com/opinion/articles/2022-05-10/anothe...]
Re: The Cryptocurrency Crash Is Replaying 2008 as Absurdly as Possible
#7Yeah but is crypto causing the crash or just a symptom of it? It doesn’t seem like all the large investment banks and reinsurers are flirting with insolvency due to crypto exposure. They definitely were due to CDO and mortgages. That distinction seems substantive.
There’s bleed in various areas. Institutional investors own stocks in the companies involved. Microstrategy made owning Bitcoin part of its business. Stupid abounds.
Re: The Cryptocurrency Crash Is Replaying 2008 as Absurdly as Possible
#8Yeah but is crypto causing the crash or just a symptom of it? It doesn’t seem like all the large investment banks and reinsurers are flirting with insolvency due to crypto exposure. They definitely were due to CDO and mortgages. That distinction seems substantive.
There’s bleed in various areas. Institutional investors own stocks in the companies involved. Microstrategy made owning Bitcoin part of its business. Stupid abounds.
That's because their own business was faultering
Re: The Cryptocurrency Crash Is Replaying 2008 as Absurdly as Possible
#9Exactly. Maybe that is why it is the justification for more regulations for stablecoins. Highly likely that is going to happen or introducing their own CBDCs like China or both co-existing once the regulatory framework around stablecoins becomes clearer. Then we will see which ones will comply or not. As for the crypto-maximalists screaming about Bitcoin as a peer-to-peer electronic cash system for on-chain payments…
Is it safe to say that Bitcoin failed?
It is not safe to say, but rvz likes to keep saying it. When the blocks stop, it has failed.
It’s a timechain, a decentralized clock.
Tick Tock Next Block.
Re: The Cryptocurrency Crash Is Replaying 2008 as Absurdly as Possible
#10200 Billion in crypto wiped out in 24 hrs is bound to cause ripple effects in traditional finance as well.
"Crypto has at least started to work its way into the real financial system. Some traditional investors also own crypto; if their crypto goes down they might have to sell regular stuff. Some public companies are exposed to crypto (because they are crypto exchanges, because they have levered crypto holdings, etc.), so your boring old index fund might go down when crypto goes down".
https://www.bloomberg.com/opinion/articles/2022-05-12/crypto...