Matt Levine here reflects how a crypto exchange can fool itself into thinking thinly traded shitcoins are actually worth their huge market caps as being downstream from the fact that nothing in crypto makes sense;
back in 2021, I posited that crypto was a #cognitivehazard : when nothing makes sense, but you’re rewarded for it, you quickly lose touch with reality.
it’s interesting to see how this impacted big players in the scene.

@angristan I might be having an ADHD moment on that question, I've had a tab open with an article by him for like 5 weeks so I can't remember. #cognitivehazard