Kai Ryssdal
RT @EmilyStewartM
FTX's collapse is bad bad bad for crypto. But is it the end? I asked a bunch of people what they make of the situation and whether this is the death knell of an industry that's never quite figured itself out. https://www.vox.com/the-goods/2022/11/23/23473340/crypto-ftx-sam-bankman-fried-contagion-bankruptcy-coinbase
FTX and Sam Bankman-Fried have collapsed. Will all of crypto go, too?

Crypto is the cat with nine lives, but some wonder if FTX might be the last one, especially as companies such as Coinbase, Genesis, and BlockFi face problems of their own and contagion spreads.

Vox
Nov 23, 2022 at 1:30pmWeb
Show threadWord of Mouth Nov 23, 2022
@kairyssdal
One can only hope
Show threadEd DeanNov 23, 2022
@kairyssdal I can think of few realms to which the term "industry" applies less than to the meaningless, unproductive nonsense of crypto
Show threadStoneroadsNov 23, 2022
@kairyssdal I still haven’t seen a compelling business case for it that works in the real world. It was conceived on the notion that the financial system was not to be trusted. Yet, trust and safety are it’s biggest issues.
Show threade Riley CaseyNov 23, 2022
@kairyssdal how much “figuring out” do pyramid schemes need to do about themselves ?
Show threade Riley CaseyNov 23, 2022
@kairyssdal
Show threadMichaelNov 23, 2022

@kairyssdal
The death of Charles Ponzi was not the death of pyramid schemes. Crypto will be around because there will always be scammers and marks.

Is there a single legal legitimate use case for crypto? Let alone enough to sustain an “industry” of “billions of dollars”? Meanwhile crypto mining is adding to climate change and other pollution for zero benefit to the world.

https://www.nytimes.com/2022/11/22/nyregion/crypto-mining-ban-hochul.html

New York Enacts 2-Year Ban on Some Crypto-Mining Operations

National cryptocurrency industry groups had lobbied Gov. Kathy Hochul to veto the environmental ban, fearful that other states could follow New York’s lead.

The New York Times
Show threadMaurice McNeilNov 23, 2022
@kairyssdal excellent article
Show threadjohnkoernerNov 24, 2022
@kairyssdal Hard to believe it has been 8 years since MtGox went down. That was such early days that most people hadn't even heard of bitcoin then.
Show threadPatricia KurtNov 24, 2022
@kairyssdal The difference between crypto and tulip bulb speculation is that the tulip bulb speculators at least had a bulb that they could plant when their market collapsed.