Out of control speculation led to the Great Crash of 1929.
Wall Street deregulation led to the financial crisis of 2008.
Crypto delusion led to the crypto crash in 2022.
The worst is yet to come — just look at FTX.
All Ponzi schemes topple eventually. Crypto is no different.
@rbreich Monetary instruments need an underwriting authority that can persist into the future. Normally, it's the function of a nation. Crypto may have had a value for the work that went in to creating it (bitcoin), but that does not carry future value. So yes, crypto as currency is a pure scam. And its pump and dump promotion makes it a ponzi.
Crypto is being propped up by a quasi-religious fervor, at the rate of one sucker born every minute.
Robert Reich
Stu Duerson, machina exo deus