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The Crypto Con Crash 0

Paul Krugman wonders how the crypto con successfully conned so many persons. A snippet:

So how did cryptocurrencies come to be worth almost $3 trillion at their peak? (Two-thirds of that value has now vanished.) Why was nothing done to rein in “stablecoins,” which were supposedly pegged to the U.S. dollar but were clearly subject to all the risks of unregulated banking, and are now experiencing a cascading series of collapses reminiscent of the wave of bank failures that helped make the Great Depression great?

My answer is that while the crypto industry has never managed to come up with products that are much use in the real economy, it has been spectacularly successful at marketing itself, creating an image of being both cutting edge and respectable. It has done so, in particular, by cultivating prominent people and institutions.

Follow the link for his reasoning.

July 15, 2022 | Posted by: Frank | Posted in: Geek Stuff, Mammon | Bookmark this post

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The Crypto Con Crash 0