Will the cryptocurrency industry’s endemic fraud and risk-taking ultimately be backstopped by government bailouts, funded by taxpayers who may themselves have no exposure to crypto assets? Has crypto become too big too fail?
My latest in Businessweek: https://www.bloomberg.com/news/articles/2024-12-17/crypto-got-what-it-wanted-in-the-us-election-here-s-what-s-next
My latest in Businessweek: https://www.bloomberg.com/news/articles/2024-12-17/crypto-got-what-it-wanted-in-the-us-election-here-s-what-s-next
Comments
https://en.wikipedia.org/wiki/Pyramid_schemes_in_Albania
This will be a right-wing talking point. Shame to see you ceding it in advance.
Taxpayer backstop on the crypto bubble would be a bloodbath. No one should accept it on any basis, for the same reasons we don't backstop meme stock speculation.
the 2 alternatives are, crypto has another collapse and a lot of people lose a ton of money. or the USD-based global financial system collapses and everybody loses everything.
I don't think some kind of symbiosis is possible.
#satire #memes
It may not be taxpayer money, but my bank, as do all other FDIC insured banks paid into that insurance, and ultimately have to fill that ~$16 billion hole.
All cryptocurrencies could collapse to zero tomorrow, and only speculators, malware ransomers, and drug traffickers would be significantly impacted.
It basically exposed two extremes of human nature. Those who would sell out their family for a buck, and those who want anarchy (ancap/ancon).
We can hate it, but ... 🤷♂️
US taxpayers put Trump back in power. It’s only fair that they pay the price with their taxes.