Foreign Policy: The Cryptocurrency Crash Is Replaying 2008 as Absurdly as Possible

This is a version of my writeup of the UST crash for the more general Foreign Policy audience — one that will understand that mentioning “2008” is the air-raid sirens going off. [Foreign Policy, paywalled]

The main difference is a simpler and less technical explanation of how UST worked and how it crashed, some mention of Bitcoin hitting $25, 500 this morning, and some more apocalyptic policy recommendations at the end.

 



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One Comment on “Foreign Policy: The Cryptocurrency Crash Is Replaying 2008 as Absurdly as Possible”

  1. A policy which has served me well:

    Anyone advocating cryptocurrency is a crook or a patsy.
    Anyone advocating a cryptocurrency-adjacent project is a crook or a patsy.
    Anyone who says “no, we’re not using cryptocurrency, we’re a fintech” is probably using cryptocurrency.
    Anyone who says “but our cryptocurrency is different” is lying.

    The space of offers I’ve turned down as a result of this policy, which haven’t since crashed and burned, is zero.

    Ban cryptocurrency possession now.

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