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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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.