{"id":22751,"date":"2022-05-12T20:14:44","date_gmt":"2022-05-12T20:14:44","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=22751"},"modified":"2022-05-12T20:14:44","modified_gmt":"2022-05-12T20:14:44","slug":"foreign-policy-the-cryptocurrency-crash-is-replaying-2008-as-absurdly-as-possible","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2022\/05\/12\/foreign-policy-the-cryptocurrency-crash-is-replaying-2008-as-absurdly-as-possible\/","title":{"rendered":"Foreign Policy: The Cryptocurrency Crash Is Replaying 2008 as Absurdly as Possible"},"content":{"rendered":"<p>This is a version of <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2022\/05\/10\/terras-stablecoin-does-a-2008-crisis-ust-crashes-and-takes-bitcoin-with-it\/\">my writeup of the UST crash<\/a> for the more general Foreign Policy audience \u2014 one that will understand that mentioning &#8220;2008&#8221; is the air-raid sirens going off. [<em><a href=\"https:\/\/foreignpolicy.com\/2022\/05\/12\/cryptocurrency-crash-2008-financial-crisis\/\">Foreign Policy<\/a>, paywalled<\/em>]<\/p>\n<p>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.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/davidgerard.co.uk\/blockchain\/?attachment_id=22752\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-22752\" src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/05\/coinflip.jpg\" alt=\"\" width=\"510\" height=\"315\" srcset=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/05\/coinflip.jpg 680w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/05\/coinflip-300x185.jpg 300w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/05\/coinflip-348x215.jpg 348w\" sizes=\"auto, (max-width: 510px) 100vw, 510px\" \/><\/a><\/p>\n<br><br><div align=\"center\"><p><a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\"><img src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/10\/become_a_patron_button.svg\" alt=\"Become a Patron!\" title=\"Become a Patron!\" width=217 height=51><\/a><br><p style=\"align:center;\" class=\"patreon-badge\"><i>Your subscriptions keep this site going. <a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\">Sign up today!<\/a><\/i><\/p><\/div>","protected":false},"excerpt":{"rendered":"<p>A version of my UST writeup for an audience that will understand that mentioning &#8220;2008&#8221; is the air-raid sirens going off.<\/p>\n","protected":false},"author":1,"featured_media":22752,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[1150,2948,1449,2946,2947],"class_list":["post-22751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","tag-foreign-policy","tag-luna","tag-stablecoin","tag-terra","tag-ust"],"jetpack_featured_media_url":"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/05\/coinflip.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/22751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/comments?post=22751"}],"version-history":[{"count":1,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/22751\/revisions"}],"predecessor-version":[{"id":22753,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/22751\/revisions\/22753"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media\/22752"}],"wp:attachment":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media?parent=22751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/categories?post=22751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/tags?post=22751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}