GUEST ESSAY: Crypto ‘collapse’ — it looks like the last big dominoes have fallen

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 54 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 84%

South Africa Headlines News

South Africa Latest News,South Africa Headlines

The crypto ‘collapse’ has been muted compared with everyone’s worst (and sometimes gleeful) expectations. And, certainly, no worse than Tesla or Peleton or a host of other shiny tech brands.

There was a mini rally in crypto prices over the past week or so of about 20%, which is a little amusing given everything and all. Whether the beginning of a new bull market or a forgettable blip is hard to discern, but after the bad weather around crypto over the last little while, it was a nice warm breeze.

The list of failures in the wake of all of this is long and storied, and has reached well beyond crypto into companies that are only crypto-proximal, like general investment companies or exchanges that take your real dollars and allow you to purchase crypto-tokens. And finally, the realisation that there are a truly extraordinary number of people willing to take what is not theirs when there is no policeman on duty .The entire crypto project was meant to take humans out of the trust equation. Clearly, we are not there yet, although the big legacy blockchains and completely decentralised projects have stolidly marched on, unaffected by the noise.

Much of this stuff is happening away from the headlines — some is entirely unconnected to cryptocurrencies, but all of it is built on similar cryptographic math. Most importantly, those who sat on the sidelines while parts of crypto self-destructed and wondered whether this was the end of the road for crypto, are now realising that the collapse was muted compared with everyone’s worst expectations.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Collapse? These words are only ever used by people who are sour that they have never benefitted from the crypto markets. BTW, the graph below is the recent oil price...

How can you compare a pyramid scheme with legitimate companies? Tesla was overvalued, but as a company, they are solid. Crypto is a scam and exploits people’s greed. Binance will be the next to fall.

Shame someone is hoping for a bounce.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in ZA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Runaway W. Antarctic ice sheet collapse not 'inevitable': studyThe runaway collapse of the West Antarctic Ice Sheet -- which would trigger catastrophic sea level rise -- is not 'inevitable', scientists said Monday following research that tracked the region's recent response to climate change.
Source: eNCA - 🏆 49. / 51 Read more »

Tesla under fire in Germany over union concerns about hours, contractsHandelsblatt reported that local politicians from the centre-left SPD to the centre-right CDU expressed concern about the allegations, calling for inquiries by Tesla and the local government
Source: BDliveSA - 🏆 12. / 63 Read more »

Niehaus claims judiciary is captured not based on reality says legal expert | The CitizenLegal expert Aslam Moosajee said Niehaus has no evidence to support his claims that the judiciary is captured.⚖️ Read more here👇 It’s captured CR17BANKSTATEMENTS remain SEALED by who,and for who's protection and benefit?
Source: TheCitizen_News - 🏆 6. / 75 Read more »

JSE muted as markets await directionLocal CPI data, due on Wednesday, will be a feature More pointedly...JSE is in the dark, waiting for direction.
Source: BDliveSA - 🏆 12. / 63 Read more »

Barista conjures up beyond perfect coffee, every time | City PressJoseph Matheatau, a barista is now educating other coffee enthusiasts. The Black Coffee of ☕.
Source: City_Press - 🏆 7. / 72 Read more »

EUSEBIUS MCKAISER | Beware the danger of exceptional ‘against all odds’ matric storiesWe must push back against the kind of sloganeering that follows result announcements every year.
Source: TimesLIVE - 🏆 28. / 59 Read more »