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.
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.
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