Crypto – Speedrunning Finance
November 16, 2022
- Feels like we are doing modern finance, from the 17th century to today via crypto in less than 15 years
- Have gone through various issues now like feedback loops, broken exchanges, fraud, derivatives and pets.com style bubbles
- Own little GFC moment:
- "Banks" (FTX/exchanges) making speculative investments (Alameda/prop division) that don't benefit customers.
- Those banks blew up during the GFC. Similarly, those exchanges are blowing up now.
- The most recent move will certainly lead to increased legislation in crypto
- Suspect we will see Dodd-Frank like legislation globally
- Worst part is, the recent blow up has nothing to do with crypto
- The occurrence of frauds and Cult leaders in crypto are almost a complete circle on a venn diagram
- Centralised exchanges all blow up, there is no rule to this exception.
- Not your keys, not your coins.
- Crypto is meant to be decentralised and cryptographic. All of the recent nonsense is the antithesis to the very idea of crypto.