You are in my opinion exactly right. But the implications are huge and it likely means that the whole cryptocurrency market is sort of fucked, and we are just

You are in my opinion exactly right. But the implications are huge and it likely means that the whole cryptocurrency market is sort of fucked, and we are just waiting for the music to stop at this point. 8 months before the 2007-2009 CDO crash, there was rumors among my smart fiends that things were heading south and there were huge hidden liabilities that the banks couldn't handle. At first, you think they are conspiracy guys, but eventually I came around and saved myself a lot of money. It was against a situation where if things went up, one was okay, but if things went down you found out some people couldn't meet their obligations in a really big way: https://en.wikipedia.org/wiki/Subprime_mortgage_crisis https://en.wikipedia.org/wiki/Subprime_mortgage_crisis I feel like we are in the same situation. Informed people are putting together the pieces but the music hasn't yet stopped.