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Without watching the linked video... No, the damage wasn't trillions. That's being measured as the decline in the market price of crypto. However the market pr

Without watching the linked video... No, the damage wasn't trillions. That's being measured as the decline in the market price of crypto. However the market price of crypto is incredibly misleading. The actual value of crypto is zero both before and after the crash. So the damage was caused by individuals and institutions handing their money to crypto holders and intermediaries. And that's how the damage should be measured: how much money went from productive applications to nonsense like crypto. I'm pretty sure it wasn't trillions. Billions maybe.

puranjay 4y ago
This. The total market size of crypto is actually fairly small and nowhere in the trillions. The actual float of most tokens is tiny - a ton of tokens are locked up in staking and various smart contracts. You just have to spend a few weeks in crypto communities to realize how small the market truly is. You can tell all the influencers and market makers by name within two weeks. I would say the market is at most a 2-3x the total circulating supply of major stablecoins (approx 150B)