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This is the part where a speculative bubble doesn’t threaten the mainstream economy, doesn’t harm anyone not involved, doesn’t get a taxpayer bailout. This is

This is the part where a speculative bubble doesn’t threaten the mainstream economy, doesn’t harm anyone not involved, doesn’t get a taxpayer bailout. This is way better than how it works in conventional finance.

uejfiweun 4y ago
Here's hoping. If the federal government bails out crypto, then I will not be happy. I don't think it's gonna happen, because influential government figures have been calling it a risky, speculative asset class from the very beginning.
- lampshades 4y ago
  There is no way the federal government bails out crypto. That would be the most absolute bonkers thing I've ever witnessed.
  - uejfiweun 4y ago
    I dunno man, I barely understand the financial world, but it's my understanding that the federal government bailed out a bunch of wall street speculators in 2008, despite nobody thinking it could happen. I'm not sure how close the two situations are, but the prospect is enough to make me nervous at the very least.
    - lupire 4y ago
      Wall St owns the US government and runs the US economy. Cryptoc is nothing like that.
      - reustle 4y ago
        I know nothing about the space, but as crypto has such huge gains over the past few years, couldn’t they have also paid for lobbyists?
esoterica 4y ago
It doesn't threaten the mainstream economy because everyone knows it's a scam and no one is creating important financial infrastructure that relies on it. If crypto actually had the widespread adoption the enthusiasts dream of, we would be seeing a 2008 level disaster (and corresponding required bailout) all over again.
stjohnswarts 4y ago
They failed to buy off government officials quick enough to get a "too big to fail" card :)
itsoktocry 4y ago
>doesn’t harm anyone not involved How on earth do you think this is possible?
- hn_throwaway_99 4y ago
  Because the collapse of crypto isn't actually that likely to take down the rest of the financial system.
rank0 4y ago
We still let people write off losses on crypto.

uejfiweun 4y ago

Here's hoping. If the federal government bails out crypto, then I will not be happy. I don't think it's gonna happen, because influential government figures have been calling it a risky, speculative asset class from the very beginning.

lampshades 4y ago
There is no way the federal government bails out crypto. That would be the most absolute bonkers thing I've ever witnessed.
- uejfiweun 4y ago
  I dunno man, I barely understand the financial world, but it's my understanding that the federal government bailed out a bunch of wall street speculators in 2008, despite nobody thinking it could happen. I'm not sure how close the two situations are, but the prospect is enough to make me nervous at the very least.
  - lupire 4y ago
    Wall St owns the US government and runs the US economy. Cryptoc is nothing like that.
    - reustle 4y ago
      I know nothing about the space, but as crypto has such huge gains over the past few years, couldn’t they have also paid for lobbyists?

esoterica 4y ago

It doesn't threaten the mainstream economy because everyone knows it's a scam and no one is creating important financial infrastructure that relies on it. If crypto actually had the widespread adoption the enthusiasts dream of, we would be seeing a 2008 level disaster (and corresponding required bailout) all over again.

stjohnswarts 4y ago

They failed to buy off government officials quick enough to get a "too big to fail" card :)

itsoktocry 4y ago

>doesn’t harm anyone not involved How on earth do you think this is possible?

hn_throwaway_99 4y ago
Because the collapse of crypto isn't actually that likely to take down the rest of the financial system.

rank0 4y ago

We still let people write off losses on crypto.