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This doesn’t make a lot of sense. Bitcoin and ethereum are still up and processing blocks with little regard to what is happening in the financial system. Thos
by irusensei 4y ago
This doesn’t make a lot of sense. Bitcoin and ethereum are still up and processing blocks with little regard to what is happening in the financial system.
Those lending companies closing down are basically centralized platforms very much like the legacy financial system. This take is the same type of uneducated comment that someone does while attributing actions done by say Coinbase to crypto as a system.
- sbierwagen 4y ago>Bitcoin and ethereum are still up and processing blocks with little regard to what is happening in the financial system. Those are internal database tasks. I'm sure the IT staff at Lehman Brothers could have run defrag jobs and swapped backup tapes until the Sun went out. That wasn't the problem at Lehman. The bitcoin network can process blocks when a bitcoin is worth $10,000 or $1 or $0.00001. The problem is that in the last two cases, economically, nobody would care if bitcoin is still processing blocks.
- andirk 4y agoWhen BTC was trading at 1USD, there was an alive and vibrant community making it all work. Your point is sound almost regardless of fiat price. Here's a 2011 @ 6USD interview https://youtu.be/Ta73DofiT7o https://youtu.be/Ta73DofiT7o
- cortesoft 4y agoWell, the treasury kept printing money and stores still took dollar bills during the 2008 financial crisis, too. I am not saying the whole system fell over. I am saying the ‘banks’ became over leveraged with risky assets whose risks were correlated in surprising ways.