3 ms·
IMO, the impact is probably not overstated. This isn't just about how far the contagion has spread via counterparty risk. And that is a significant factor. Lev
by next_xibalba 4y ago
IMO, the impact is probably not overstated.
This isn't just about how far the contagion has spread via counterparty risk. And that is a significant factor. Leverage is widespread and undocumented. This is also about an awakening to the risks associated with hosting your "wealth" in custodial wallets controlled by completely unregulated entities. Entities that have continually failed to achieve even a modicum of transparency (all stablecoins, most exchanges). Entities that in some cases refuse to identify a headquarters (Binance). In other words, this is an ongoing macro trust rug.
- throwaway22032 4y agoGox went under in 2014. Eight years ago. There have been tens if not hundreds since then. If you're being "awakened" now, you've not just been asleep, you've been sedated...
- next_xibalba 4y agoThe early adopters who were in the space pre-2018 or pre-2020 are a small minority of count of crypto participants today. (Not to mention the fact that all of this has happened many, many times throughout financial history for hundreds of years.) But for the majority of participants today (aka dumb money retail), this is their first experience in getting rekt. Many of them will likely wash their hands of the entire space.