Crypto could totally be a currency. The fact of the matter is that it sort of is. In its most raw terminology of currency. It is not however an insured curre

Crypto could totally be a currency. The fact of the matter is that it sort of is. In its most raw terminology of currency. It is not however an insured currency. So you will get all the fun things you get with that. Massive inflation/deflation, bank runs, sudden insolvency, probable scams, etc. Our current currency system is the way it is precisely of what you are seeing in real time in 'crypto'. These sorts of things happened many times before our central banks got involved and regulated them. If you want to see some real shenanigans read about the banks from the 1800s. History does not repeat itself but it sure rhymes. I was not surprised it happened. The only thing that surprised me is that it took this long for someone to make an enron sized mistake. The macro econ guys should have a ton of fun and probably a few papers out of it. As it looks like in addition to the probable fraud here there may be some new things to learn about monetary systems. In this case how crypt might actually be very tied to existing monetary systems they seek to get rid of. Which is an interesting result that crypto was promising to end.