> The thing about too big to fail is that it's not that someone is so big there's no way they can fail; it's that someone is so big the government is forced to

> The thing about too big to fail is that it's not that someone is so big there's no way they can fail; it's that someone is so big the government is forced to bail them out instead of letting them fail. Given that cryptocurrency is dominated by people at best thumbing their noses at the idea of government control, what government is going to be willing to step in to save the failing too big to fail crypto bank? This is some of why tether is still going strong, I think. Everyone in the crypto economy has enormous exposure to tether blowing up, so everyone tries to ignore it. The people doing the bailing out are everyone who holds crypto, I guess. This was done explicitly when Bitfinex's money launderer stole their money -- Bitfinex did a "bail-in" where they gave all their customers except coinbase something like an 80% haircut. Not saying you're wrong, but there is a parallel that has propped up the ecosystem for quite some time! And I guess it gets worse: as too-big-to-fail entities don't fail, they get bigger and perceived-safer which works until it doesn't.