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The Crypto Collapse and the End of the Magical Thinking That Infected Capitalism

• fortran77 4y ago
  > At a guest lecture at a military academy when the price of a single Bitcoin neared $60,000, I was asked, as finance professors often are, what I thought about cryptocurrencies. Rather than respond with my usual skepticism, I polled the students. More than half of attendees had traded cryptocurrencies, often financed by loans. Wow! Taking out loans for a speculative venture? That's insane, unless you think you'll be bailed out (not impossible, the way our Government has worked in the past).
• downrightmike 4y ago
  just like early currency and stocks, it of prone to bubbling because people see a wild west out there that will eventually be regulated.
• worik 4y ago
  > End of the Magical Thinking That Infected Capitalism ...wishful thinking
• 1vuio0pswjnm7 4y ago
  "The end of magical thinking is upon us as cryptocurrencies and valuations are collapsing - and that is good news. Vested interests will resist that trend by continuing to propagate fictions. But rising rates and a return to more routine business cycles will continue to provide the rude awakening that began in 2022." Arguably those "vested interests" are controlling the channels over which people are communicating and sharing information. Moving past the fictions that these "tech" companies have worked so intently to create could prove difficult. Props to the NYT for publishing this Op-Ed.