shared by Twitter crypto-skeptics compares self-assured crypto investors to a serene dog sipping coffee in a burning shack. “This is fine,” the dog says, as flames threaten to engulf it. This too shall pass.
Speaking last week, Paolo Ardoino, Tether’s chief technical officer, spotted a silver lining in the crisis, at least where bitcoin is concerned. “Bitcoin might have already proven to be more solid and be less subject to volatility than other coins. Bitcoin went down 60 percent—but the other altcoins went down much farther than that. So bitcoin is showing much more resiliency,” Ardoino says.
Jamie Burke, the CEO of crypto venture fund Outlier Ventures, says that crypto has been behaving exactly like a stock and that the two are moving in lockstep because the lines between them have blurred. The vertiginous price highs and the feverish hype around crypto have sucked in a lot of new money from institutional and retail investors spending their stimulus money on stock trading platform Robinhood. “Digital assets began to be linked to the wider macro environment,” Burke says.
WiredUK 16% of Americans bought crypto last year!? That’s a hell of a lot of FOMO
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WiredUK Wired readership or crypto? Which one goes to zero first?
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WiredUK those pockets must be heavy
WiredUK That implies it was ever in a good place…
WiredUK Crypto itself is bad. Perhaps the biggest Ponzi scheme ever. At worst, it is a path towards destruction of our democracies that will not be replaced by the anarcho-paradise HODLers believe, but by a techno-fascism where we are controlled by a-holes like Musk and Thiel.
WiredUK Pretty simple: if you don't buy any cryptocurrencies, you don't have to worry about losing money.
WiredUK Good. Maybe I’ll stop getting served ads! (Or maybe I’ll get more)
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