Laughing at libertarians as crypto burns
In many countries, tricking stupid people out of money is a crime. In the United States, it’s the basis of a whole economy. Cryptocurrency is the crowning glory of this broken system. You give me a bunch of your real money, and I’ll give you some of my fake money. Fantastic! It’s like tulip mania, only instead of flowers, you get… nothing. The collapse of FTX — the second largest crypto exchange in the world — will cost millions of customers billions of dollars. Some expect it to significantly worsen the recession, though I’m not so sure. If those folks hadn’t wasted their savings on Bitcoin, they probably would have wasted it on some other scam. (Is William Duvane still selling gold?) In theory, this is bad news for the Democrats.