The institutional ETFs are here en masse and there is now regular traditional media coverage of the crypto startup scene. It mostly lacks nuance but it’s permeating the mainstream zeitgeist. The maturation of market structure also helps here as liquidation cascades are simply less prevalent given the enormous liquidity provided by these traditional... See more

of that explained what Sam was about to do at this moment—and what would later feel a lot harder to explain or even to believe. He set out to establish FTX as the world’s most regulated, most law-abiding, most rule-following crypto exchange. To acquire as many licenses to allow him to operate legally and openly in as many countries as he could. To

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The turbocharged incentive structure that makes crypto so potent in the long-run is exactly what makes it so problematic in the short-run. If all you've built is a money game, then all you're going to attract are infinitely elastic yield farmers.

For all the talk about how crypto is changing the world, the vast majority of token-based projects are short term games that structurally devolve into glorified pyramid schemes. Inflated expectations lead to the classic boom-bust cycle where speculative intent runs ahead of reality, and eventually, it all falls down.