Cryptotalk at Thanksgiving
Holiday gatherings are going to be awkward for people who told their relatives to buy cryptocurrencies last year.
When his family discusses crypto at Thanksgiving this year, Tyler Lucky says his parents will “slap me upside the head and say I’m dumb.”
The 28-year-old tech consultant in Virginia told his relatives all about digital currencies and non-fungible tokens at the family gathering in 2021. Now, he’s preparing himself for them to say: “I told you so.”
“They’ll say, ‘Why didn’t you go into something safer?’” Lucky said, adding he expects them to ask why he didn’t invest in companies like Apple Inc. or Microsoft Corp.
For that, he has a ready reply: “They haven’t done so well either.”
Claire Ballentine Bloomberg 22 November 2022
Crypto’s Final Price Could Be Zero
No sane lender would extend credit against assets lacking any underlying collateral.
Sam Bankman-Fried, with his imploded FTX and Alameda empires. Sure, these companies misappropriated, to put it nicely, customers’ assets.
And yes, withdrawals that acted like a bank run drove the company into Chapter 11. But the company’s original sin was to borrow against its own FTT token, which was held up by nothing but air.
You can’t manipulate something forever. Reality eventually replaces delusion.
Andy Kessler WSJ 27 November 2022
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