TommyIV
11-23-2022, 12:06 PM
The recent collapse within the crypto world has been exciting to watch for those not involved. That is because crypto has no real involvement in the actual economy. Crypto companies operate in closed loop system and their only true backing in speculation. Actual banks had no real involvement in crypto currencies because there is no real incentive outside of speculation that it might work as purchasing power one day. This article compares the fiasco within crypto today to that of the U.S. banking system in the mid-1800s that involved many independent bank notes allowing fraud and collapses just like the FTX situation. The issue forced the U.S. to replace private currencies with a single national dollar that would be regulated, and deposits were insured. The same response with crypto would ultimately dissolve its appeal.
How Crypto’s Collapse May Have Done the Economy a Favor (https://www.wsj.com/articles/how-cryptos-collapse-may-have-done-the-economy-a-favor-11669215926?st=2cdyhlcdno3lsft&reflink=desktopwebshare_permalink)
How Crypto’s Collapse May Have Done the Economy a Favor (https://www.wsj.com/articles/how-cryptos-collapse-may-have-done-the-economy-a-favor-11669215926?st=2cdyhlcdno3lsft&reflink=desktopwebshare_permalink)