Even the legions of crypto skeptics, now basking in I-told-you-so’s, would acknowledge that even as recently as this past spring, the industry was crackling with a kind of potential energy. “We’re so early,” goes one popular crypto mantra, the idea being that despite the ricketiness of the whole system, despite the constant feeling that everything might fall apart at any moment, there will come a time when crypto really arrives. The fall of Sam Bankman-Fried, and the more-than-likely fall of many more firms in the immediate future, has sapped much of that hope. Now it’s hard to imagine a near- or even a medium-term future where crypto has a fraction of the influence it did six months ago.
Crypto will always persist in some form, but the future of crypto as an institution—as something that might one day destabilize the big banks, or at least operate in parallel—has never been less certain.
‘Enforcement 40’ for 2020
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