Here’s a difference between crypto right now and the mortgage disaster of 2008: Whereas people always need housing and are willing to pay money to live in a home, there’s no equivalent fundamental human need (or even want) that is currently satisfied by cryptocurrencies, and the financial structures that have been built around them.
This isn’t to say all the coins are going to zero. It’s doubtful that the desire to speculate on crypto’s future will be expunged entirely, in part because the promise of decentralized finance (or a decentralized internet more broadly) is too tantalizing. But until there’s some kind of service delivered that’s the equivalent of how the mortgage market helped people get in homes, then the future will be more spirals such as this one.
‘Enforcement 40’ for 2020
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