Crypto Manipulation Has Consequences – Bloomberg

Last week I wrote a postscript to “ The Crypto Story” for Bloomberg Businessweek. “One imperfect but useful way to think about crypto,” I wrote, “is that it allowed for the creation of a toy financial system.” A lot of people in crypto described it as a set of innovations that would have profound effects on the real world, on ordinary people’s daily lives. But a lot of people in the crypto financial system treated it as a game where they could click some buttons on a computer and get rich with no real-world consequences. You are trading Mango tokens on Mango Markets! Doesn’t that sound fake? If you find a cool button to press to “make numba go up,” doesn’t it seem like you could press it? Like it would just be fun and consequence-free? And yet the people who did that keep ending up in real jail.

Source: Crypto Manipulation Has Consequences – Bloomberg