> “Whenever there’s a failure or a catastrophe in crypto, the fear is always that someone will misread the situation and overcorrect in a position that’s not helpful for the entire community writ large,”
This statement is all kinds of amazing:
* Casual use of the phrase "whenever there's a catastrophe in crypto", since there really is one every few days
* "Misread the situation and overcorrect" --> read: taking their money out of the casino and turning it back into filthy fiat
* "Not helpful for the entire community" --> read: taking money out of shitcoin X damages the valuations of all other shitcoins, so the owner of one random blockchain would very much prefer that you didn't do that
The only reasons crypto is so "resilient" is that there are so many of them to fail and most of the money invested is from speculation and crime and both sources kind of expect to lose it.
It's not resilient. It's worthless. The same grift keeps working on bigger fools and it hasn't been outlawed yet. Ergo, it stays and cycles from one catastrophe to the next.
> if this was USD we would be at WW10 and two October revolutions by now
This is the farthest reach I've ever seen someone make to state a positive about crypto.
Reducing the use of the USD as a reserve currency has been US policy for a while now. It only accounts for 60% of global reserves right now and has been trending down for a long time.
Agree - the power to open markets, guarentee acccess and obtain resources is what underpins it. As the Russians are showing us, no one else has a fraction of that capability.
whether we like it or not the us ability to carry on unchallanged has noticably diminished in comparison to the period from 1990 to 2010
also ... if ukraine-russia conflict is showing us anything it is that the natural resources question is far from certain. if we are to learn from history we would hastily take note that it is the question of resources that brought about the first world war
its a massive investment and if you look at it this way you have to ask, is ukraine such a sure bet and what are the consequences of that investment going south. and the failure to ask these questions is indicative that too many people see the usd as being in unlimited supply, which by itself devalues the usd
Nothing is a sure bet but leaving Russian aggression unchecked destabilizes the region. The world counts on the US to maintain the peace and status quo. As long as there's still confidence in that, the US currency will continue being the world's reserve currency along with all the benefits that come with that.
This statement is all kinds of amazing:
* Casual use of the phrase "whenever there's a catastrophe in crypto", since there really is one every few days
* "Misread the situation and overcorrect" --> read: taking their money out of the casino and turning it back into filthy fiat
* "Not helpful for the entire community" --> read: taking money out of shitcoin X damages the valuations of all other shitcoins, so the owner of one random blockchain would very much prefer that you didn't do that