Someone will make it useful.
And right on cue, SBF has joined Substack! Presenting his side without cross-examination. Basically: we did nothing wrong except we were too late to hedge against a potential market collapse, bad things happen in the markets, and what happened to us has happened to others. A gift for the prosecution? https://sambf.substack.com/p/ftx-pre-mortem-overview
Bitcoin, blockchain, and ChatGPT all in one piece. Love it. I am still a believer the blockchain technology is strong and useful. I remain skeptical of its current well-known uses. Jane... your sub-headline is the key!
"Crypto has become Kryptonite." What a great opening sentence! Sincerely ...You should be teaching writing. I am sure you can squeeze it in to your schedule? A great article and I finally get crypto....sort of.
See NR - Breaking: Treasury Department Begins ‘Extraordinary Measures’ to Avoid Default as U.S. Hits Debt Limit - some day this may matter. // We need a movie about someone finding a proposed trillion dollar coin. Starring maybe Bryan Cranston and he tries to make the world better with his newly found uber wealth.
Thank you for writing another great article. With regards to your questions, first, no, I do not own any crypto. (I remember that it used to be called cryptocurrency, but they have dropped the “currency” part of the name. Crypto is too volatile to ever be seriously considered as a currency.)
Would I ever own it? Probably not. I see crypto as a "collectable" and as such its intrinsic value is whatever the market deems it to be worth, which can change at any given moment. (You can't really use it to buy anything except NFTs, which were created so crypto owners could have something to buy. The value of any NFT is imaginary.)
Thanks for asking!
Terrific article, but that's because you are such a good writer. I still don't understand what crypto is good for. Maybe good for the Tums market.
Jane, very good information. Thank you for your work on this. I won no bitcoin or any coin--i do own modest amount of etfs like GBTC. I have a friend who owns 100 bitcoin @$8 and is very pro. All this is 'coinfusing'---my bet is all this will go to zero or 100K+ within 5 yrs, maybe sooner. 70% to ZERO