Nothing Redeems Crypto

Cryptocurrencies were already failing when FTX’s malfeasance came to light in November. Regulation would likely require Securities and Exchange Commission registration for most crypto coins and exchanges. Crypto is an elaborate simulation of finance that produces gains and losses. Bitcoin's mechanis

March 9, 2023 . 9:37 PM

1 min read

FTX's collapse accelerated the coming of the crypto ice age.
Regulation would likely require Securities and Exchange Commission registration for most crypto coins and exchanges and eliminate stablecoins that aren’t effectively money-market funds.
Crypto is neither money nor a vehicle for finance, it's an elaborate simulation of finance that produces gains and losses.
Bitcoin's mechanism wastes zillions of processor cycles in pointless brute-force computations that authenticate transactions and consume an astonishing amount of electricity and specialized hardware.
The disgraced founders of Three Arrows Capital, bankrupted in July 2022, now want to buy up crypto users’ bankruptcy claims, funded by the proceeds of a new crypto token.