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naraburns  nihil supernum  2yr ago (text post)   31472 thread views

Culture War Roundup for the week of November 7, 2022

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Mt Gox and the Dao hack were bad, but there where so few people involved compared to now, and those that got burned where more ideologically committed. Now with the implosion of Celsius, Luna and FTX a huge number of normies are getting burnt, and they (and their families, friends etc) will never look at crypto again and always think of it as a scam.

Is that what happened to the traditional financial system after the 2008 meltdown?

That involves a huge chunk of the population of the entire world losing money.

It certainly did after the great depression, lots of old people (who lived through the depression never trusted banks again).

I've yet to see in it argued that we're experiencing the crypto equivalent of the great depression, but there may be a case for it.

I think it's more like the panic of 1907, but that may just be me.

I'd believe it. Crypto has reinvented, among other things, wildcat banking and Tulip Mania.

Any retrospective of Crypto's history (whether it lives or dies) is going to be able to draw ample historical comparisons.

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