I live that bitcoin Twitter is finally awakening to nature of financial engineering.
Shibboleths about up only, shattering. Heroes being slayed.
Some of it is overreaction, sure. But the rhetoric was getting way out of hand and I was having to talk retirees out of taking advantage of this new “money market,” rather than do this “complicated” thing with “no yield”, namely buying bitcoin and taking custody of it themselves.
This all could have happened at a muuuuch later stage and it’d be 1000x worse. Worst case scenario, we actually WOULD pose systemic risk and the wall street Bitcoiners would actually be begging for a bailout, not for themselves of course, but mom and pop.
Liz Warren would actually be able to say she told us so.
I think with the recent de-peg we are off that trajectory, and it’s good.
Like Lyn says, these events still happen with bitcoin but they happen faster… like brush fires that prevent forest fires.
