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Krugman says crypto needs regulation, but…
Posted by: pdq
Date: November 22, 2022 10:22AM
…that would ultimately render it redundant and pointless.

I am a crypto skeptic, and I agree with what he’s saying. But the column is interesting in any case, and not a common topic for him.
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Re: Krugman says crypto needs regulation, but…
Posted by: deckeda
Date: November 22, 2022 10:59AM
Crypto has always been a solution in search of a problem.
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Re: Krugman says crypto needs regulation, but…
Posted by: mrbigstuff
Date: November 22, 2022 01:51PM
I've no dog in this fight but my only concern is that a system of this sort collapsing and the ripples hitting other industries.

it reminds me of ride share and home rental services, as in "hey, look what we discovered we could do!" line of thinking that's both incredibly naive and infuriating. as if those growing pains weren't pointedly obvious in the prior decades/centuries/millennia.
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Re: Krugman says crypto needs regulation, but…
Posted by: pdq
Date: November 22, 2022 07:51PM
It looks like the Winklevii might become the next victims of FTW:

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Fears that the collapse of FTX will lead to more destruction in the crypto industry are hitting almost every investor…with many wondering if another cryptocurrency trading platform called Genesis will fall next.

…Genesis has reportedly warned potential investors that it may need to file for bankruptcy if it fails to quickly raise a significant chunk of cash - $1 billion, according to Bloomberg News.

And there are other worrying signs: Gemini has suspended redemptions and stopped originating new loans.

Uh-oh.

Why would this be? And what does it have to do with FTX?

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…the company reportedly…own[s ]FTT, a cryptocurrency created by FTX. Its value has fallen from an all-time high of $79.53 to less than $1.50. And Genesis acknowledged, previously, it has $175 million in in a locked FTX trading account.

And then the fox made off with the tulip bulbs. Buh-bye.

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"FTX has created unprecedented market turmoil, resulting in abnormal withdrawal requests which have exceeded our current liquidity," Genesis said recently, adding it is working on "sourcing new liquidity."

Looking for more money to set on fire. It’s a pity that our government doesn’t have some mechanism to prevent bank runs and (possible) insolvencies like this.

Oh, wait.
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