It’s fair to say that I’ve given crypto a fair hearing. I’ve tracked its rise. Pointed out its contradictions and embraced its uses and logic where they exist.
I have always been skeptical. To me, it just looks like an attempt to create private money, which never works because its runs afoul of the sovereign. I have been open to the idea that it could operate as an asset.
But today, it is equally fair to say that crypto is giving off an increasingly foul odour. The daily newsflow is absurd with various winners and losers whoring through the press. Wild value gyrations perversely conflate celebrity status, conflicts of interest and greed, rendering price discovery a laughing stock and credibility a joke.
Coins multiply like cockroaches. A dog coin goes from boom to bust to saviour. A hate coin appears when anybody turns on the cult. A joke coin can turn billions overnight.
Need I remind everyone that, at the end of the day, money is just an act of good faith. A promise of value. Yet crypto is shitting on itself daily like some giant, incontinent anus.
Moreover, the slightest transparency brought to the space results in catastrophic exposures of what crypto really is, nothing more than the latest shadow banking scam that will collapse when regulators finally figure it out, no doubt after the fact.
When will that be? I have no idea. But the truth of it is clear.
My best guess is that it will follow the same path of similar ponzi-schemes before it. As the business cycle progresses and liquidity is withdrawn from markets, its values will collapse. That will expose those that have been swimming naked with leverage and high-profile bankruptcies will ensure. This will doubtless involve exchanges going under and runs on the currency.
That’s when regulators will step in followed by a few perp walks and the entire sector being ruled virtually out of existence.
