Understanding the crypto crash
Last week was a week of upsets for the crypto world — posing an opportunity to ask if this decentralized, digital currency poses a viable alternative to the banking systems we have in place today. We’ll be digging into this topic with Ryan Cooper, managing editor at the American Prospect, who’s written extensively about cryptocurrencies and covered last week’s tumult in this piece below:
Critics of cryptocurrency are using this moment to reiterate observations they’ve made about its faults: Just because crypto is decentralized, disconnected from the corrupt banking system its proponents rightfully take aim at, doesn’t mean that it hasn’t allowed the richest people from that system to continue to prosper. From celebrities hawking NFTs to the current situation, in which regular people will take the biggest blows from crypto crashes while wealthier folks ride it out, can anyone argue that the blockchain offers something better? What alternatives are there?
We’ve got big questions for this week’s guest, and we hope you’ll stick around and join us for his answers. Paying subscribers will have access to the video conversation when it’s released on Friday night. Everyone can listen to the podcast on Saturday through Spotify, Pandora, Apple Podcasts, and other major streaming services.
Your guest's article fails to even mention what caused the Terra collapse. If the article was just a deep dive on that it might have actually been interesting, rather than just scare tactic surface level junk.
As far as the crypto market diving... everyone saw this bear market coming. BTC/ETH (and in turn alt coins) are highly correlated to the stock market and even more so to tech stocks.
Inflation -> fed raises rates -> markets dive. Plus supply chain issues, etc.
Hope the video is uploaded on time this week!