There was a post about this doing the rounds yesterday. Annoyingly it was posted on Medium and has since been removed, but a copy of it, along with some interesting discussion, can be found here: http://www.smalldeadanimals.com/index.php/2020/04/05/wuhan-f...

The hypothesis is that the virus is somehow attacking the hemoglobin, stopping it from being able to carry oxygen AND releasing a toxic form of iron, both of which eventually cause organ failure.

I am not a doctor, but if this hypothesis is true, it could explain why the death rate for those who end up on a ventilator is so high. If your immune system doesn’t fight the infection off fast enough, eventually your blood becomes incapable of carrying oxygen. At this point, a ventilator won’t help you, you would need a blood transfusion containing healthy hemoglobin.

The tone of the post was that we are currently fighting the wrong disease - treating Covid-19 like we would treat pneumonia, when it is actually something unique.