I am honestly astounded that the whole tether and bitfinex controversy has not had a greater fallout.

For the first time in my life I have non-technical friends asking me how to invest in cryptocurrency, and I have to explain to them the real risk that there is a huge speculative bubble right now.

I am seeing the DeFi people reinventing all sorts of synthetics, derivatives and highly leveraged trading instruments in the absence of any regulatory oversight and can't help but wonder when there will be a reality check.

Even more worrying is the prospect that we don't get a price correction soon, lulling more retail investors and institutions to expose themselves to BTC. And when the fallout does happen it will hurt the real economy too (you know, the one that actually produces goods and services with value).

Crazy.