Binance survived 2018 crypto crash. Stuff described in blog post happens every 10 months or so.
If Binance crashes it will be part of bigger crash. Crypto is basically type of tech stock now.
If Binance crashes it will be part of bigger crash. Crypto is basically type of tech stock now.
I don't see Foxconn workers assembling bored apes, and I don't see ape wrangling genius bars in all the shopping centres.
Crypto is basically not tech stock, ever.
What exactly does WhatsApp assemble? Or where do I get customer service in person for WhatsApp?
If crypto disappeared today, what would be the real-world effect? How many people would be inconvenienced in some other sense than "bummer, I hoped this would make me rich"? How many actual businesses would be impacted?
So there’s that.
I've yet to see evidence that this is widespread in practice. Though admittedly there is a lot that can go on in private credit that is out of reach from public analytics.
Even if there was contagion risk however, I don't expect extinction level financial system damage. Total global crypto valuation at peak was around $1T USD depending upon who you ask. Global software industry alone is around $10T USD. If crypto goes to zero tomorrow, it would be life-alterting to many people, but most of the world would go on about their lives.
More value has been erased from global equity markets this year than any hypothetical crypto-to-zero scenario, and while the consequences won't be pleasant, in the developed world if you have saved up 1-7 years of living expenses you will barely notice the recession currently inbound.
I feel this is a self-serving cynical take that's in line with the pump-and-dump aspect of crypto: there's this despair in trying to portray all crypto as legitimate investments and businesses when they are all far from it.