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The Entirely Predictable Collapse of FTX and the Future of Crypto Cons (w/ Stephen Diehl)

Current Affairs

CHAPTER

Cryptocurrency and the Wildcat Era

The wildcat era marked an era of unnecessary friction in commerce, rampant fraud and breakdown of trust in the financial system. The same kind of fraud that they were running back in the wildcat banks in the Midwest at the time was happening today with stablecoins. It turns out when you give people an infinite money machine, what do they use it for to enrich themselves? There's a lot of lessons that history has to tell us about these things. We can learn from Enron scandal about how creative accounting can be used to obscure all sorts of problems just like we saw with the latest FTX collapse.

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