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I'm still long term a cynic that you could just make a new kind of money quite that easily. I'd buy into some of the arguments of is it being used for anything but speculation? There are some countries that are in dire straits that are using it in a way that I think is helpful to them. That doesn't prove the whole concept is good. It would just make me feel really bad if it turns out to be a big blow up. But with FTX, I will make no prediction. How much of this was idiocy versus malfeasance? There's no other explanation. And I think we will find out about a fair amount of this.
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