No, Bank of England, Crypto is Not the Same as Subprime Mortgage Debt
The Breakdown
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The Network Effect of Believers in Bit Coins
The history of bit coin forks show that those things don't actually matter if they don't have a critical mass of belief behind them. As i said, this is a really complicated morass, but a very interesting and important one. In terms of the salient detail for this cunliff speech, he is saying that the fact that cryptos have no intrinsic value is relevant for his second point: They are vulnerable to major price corrections.
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