Cryptocurrency Market Capas Dropped One Point Three Trillion Dollars

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The crypto market capas dropped one point three trillion dollars. And there are a lot of people who would have bought in at one of those really high prices because of all the enthusiasm that was happening. They're buying in, and they're going to get hit if this doesn't go back up. It's a bizarre kind of quality of this economy. But i might also just be time at the mem economy in general, poor, sort of mean assets and mean stocks. So that's why, i think, also, you just can't trust the numbers you hear.

As the podcast celebrates episode 100, Paris Marx is joined by Jacob Silverman to discuss the huge drop in crypto prices, the coming threat (to crypto) of interest rate hikes and regulation, the human impact of crypto schemes, and where things may be going next.

Jacob Silverman is a staff writer at The New Republic and writes about crypto with the actor Ben McKenzie. Follow Jacob on Twitter at @SilvermanJacob.

Tech Won’t Save Us offers a critical perspective on tech, its worldview, and wider society with the goal of inspiring people to demand better tech and a better world. Follow the podcast (@techwontsaveus) and host Paris Marx (@parismarx) on Twitter, and support the show on Patreon.

Find out more about Harbinger Media Network at harbingermedianetwork.com.

Also mentioned in this episode:

Jacob and Ben McKenzie wrote about Tether. Zeke Faux also wrote an essential article on the stablecoin, and Jacob recommends Crypto Critics Corner.
Crypto prices have plunged, and that’s hurt regular people.
New York’s Attorney General reached a settlement with Tether last year.
VC firm Andreessen Horowitz is making a big lobbying push in Washington, DC to get favorable crypto regulations.
Matt Damon and Spike Lee are among the celebrities to take crypto money and help pump the industry.
US regulators are looking at crypto regulations, and Biden administration is planning an executive order to move it forward.
China banned crypto mining, Russia proposed a ban on crypto, and many countries have suffered power outages due to crypto mining.
Stephen Diehl wrote explained how crypto is about arbitraging securities regulation.
Diane Jeantet wrote about a massive series of Bitcoin pyramid schemes in Brazil.