The Treadmill to Hell

In december two thousand 17, bit coin prices dropped by 50 %. But that's the nature of bubbles. They have tests that they must pass in order to move to the next stage. The difference between now and two thousand 12 is the scale of the problem is an order of magnitude larger. And if you look at someone like heimen minsky, this is a wonderful example of theory actually in practice. Heimenmi famously talked about ponsy finance. As you progress through a bubble period, where successfully passing those tests makes you more confident and more risk taking. Without that confidence, then you get that self reinforcing bubble deflation. If people don't expect prices to go up any