gm: Arthur Hayes Says Crypto Failures Are A Sign of The System Cleansing Itself
gm from Decrypt
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The Evolution of Cryptocurrency
In the long run, probably we're seeing fewer people actually be impacted by some of these huge blowups because they get so big and then they collapse so quickly. So at least the market has kind of cleansed itself of these projects that ultimately shouldn't have been in the first place. The unfortunate part about the traditional set up of the world economy today is that nobody wants to assign any losses to anyone. We're unwilling to allow companies to fail, especially if they've donated to my political party or they've been very supportive of my rise to power. And so we're not letting the system cleanse itself.
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