Crypto, shmypto



As I've said before, cryptocurrency isn't money, in the sense that it isn't a store of value. Cryptocurrency is more like a collectable (tulip bulbs, art work). At least with stocks (pace Twitter), you're investing in a real company with real assets. And the dollar is still backed by the full faith and credit of the US, at least until the GOP takes over the House in January. Cryptocurrency is entirely virtual and backed by vapor.

OTOH, crypto is still a miniscule part of the total economy, so the fact that it lost tens of billions (with a b) in supposed value doesn't mean much in the larger scheme.

"Total crypto AUM is down two-thirds over the past year and currently amounts to about $20 billion.

"Give or take a bit, AUM for normal assets (i.e., money) comes to about $110 trillion, with a T. This means that crypto accounts for ~0.002% of all assets under management worldwide.

"If you're wondering why nobody on Wall Street seems to care much about the collapse of FTX, this is the reason. To them, $20 billion is a rounding error, not a catastrophe."

https://jabberwocking.com/crypto-assets-fall-14-5-in-november/

Comments

Post a Comment

Popular posts from this blog

Two sides

Image
  Yes, there are two sides to every question. In most cases, there is a correct side and a wrong side. In the case of Kamala Harris, the correct side is that she was born a US citizen. The wrong side is that her parents had to be citizens or permanent residents for her to be a citizen. President Trump pretended to be unsure about this, just as he pretended for five years that Barack Obama is not a citizen. In the case of the Harris noncitizen claim, it is backed by the racist C laremont Institute: "The Claremont Institute masquerades as an intellectual salon of the right, but it is really just a racist fever swamp with deep connections to the conspiratorial alt-right. It even granted a fellowship to Jack Posobiec, who helped promote the notorious Pizzagate conspiracy theory. Claremont’s resident bigots offer deranged fantasies of violently expelling Americans from their home country because of their ethnic backgrounds. Their work deserves the intellectual weight given to that of D...
Read more

Who chooses?

Over at jabberwocking.com , Kevin Drum blames pro-choice writers for failing to make the case for reproductive choice. Well, from everything I've read, a clear majority of Americans believe that Roe should still stand. Seems like the case has been made, and if we lived in a truly representative democracy, a limited national right to abortion would be preserved. But beyond that reality, I think Drum has it exactly backwards. Why does the burden of proof fall on those advocating for personal autonomy? Seems to me the null hypothesis is that women should be allowed to make decisions about their own health, and that the justification for nanny state intrusion into such decisions rests with the minority who assert state coercion. Democrats need to hammer on the right-wing GOP to explain why the government takes temporary custody of pregnant Americans. https://jabberwocking.com/liberals-really-suck-at-defending-abortion/
Read more

Black Earth

 Just finished reading “Black Earth: The Holocaust as history and warning” by Timothy Snyder. It is a detailed account of the Holocaust, as well as an effort to abstract lessons from this history for our time. Like his book “Bloodlands,” Snyder’s “Black Earth” makes for painful reading. As the grandson of a Ukrainian Jew and the son of a Jew, I would have been targeted in the Holocaust had I been in the wrong place. I had read several histories of Europe in World War II that included the Holocaust. I knew the basic story of the Holocaust and Hitler’s anti-Semitic vision. I learned a great deal by reading this book. I won’t belabor the ghoulish atrocities committed by the Nazis and their collaborators. To summarize them here would be to trivialize the enormity of the crimes and invite pointless debate about who did what and who suffered more. You’ll have to read the book to understand Snyder’s historical insights. However, I learned many things that I did not know by reading thi...
Read more