So it never became what it was said to become. Instead, there are now many thousands of cryptos, everyone can make up their own and use it as collateral, such as FTX did with its own native crypto FTT, and these cryptos are nothing but gambling tokens in a lawless high-tech casino.
And everyone who enters the casino knows this – or should know this – because the warnings have been around for many years.
So just keep the gambling inside the casino, block the exits, and let the casino burn down on its own. And it’s doing just fine in that respect.
Unlike the regular financial system, this casino is not needed by the economy, it serves no purpose, but burns up large amounts of energy during the mining process. If this system disappears, the economy would keep functioning just fine.I Agree: Don’t Regulate Crypto, Let it Burn. Making Good Progress on its Own | Wolf Street