The Stock Market at the End of the World⁠↗

This crash - to whatever extent it continues - may end up damaging many millions more lives than the ones in 2017/2018 simply because more people have been exposed to crypto through hucksters and celebrities telling them this was the future. And just like the rest of the startup world, the crypto industry massively overhired to deal with the rush of new money and excitement in the industry, with clearly no strategy to prepare for the thing that crypto is best known for - crashing.

Coinbase in particular, but honestly most crypto exchange companies (and many crypto companies in general) are reactionaries rather than builders, creating organizations that fail to prepare for the inevitability of a bear market and fail to appropriately staff even within a bull market.

instead of creating something real, something with meaning and structure, the cryptocurrency industry - even at the biggest companies - seems utterly incapable or unwilling to act in a way that isn’t usurious.

The total lack of any meaningful cryptocurrency product means that there is no utility to point to, and the attempt to legitimize cryptocurrency by making it some sort of cool art-driven thing has totally and utterly failed. And at a time when cryptocurrencies are painfully struggling in a very public way, there are few that one can use to articulate why any of this is worth anything.