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It’s a demonstration of the societal value of bad businesses going under. There are certain ideas that people just cannot be swayed against by evidence, especially if they have skin in the game.

The real destructiveness of crypto is the other ideas that have been starved for oxygen during this bubble. I am glad it looks like we are beginning to move on.

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> It’s a demonstration of the societal value of bad businesses going under.

I always think about this when I see people rail against short sellers, as if the whole idea of betting against a company is morally wrong.

Short sellers are one of the only checks against overly inflated equity prices. If the only people allowed to participate in a market are the believers, you are going to get a very distorted view of the actual value of assets.

For the market to do its thing, you need failure.

Now consider all the ideas starved for attention coddling old wealth, salary feudalism, military industrial complex, and consumption of resources ostensibly to send future humans who don’t exist yet into space, at the expense of people living now. Basically anyone who comes along is joining an in progress game of Monopoly.

The real destructiveness of business as usual.

“When a man’s salary…” is how the saying starts.

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