LogFAQs > #964976899

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Topic	The crypto bubble popped
DarkRoast 05/12/22 9:41:44 AM #172:	People act like this crash is just like any other. No, it isn't. The crash of a pegged currency destroys faith in the system on a fundamental level. It's equivocal to banks suddenly going bankrupt and the FDIC telling you "sorry, that bank was worth a lot and we can't afford to pay out to every client, so your $250,000 insurance against this has been cancelled." People then rush the other banks and withdraw their money because they realize there's nobody that actually has their back if shit hits the fan. --- Lenovo Legion 7 - Ryzen 5900HX, RTX 3080 16 GB (165W), 32 GB DDR4-3200 By Grabthar's hammer............... What a laptop. <cite>DarkRoast posted [p:964976899] in The crypto... [t:80017337]...</cite> <quote>People act like this crash is just like any other. No, it isn't. The crash of a pegged currency destroys faith in the system on a fundamental level. It's equivocal to banks suddenly going bankrupt and the FDIC telling you "sorry, that bank was worth a lot and we can't afford to pay out to every client, so your $250,000 insurance against this has been cancelled." People then rush the other banks and withdraw their money because they realize there's nobody that actually has their back if shit hits the fan. --- Lenovo Legion 7 - Ryzen 5900HX, RTX 3080 16 GB (165W), 32 GB DDR4-3200 By Grabthar's hammer............... What a laptop.</quote> ... Copied to Clipboard!
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