{"id":6059,"date":"2022-06-19T06:36:03","date_gmt":"2022-06-19T04:36:03","guid":{"rendered":"http:\/\/costops.com\/index.php\/2022\/06\/19\/the-crypto-crash-all-ponzi-schemes-topple-eventually\/"},"modified":"2022-06-19T06:36:03","modified_gmt":"2022-06-19T04:36:03","slug":"the-crypto-crash-all-ponzi-schemes-topple-eventually","status":"publish","type":"post","link":"http:\/\/costops.com\/index.php\/2022\/06\/19\/the-crypto-crash-all-ponzi-schemes-topple-eventually\/","title":{"rendered":"The Crypto Crash: all Ponzi schemes topple eventually"},"content":{"rendered":"

We\u2019re back to the wild west finances of the 1920s as the crypto industry pours huge money into political campaigns<\/p>\n

One week ago, as cryptocurrency prices plummeted, Celsius Network \u2013 an experimental cryptocurrency bank with more than one million customers that has emerged as a leader in the murky world of decentralized finance, or DeFi \u2013 announced it was freezing withdrawals \u201cdue to extreme market conditions.\u201d<\/p>\n

Earlier this past week, Bitcoin dropped 15 percent over 24 hours to its lowest value since December 2020. Last month, TerraUSD, a stablecoin \u2013 a system that was supposed to perform a lot like a conventional bank account but was backed only by a cryptocurrency called Luna \u2013 collapsed, losing 97 percent of its value in just 24 hours, apparently destroying<\/a> some investors\u2019 life savings.<\/p>\n

Robert Reich, a former US secretary of labor, is professor of public policy at the University of California at Berkeley and the author of Saving Capitalism: For the Many, Not the Few<\/a> and The Common Good<\/a>. His new book, The System: Who Rigged It, How We Fix It,<\/a> is out now. He is a Guardian US columnist. His newsletter is at robertreich.substack.com<\/a><\/p>\n

Continue reading…<\/a>
\nWe\u2019re back to the wild west finances of the 1920s as the crypto industry pours huge money into political campaigns
\nOne week ago, as cryptocurrency prices plummeted, Celsius Network \u2013 an experimental cryptocurrency bank with more than one million customers that has emerged as a leader in the murky world of decentralized finance, or DeFi \u2013 announced it was freezing withdrawals \u201cdue to extreme market conditions.\u201d
\nEarlier this past week, Bitcoin dropped 15 percent over 24 hours to its lowest value since December 2020. Last month, TerraUSD, a stablecoin \u2013 a system that was supposed to perform a lot like a conventional bank account but was backed only by a cryptocurrency called Luna \u2013 collapsed, losing 97 percent of its value in just 24 hours, apparently destroying some investors\u2019 life savings.
\nRobert Reich, a former US secretary of labor, is professor of public policy at the University of California at Berkeley and the author of Saving Capitalism: For the Many, Not the Few and The Common Good. His new book, The System: Who Rigged It, How We Fix It, is out now. He is a Guardian US columnist. His newsletter is at robertreich.substack.com Continue reading…Technology | The Guardian<\/p>\n","protected":false},"excerpt":{"rendered":"

We\u2019re back to the wild west finances of the 1920s as the crypto industry pours huge money into political campaigns One week ago, as cryptocurrency prices plummeted, Celsius Network \u2013 an experimental cryptocurrency bank with more than one million customers that has emerged as a leader in the murky world of decentralized finance, or DeFi …<\/p>\n

The Crypto Crash: all Ponzi schemes topple eventually<\/span> Read More »<\/a><\/p>\n","protected":false},"author":0,"featured_media":6060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/posts\/6059"}],"collection":[{"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/comments?post=6059"}],"version-history":[{"count":0,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/posts\/6059\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/media\/6060"}],"wp:attachment":[{"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/media?parent=6059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/categories?post=6059"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/tags?post=6059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}