“It’s a Ponzi scheme. When there was tulip mania, at least when you lost all your money, you still had a tulip.”
Dennis Kelleher
I watch cryptocurrency drama from the nosebleed seats. I have some shallow understanding of the system and, I’m not ashamed to say, I rely on my students to fill in some details for me if I’m curious and they’re willing. If you keep hearing about FTX and wondering what’s going on, this piece in The Atlantic by Annie Lowrey will give you an idea of the most recent meltdown.