I’m sorry. I hate to see people lose money. But the spectacle of the crumbling crypto edifice is truly enjoyable to watch.
Put aside all of the debate about the investment merits, about what it might do for (or to) its holders in the future. It’s the economic equivalent of cancer. The sheer amount of energy used to mine bitcoin alone is a human tragedy. Doesn’t matter if it’s “green” … it’s still energy that could have been put to work making things, moving them around, growing food, heating people’s homes, ad infinitum. Whatever is used for bitcoin mining is not available for those purposes.
Then there’s the immense waste of human time and brainpower. Producing, trading, analyzing, accounting, marketing … all this time and talent is not available for making truly useful things that people need and want. It cures no disease. It produces nothing. It’s nothing but a pure wealth transfer mechanism. Every iota of gain realized by one holder or trader is a loss to someone else. Yet a very expensive one for society as a whole. I’m not about to blame shortages of vital food, energy and other products on the crypto phenomenon alone, but there can be no doubt it’s been a contributor.
The best thing that crypto could do for humanity is crash, burn and disappear into the nothing from whence it came.