Bitcoin and Other Cryptocurrencies Aren't Dead Just Yet

To try to pump Terra back up, its creators sold a bunch of bitcoins, which in turn caused Bitcoin’s price to crash as well.The whole thing looked like precisely the kind of crisis in confidence that could cause a crypto bubble to burst. And people talk about crypto and Bitcoin and so forth as if this is a well-behaved, high-volume market where someone checking that nobody is just lying about everything. There is no way “we’re all gonna make it” because it's a game of winners and losers, and the winners are the big guys, and the losers are the moms and dads and grandmothers and the young people who are desperate in their economic situation and looking for “one weird trick” they can have to win.This is all assuming there is no real-world use case for crypto stuff.I won't say that philosophically it's impossible, but I will say that it hasn't shown any sign of it in the 11 years that you've been able to exchange bitcoins for actual money, and all of Bitcoin's various descendants. I'm just trying to get you to think as though it does, even though it doesn't."Well, the argument would be that, as real-world use cases for blockchains catch on, driven by issuing crypto tokens that have actual economic value within real networks, the tokens won't all be magic beans.All of these things where “we've got a use case for blockchain” it's this strange function that we could totally do without blockchain. Treasury is looking at this stuff very closely because they basically have to make sure that these crypto bozos cannot screw up the actual economy where people live. You’ll have the entities that are known exchangers where people are traceable, and changing it back and forth to actual money is relatively easy, and then there will be another market which runs high on crack and is just incredibly unregulated and has a much harder time getting to the precious US dollars.Most people don't own any crypto, and yet you have Fidelity offering Bitcoin in 401(k)s, you have Wall Street institutions investing increasingly in crypto.