The Lunatic behind this week's crypto crash
And the story of a million dollar bet made on Twitter
A new story for you, about the year of a week that just happened in crypto.
Before I say anything else – a huge, huge thanks to everyone who signed up for paid subscriptions last week. Not to get all sentimental, but, it means a lot.
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You all are my bosses. One thing I’m discovering from the Crypto Island experiment, is that it might actually be better to have lots and lots of bosses, rather than just one boss. I mean, three bosses is bad, I’ve had three bosses. But once you get over a hundred… the curve starts to really trend up. Distributed bosses. Who knew?
OK, next week, everyone go out and get 100 bosses, and please report back.
Otherwise, this is mostly going to be a short email because, like everyone else who works in, trades in, covers, or professionally critiques cryptocurrency, I have not really slept this week. I’ve been working round the clock putting this story together for you about the very, very strange events that have just transpired.
The TLDR of it – a risky financial product that some people had concerns about exploded, and it’s taking a lot down with it.
I had a conversation with someone I talk to a lot & frankly respect quite a bit, a crypto believer, who told me this was the kind of week that made him wonder if maybe this was all a mirage. I also talked to a skeptic who sounded like he’d discovered a way to chemically inject the feeling of having three Christmas mornings at once into his brain.
For you, maybe, this is all just news from a faraway country. But whether you care about finance, or currency, or any of this, I promise that this story is really fascinating. You’ll have feelings, not numbers. I promise.
OK. Let me know what questions you have left after this one, because, it’s a pretty complicated topic!
One last thing before I go.. I’m sorry to make you watch this, because, it was one of those things where I certainly made fun of it, and then watched it again, and then watched it again, and then watched it again, and soon realized I had a novelty crypto TikTok duet song stuck in my head. But, maybe this is like The Ring, and if you all watch it I’ll be free.
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