FTX to file for U.S. bankruptcy, CEO resigns
This has been a wonderful social experiment, enabling people who didn’t live in the 19th century to see what happens when banking and investing is treated like the wild west.Maybe something could have been different this time? In the end it wasn’t, and it proves the necessity of regulation and institutions.There aren’t very many other aspects of our society where we get to have that kind of experiment and find out whether our approaches to past problems were really correct. Letting us do that may turn out to be the true value of crypto, after the coins go to zero and we start mentioning it in our history books alongside tulip mania and the South Sea bubble.