“Crypto is essentially an economic cult that taps into very base human instincts of fear, greed and tribalism, combined with economic illiteracy as a means to recruit more greater fools to pile money into what looks like a weird, novel digital variant of a pyramid scheme,” argues Stephen Diehl, a crypto-sceptic software engineer.
A more common way that crypto-cultists combat FUD is to simply refuse to engage with it, instead herding into echo chambers on YouTube, Clubhouse or WhatsApp messaging groups where only positive content can be found and discussed.
Both QAnon and the crypto world are characterised by evangelists that understand and mediate their prophets’ truth through everything from tiny blogs to Telegram, TikTok and Twitter accounts with hundreds of thousands of followers. Tesla chief executive Elon Musk was once the most obvious example.
Crypto enthusiasts have been reassuring everyone that this latest sell-off is a repeat of 2018. Yet Tether Limited refuses to fully disclose the fiat assets it holds, so it is impossible to gauge the resilience of the peg. Regulators worry about a wave of mass redemptions on Tether and its peers — an old-fashioned bank run.
Bitcoin and beyond: Cryptocurrencies blockchains and global www econstor eu/bitstream/10419/181975/1/645088 pdf Financial Times Ponsford M (2015) A comparative analysis of Bitcoin and other decentralised virtual currencies: Legal regulation in the People's
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Future of Money SIX Group www six-group com/dam/download/company/report/whitepapers/six-whitepaper-future-of-money-full-version-en pdf 54 Refer also to the discussion of why people continue to hold cash as a store of value in Section 'Ib Store of value' crypto-currencies such as Bitcoin) that
ACCOUNTING FOR CRYPTO-ASSETS (LIABILITIES): - EFRAG www efrag org/Assets/Download?assetUrl=/sites/webpublishing/SiteAssets/EFRAG 20Discussion 20Paper-Accounting 20for 20Crypto-Assets 20 28Liabilities 29- 20July 202020 pdf 9 jan 2019 18 For example: a) the Libra project (see Financial Times- StaceyK and and distribute the software to anyone and for any purpose
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