Satoshi Wept: How Crypto Replayed the 2008 Financial Crisis

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“Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.” – Satoshi Nakamoto, circa 2009

“They mistook leverage for genius.” – Steve Eisman, FrontPoint Partners, circa 2008 (portrayed by Steve Carrell in “The Big Short”)

“We are in the process of communicating with relevant parties and fully committed to working this out.” – Zhu Su, Three Arrows Capital, June 15, 2022

Over the past eight weeks a series of seemingly robust pillars of the cryptocurrency industry have fallen. They knocked each other over like dominoes, and as they hit the ground they shattered. Our pillars, it turns out, were made of glass.