Side note: Regardless of the borderline sociopathic ruthlessbes of Jeremy Irons character, I'd propably work for him as well. At least for a while. Heck, he was flown to a crisis meeting, listened to the people on the ground, understood the problem, met a decision and implemented a plan. All that in one night! Most senior managers I know would have needed a month to understand the why the underlying mathematical model had any significance.
Having been CEO through similar crisis situations, I really related to his character and situation in that movie.
People who criticize his actions don't understand that hard decisions are always between two shitty options. There wasn't a warm-n--fuzzy way to get out of there.
You can criticize their risk management strategy, and honestly we should more criticize the USG / SEC for allowing such risk to build up.
The major component of crypto being distributed consensus it has absolutely no way to work with external world, therefore it can only work with blockchain-borne stuff. The only thing dreamed up yet are cryptotokens.
Since blockchains have no way to interact with external world it can only be used to exchange cryptotokens between wallets - there is no way to ensure that other side of the transaction involving anything else but cryptotokens is upheld. So it CANNOT be used as money by probably any sane definition of money.
Crypto scams are natural consequence of this inherent property.
- savings and loan
- junk bond
- dot com / financial engineering (Enron)
- mortgage backed securities
- VC
Basically, money chases outsized returns, some new thing emerges to satisfy the demand, it becomes effectively a ponzi / house of cards, it falls apart, we shift to the next thing. It's impossible to predict when and what will happen of course, it will be interesting to read retrospectively about what's happening with VC as we have with the rest:
Barbarians at the gate / Den of Thieves
Smartest Guys in the Room
The Big Short
(Bad Blood is partway there but Theranos wasnt a turning point like the others)