The Financial Stability Board and the International Monetary Fund are preparing to release a document urging worldwide cooperation on cryptocurrency policies during the upcoming G20 summit scheduled for this weekend.
The report noted that the news of SpaceX, led by Elon Musk, writing off a portion of its Bitcoin holdings in the previous quarter, played an added role in fueling the correction within the cryptocurrency markets in August.
The authorization establishes Coinbase as the pioneering crypto-centric platform to provide regulated and leveraged cryptocurrency futures in conjunction with conventional spot trading.
Again, the important rule of thumb to remember is this: if a cryptocurrency’s only selling point or attraction is that people are investing in it, then it’s tantamount to a Ponzi scheme. This is largely because there will be nothing to hold it up in the eventual event that it suffers a fall.
As other investors followed them into these risky assets, their values increased. But at some point, Ponzi schemes topple under their own weight. When the toppling occurred in 1929, it plunged the nation and the world into a Great Depression. The Glass-Steagall Act was a means of restoring stability.
Cryptocurrency is not merely a bad investment or speculative bubble, but something more akin to a decentralized Ponzi scheme. There is no conceivable universe in which cryptocurrency exchanges should need an exponentially expanding supply of stablecoins to facilitate daily trading.
The banking contagion continues to unfold, as UBS agreed to buy Credit Suisse, but the Swiss bank isn't in the clear yet.
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