Quote of @smdiehl
Going below zero once right taxes on its toxic environmental externalities are imposed. Worth less than zero !
Crypto's fate is sealed, it's all going to zero. The exact details of which domino falls over first and when each Ponzi becomes insolvent aren't terribly interesting, it's just messy details for the courts to figure out.

The more interesting question is why this all happened.
The Unavoidable Crash by Nouriel Roubini After years of ultraloose fiscal/monetary/credit policies & the onset of negative supply shocks stagflationary pressures are putting the squeeze on a massive mountain of debt. The mother of all economic crises looms
News from Art Basel in SoBe: the NFT bubble is as bust as the crypto shitcoin bubble. Typical NFT index is down 90% or more from ATH. Like all else in crypto land the BS of “empowering artists” was another total scam by shitcoiners whales/crooks 🤮🤑💩🎨
Miami nightclub owners mourn loss of crypto nerds after FTX collapse
The strip club E11even started accepting crypto payments. the club processed $6 million of transactions btw April & Dec 2021. In the last 3 months however the club has taken in just $10k
Quote of @jasonfurman
Wage inflation to price inflation…
The biggest news in this release is large upward revisions in wage growth for September and October and a big number for November.

This is the second time this year we've seen AHE revisions like this dashing the hopes that maybe nominal wages growth was cooling.
Quote of @elonmusk
No wonder that both Trump and now Musk tried to bully the Fed to cut rates. They are both kings of highly leveraged debt zombie enterprises and talking their own book
Reply to @vincent13031925
@vincent13031925 Trend is concerning. Fed needs to cut interest rates immediately. They are massively amplifying the probability of a severe recession.
I am expecting a real economic recession in 2023, be prepare for any macro storm ahead of us.
Lunatic ⁦@novogratz⁩ keep on spinning his non stop bullshit about crypto. He should rather worry that his house of cards Galaxy doesn’t go bust tomorrow in the crypto extinction bonfire
Novogratz Drops Forecast for Bitcoin to Hit $500,000 In 5 Years
This column by Max ⁦@chafkin⁩ is a must read! Crypto crooks/criminals set up shop in pseudo-regulated banana republics & are now trying to blame the SEC for the crypto meltdown! Pathetic!

FTX’s Collapse Validates Gary Gensler’s Crypto Skepticism
Quote of @TheStalwart
That is why AI will make the job of most economists - including myself - obsolete over the next few decades. Most jobs - routine, cognitive and eventually even creative - will be displaced by AI/ML/Robotics/Automation. See Chapter 8 of my book Megathreats
This AI chatbot is a shockingly competent macro pundit.

I interviewed ChatGPT about debt sustainability, and how Japan has been able to run such large deficits for years.

And while it's not too concerned, it did urge Japan to undertake structural reforms
Quote of @mikealfred
Tether will be the next shoe to drop in this circle of leveraged scams
Tether won't provide an audited balance sheet and has been lending out an increasing percentage of its purported "reserves" to risky counterparties like Celsius and affiliated entities. This story is not over yet folks.
Cash buffers running low for households/corporations that are income strapped, asset strapped & debt burdened

The deflating of the great cash cushion. Like Godot, the US recession has been long heralded but failed to materialise. It will, sooner or later
EU throws party in €387K metaverse — and hardly anyone turns up The European Commission spent €387k to hold a party in the metaverse to get young people excited about the EU. Five people attended. So much for the meta verse!
“Most” is an understatement; they are all pretty much on the way to total extinction. The bloodbath has only started

BlackRock’s Fink Says Most Crypto Firms Will Fold Following FTX’s Implosion
Fed officials in danger of splitting on future rate rises, warn economists .Some dovish policymakers fear monetary tightening campaign may end up going too far
Quote of @katie_martin_fx
Lavish spending is standard in ALL crypto projects. 97% of 20k ICOs were a scam &/or went bust. Billions raised was mostly used to buy villas, boats & planes in the Caribbean/Florida & pay for $500k champagne parties in Miami strip clubs, “massages” & evade taxes in PR/Caribbean
Quote of @ElSatanico
Such luxury/corrupt spending is standard among ALL crypto projects. 97% of 20k ICOs were a scam and/or went bust. The money raised was mostly used to buy villas, boats & planes in the Caribbean/Florida & pay for $500k champagne parties in Miami strip clubs
Quote of @nikasgari
Such luxury/corrupt spending is standard among ALL crypto projects. 97% of 20k ICOs were a scam and/or went bust. The money raised was mostly used to buy villas, boats & planes in the Caribbean/Florida & pay for $500k champagne parties in Miami strip clubs
“Kids leading kids”
Inside the lavish spending at FTX - featuring private planes to deliver Amazon parcels, in-house massages, DoorDash credits, million dollar properties and more @FinancialTimes story with @joshckoliver
The Unbearable Uselessness of Crypto.
“the world may have woken up to the grim reality that the crypto "industry" is nothing but a get-rich-quick lie, wrapped in hype, bobbing on an ocean of libertarian technobabble. Will anyone do something about it?”
As rightly pointed out by @PeterSchiff this is not a crypto winter as spring follows a winter; it is not a crypto ice age as warming may follow even a long ice age; this is crypto extinction as this pseudo asset class is in a meltdown, free fall and collapse
Zero is way too generous. Given toxic environmental externalities of shitcoins their value is <0 once right Pigouvian tax is imposed!

Crypto’s Final Price Could Be Zero
No sane lender would extend credit against assets lacking any underlying collateral
Quote of @smdiehl
The domino of crypto extinction ….☄️💥🔥💥☄️
Quote of @BlockFi
Another domino falls.
Today, BlockFi filed voluntary cases under Chapter 11 of the U.S. Bankruptcy Code.

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