Bad news for crypto
It always amazes me the kind of biased coverage the big media outlets give to failing crypto projects. So far, this year has witnessed the collapse of Terra LUNA, then Celsius and Three Arrows Capital. Nobody denies the damage these projects cause to their creditors. Many people, knowingly or not, took a high risk investment when put their money there.
The average person watching the news might think (or simply regurgitate): “Yeah, crypto is a scam, another Ponzi scheme”, “only fools invest in that shit, they deserve to lose their money”, “Bitcoin is going to zero” (alternatively: “Crypto is going to zero”, as many use Bitcoin and crypto as synonyms), etc.
I wonder if they know how the traditional banking system works, and how many times those banks have failed. The only difference is that those corporations got bailed out by the government every time they screw it up. The big guys have also failed due to malinvestment. They can afford taking huge risks to maximize their profits because they know daddy government will save them if/when something goes wrong.
So, many crypto projects are failing, and rightly so—it is necessary and healthy to flush out all the rubbish in the space. But many traditional banks have failed too, the only difference is that they were rescued with your money.