Over the past few months, the crypto industry has experienced a series of seismic events resulting in yet untold numbers of retail investors being wiped out. Those to blame are considered to be, at best, criminally negligent. What the heck happened?

By now, the “I told you so” refrain has long been worn out amongst groups of Bitcoiners. Unfeasibly high APRs, complex stablecoin algorithmic pegs, crypto funds attracting huge amounts of capital - this was background noise that many just cancelled out by a blanket rejection of the whole sector.

But there were targeted warnings of danger within the altcoin ecosystem. Those with a keen interest in the sector, who couldn’t be co-opted, started to investigate the fabulous promises being offered. They found alarming weaknesses, obvious failings and ruinous incentives structures. The red flags were hoisted, but, by this time, too many were caught up in the hysteria to take notice.

As we start to undertake the autopsy, on what is still metaphorically a warm body, the obvious questions arise. How did we as a collective let this happen? How can we stop this from happening again? Are we in the same position as the banking sector following the global financial crisis? Do we need regulations to enforce protections for investors?

https://www.whatbitcoindid.com/podcast/how-crypto-replayed-the-2008-financial-crisis