It's Not The Cryptos (Presentation)

It's Not The Cryptos (Presentation)

A lot of money is being made and lost in the trading of cryptocurrencies – cryptos, for short – and their value being volatile is an understatement. Several societal contexts – the lack of trust in government, the popularity of online games that have proprietary currencies, the rapid increase in grifters, hackers and money launderers, the recent increase of society-approved gambling, the recent addition of “side hustles” as a way to make additional money and a large amount of money searching for higher returns – lend support to the appeal of cryptocurrencies. The critical aspect of this appeal of an alternative form of money is that the risks of a constant, albeit volatile, increase in value is taking place in a society that favors crisis management over preventive management. China and other countries have banned cryptocurrencies, but the U.S. regulatory environment has focused mostly on enforcing existing securities laws. When U.S. regulators enter into a disaster already underway (e.g., Black Monday, 1987), they tend to fashion extreme reactions directed at the effects of the disaster rather than at the causes. 

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