SAYING GOODBYE TO THE CRYPTO NERD UTOPIA: “Really, I shouldn’t joke about this crypto craziness. A lot of people have lost a lot of money. People will lose businesses, homes, and families. Some might even commit suicide. Plus, I didn’t know that this would happen. In fact, I had only a vague idea of what FTX was. But I, and many others, knew that something would happen. We never trusted the utopian claims people made about crypto-currencies. As much as we envied those who bought Bitcoin for small change and sold them for fortunes, it was clear that a limited number could get rich working in markets disconnected from physical goods and services. I am no economist but I feel that value ultimately has to be attached to something we can use — or, at least, to something we want.”
UPDATE (FROM GLENN): My New York Post column on FTX’s finances — and Uncle Sam’s.