Crypto Crash Explained: How Crypto Repeated Wall Street’s Mistakes. With Münecat | The Class Room
Everyone is panicking about cryptocurrency.
We’re going to unpack what’s happening for you, by looking at the fallout of a different market crash.
So let’s go back to January 2009.
President Obama had just been inaugurated and the whole world was reeling from the 2008 financial crisis.
And the banks, which caused all this, were only saved by a taxpayer funded government bailout.
That same month, the very first block of bitcoin was released by the pseudonymous Satoshi Nakamoto, with this cryptic message in the code:
The Times January 03 / 2009 / chancellor on brink of second bailout.
A clear sign: cryptocurrency was created, at least in part, as a reaction to the financial crisis and bailouts.
At the time progressives and crypto folks seemed to agree:
Traditional financial institutions created a corrupt system that benefited a small set of wealthy elites and excluded the rest of society.
But they split in how they responded:
Meanwhile: cryptocurrency advocates believe the solution is less government, and less regulation, so they simply built a parallel financial industry.
And they did it all while promising working class investors super charged returns in a fairer, more equitable financial system where anyone could get ahead.
-----
More Perfect Union is a new nonprofit media org with a mission to empower working people. Learn more here: http://perfectunion.us/
Follow us on Twitter: https://twitter.com/MorePerfectUS
Instagram: https://www.instagram.com/perfectunion/
Facebook: https://www.facebook.com/MorePerfUnion
-
LIVE
Glenn Greenwald
2 hours agoDebate Forces Corporate Media to Admit Biden Impairment After Months of Lies; SCOTUS, Including Justice Jackson, Overturns Excessive Jan. 6 Prosecutions | SYSTEM UPDATE #291
9,234 watching -
LIVE
Edge of Wonder
2 hours ago“But Wait There’s More” is No More: Massive Mandela Effect & MTV News Gone
476 watching -
37:05
Candace Owens
1 day agoOUCH! Tucker Carlson Embarrasses The Australian Press | Candace Ep 14
74.7K92 -
11:13
barstoolsports
2 hours agoDAVE PORTNOY QUESTIONS WILL COMPTON'S DECISIONS | VIVA TV
8.82K3 -
21:25
BetterBachelor
18 hours agoFull on PANIC, the leftist activist news tears are flowing like rain
16.8K147 -
LIVE
2 MIKES LIVE
3 hours ago2 MIKES LIVE #84 OPEN MIKE FRIDAY
729 watching -
LIVE
The Big Mig™
20 hours agoThe Hunt For January 6th, SCOTUS Torpedoes J6 Obstruction Charge
3,499 watching -
RealitySurvival
1 hour agoNational Security Implications Of The Presidential Debate
4.97K -
13:22
Ethical Preparedness
19 hours agoThe SECRET WEAPON That Only Professionals Carry to Get Out of DEEP TROUBLE
5.21K3 -
LIVE
Random Kiwi Gamer
13 hours agoCapturing The Jotun Makes Us Masters Of This Island | ASKA
590 watching