How to Spot the Next Cryptocurrency Wave
Traders Magazine Online News, November 27, 2018
The march to progress was never as smooth as this.
Ten years after the weekend that brought the global financial system to its knees, the most important lessons lie not in what has changed (very little that is not cosmetic), but in what hasn’t changed. The main causes of the last financial crisis, self-delusion and irrational exuberance, will likely be the cause of the next one as well. The same economic conditions and policies which drove Satoshi Nakamoto to write the Bitcoin whitepaper and mine the first Bitcoin genesis block still prevail.
The bankruptcy of Lehman Brothers in the pre-dawn darkness of September 15, 2008, one of the world’s most storied banks and also one of the oldest, wasn’t the first nor was it even the worst event out of the Great Financial Crisis, but it had the most repercussions because it was out of the realm of contemplation of the financial world. Surely a bank of Lehman’s stature and history couldn’t go bankrupt. And when it did, the shockwave that was unleashed was the typical sum of all fears, “If even Lehman could go under, what more lesser banks?” There was no line in the sand. All bets were off and everything that had been assumed to be true was suddenly upended.
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