{"id":19212,"date":"2022-06-19T06:25:13","date_gmt":"2022-06-19T06:25:13","guid":{"rendered":"https:\/\/omni48.com\/news\/the-crypto-crash-all-ponzi-schemes-topple-eventually"},"modified":"2022-06-19T06:25:13","modified_gmt":"2022-06-19T06:25:13","slug":"the-crypto-crash-all-ponzi-schemes-topple-eventually","status":"publish","type":"post","link":"https:\/\/omni48.com\/news\/the-crypto-crash-all-ponzi-schemes-topple-eventually","title":{"rendered":"The Crypto Crash: all Ponzi schemes topple eventually"},"content":{"rendered":"<p>Messengers on Wall Street, New York in October 1929 Photograph: New York Daily News Archive\/NY Daily News\/Getty Images One week ago, as cryptocurrency prices plummeted, Celsius Network &#8211; an experimental cryptocurrency bank with more than one million customers that has emerged as a leader in the murky world of decentralized finance, or DeFi &#8211; announced it was freezing withdrawals &#8220;due to extreme market conditions.&#8221; Earlier this past week, Bitcoin dropped 15 percent over 24 hours to its lowest value since December 2020. Last month, TerraUSD, a stablecoin &#8211; a system that was supposed to perform a lot like a conventional bank account but was backed only by a cryptocurrency called Luna &#8211; collapsed, losing 97 percent of its value in just 24 hours, apparently destroying some investors&#8217; life savings. Eighty-nine years ago, Franklin D Roosevelt signed into law the Banking Act of 1933 &#8211; also known as the Glass-Steagall Act. It separated commercial banking from investment banking &#8211; Main Street<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We&#8217;re back to the wild west finances of the 1920s as the crypto industry pours huge money into political campaigns<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[36,1],"tags":[52,27,29],"class_list":["post-19212","post","type-post","status-publish","format-standard","hentry","category-markets","category-news","tag-bitcoin","tag-economy","tag-markets"],"acf":[],"_links":{"self":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/19212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/comments?post=19212"}],"version-history":[{"count":0,"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/19212\/revisions"}],"wp:attachment":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/media?parent=19212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/categories?post=19212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/tags?post=19212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}