{"id":484093,"date":"2023-01-09T21:36:00","date_gmt":"2023-01-09T21:36:00","guid":{"rendered":"https:\/\/omni48.com\/?p=484093"},"modified":"2023-01-10T01:15:28","modified_gmt":"2023-01-10T01:15:28","slug":"a-fraud-and-a-bubble-are-two-different-things-crypto-is-shocking-to-a-financial-historian-who-literally-wrote-the-book-on-financial-bubbles","status":"publish","type":"post","link":"https:\/\/omni48.com\/news\/a-fraud-and-a-bubble-are-two-different-things-crypto-is-shocking-to-a-financial-historian-who-literally-wrote-the-book-on-financial-bubbles","title":{"rendered":"\u2018A fraud and a bubble are two different things\u2019: Crypto is shocking to a financial historian who literally wrote the book on financial bubbles"},"content":{"rendered":"

The crypto space has lost more than $2 trillion in value over the past year. But for crypto loyalists , this is just another “ Crypto Winter .” Remember 2018 —when Bitcoin prices dropped 80%, and the media called it “ dead ” over 90 times? Don’t worry, they say. The Fed is raising interest rates and inflation and recession fears are making investors skittish , so they’re simply pulling back. The meltdown of the world’s second-largest crypto exchange, FTX, the blowup of Luna and its sister algorithmic stablecoin TerraUSD, and the collapse of high-profile crypto lenders like Celsius and BlockFi , are merely bumps in the road, crypto proponents argue. But William Quinn, a senior lecturer at Queens’ University Belfast whose research focuses on financial bubbles, isn’t so sure. Quinn believes the cryptocurrency fervor of the past decade is either a “stupider bubble than any previous bubble” in financial history, or “a smarter Ponzi than any previous Ponzi”—or a<\/p>\n","protected":false},"excerpt":{"rendered":"

Financial historian William Quinn says crypto is either the smartest “Ponzi” or the stupidest “bubble” in history: “And the truth is probably somewhere in the middle.”<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[313,36,1],"tags":[],"class_list":["post-484093","post","type-post","status-publish","format-standard","hentry","category-crypto","category-markets","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/484093","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=484093"}],"version-history":[{"count":0,"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/484093\/revisions"}],"wp:attachment":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/media?parent=484093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/categories?post=484093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/tags?post=484093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}