The original purpose of crypto was to disrupt the status quo mainstem financial system and give people a decentralized option for financial transactions other than the traditional system. But if there is anything that the drop in crypto prices the past week shows it is that crypto has instead become just another asset in the mainstem financial system. That's not to say that there hasnt been innovation and disruption resulting from crypto (mainly DLT/blockchain stuff). And this isn't the worst drop ever or anything but it's the first that I recall being linked with massive stock market drops. I may have missed some others because I've been mostly a buy and hold person so I don't always follow the news. Unfortunately I happened to sell some BTC puts in February that are now way ITM but oh well. Been hedging selling futures and staunching the bleed but only with really great returns on the futures.
Submitted March 11, 2020 at 04:56PM
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