Yeah. The titanic has hit the iceberg, water is flooding the lower decks, people are fighting to get on the lifeboats, PG tweets "A person I have known for more than ten years, who I consider trustworthy, is convinced the titanic isn't all that seaworthy. I don’t know anything concrete, but if I were exposed, I would be concerned."
Also, anyone who thinks they aren't exposed is significantly underestimating the potential for contagion in the wider economy. As crypto-exposed funds have to make margin calls and take losses, they will need to liquidate assets in the normal economy, driving asset prices down across the board. It's not going to be as big an impact of 2008 but the economy is in a worse position to withstand shocks right now, with inflation high and years of QE overhang still to unwind.
Based on how my brother and his gf got sucked into it, a majority of my cousins, and a ton of friends of my brother and cousins, I agree there may be a correction that is needed and felt. Hell, I even managed to lose $1200 to a pig butchering crypto romance scam. Despite that, the day I stop getting interview requests for web3 companies and seeing them in the headlines every day is the day I will breathe a sigh of relief.
Also, anyone who thinks they aren't exposed is significantly underestimating the potential for contagion in the wider economy. As crypto-exposed funds have to make margin calls and take losses, they will need to liquidate assets in the normal economy, driving asset prices down across the board. It's not going to be as big an impact of 2008 but the economy is in a worse position to withstand shocks right now, with inflation high and years of QE overhang still to unwind.