Welcome to the Zombie Cryptocalypse

People have forgotten what unregulated markets are like. We’ve had 90 years of the SEC and reasonably regulated, well-behaved stock markets. And it turned out really well. People can trade in some sort of confidence that there are rules and so on. And people talk about crypto and Bitcoin and so forth as if this is a well-behaved, high-volume market where someone checking that nobody is just lying about everything. And none of that’s the case.

A pile of crypto is not a pile of capital that you can develop or invest or whatever. It’s just some stuff you can buy, sell, or hold. And early investors can only pay

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