Why Crypto Isn’t Just the Great Financial Crisis, Part 2

The Breakdown

Blockworks

Business, Investing

4.8 • 806 Ratings

🗓️ 17 April 2022

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Arculus and FTX US. On this edition of “Long Reads Sunday,” NLW reads Michael Casey’s “No, DeFi Is Not a Repeat of the 2008 Crisis.” - From cash to crypto in no time with Nexo. Invest in hot coins and swap between exclusive pairs for cash back, earn up to 17% interest on your idle crypto assets and borrow against them for instant liquidity. Simple and secure. Head on to nexo.io and get started now. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer and more secure solution to store, send, receive, buy and swap your crypto. Buy now at amazon.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, Texas. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: bedo/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, Arculus, and FTX, and produced and distributed by CoinDesk.
0:24.3	What's going on, guys? It is Sunday,
0:29.7	April 17th, and that means it's time for Long Read Sunday. Before we dig into this week's essay, however, a few housekeeping notes. There are two ways to enjoy the breakdown. You can listen
0:35.4	on the Coin Desk Crypto Podcast Network, that feed
0:38.2	features the breakdown and other Coin desk shows, or you can listen on the breakdown only feed,
0:43.4	which has just this show. Both episodes come out on the same day, CoinDesk in the afternoon,
0:48.3	and the breakdown only feed in the evening. Whichever feed you listen to, if you're enjoying
0:53.0	the show, please subscribe to it, give it a five-star
0:56.1	rating, give it a review, or if you want to dig deeper into the conversation and really, what a better
1:01.2	time to do that than on a Sunday, come join us on the Breakers Discord. You can find a link in the
1:06.6	show notes or go to bit.orgly slash breakdown pod. Also, a disclosure as always, in addition to them
1:12.9	being a sponsor of the show, I also work with FTX. Now, today we are digging into an area of
1:19.8	discourse around crypto, an area that I might call FUD, that is emerging and I think likely to
1:25.7	increase as the great national debate about crypto regulation heats up.
1:30.6	And that's the idea of comparing the crypto industry to the great financial crisis.
1:35.0	There are a number of reasons that this comes up.
1:38.8	Some of them are attempts to draw parallels between financial instruments that were created in the lead-up to the GFC
1:43.9	and crypto instruments that are part of Defi now. You'll often see stable coins, for example,
1:49.5	in the hot seat. But another reason for these parallels has to do with just the lived experience
1:54.8	of the regulators that we happen to have. The great financial crisis was the most defining
	...

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