Crypto experiences an ‘Emperor’s new clothes’ moment

The world of cryptocurrency is going through a crisis that is severe even by its own notoriously volatile standards.
We’re not going to pretend we really understand what crypto is all about, other than it being positioned as an alternative to state-run fiat money and emerging as a major new source of speculative investment. Such speculation has always felt even more like gambling in a casino than other forms of investment, but the prospect of massive gains ensured there were always plenty