As Warren Buffet said, crypto never created value. These "coins" were just silly trinkets, like tulips, intrinsically worthless.

And that's different than cash and coinage how?

In essential terms, maybe not so different. Money isn’t backed by anything but the faith and credit of a government.

But maybe that’s something that is more powerful than we assume.

And at least cash is regulated — and not governed solely by the rules of some entrepreneur who can shut the whole system down at a moment’s notice, cash out, and move to Thailand.

I agree with the regulation being a plus, but as cash enters the system as loans--essentially backed by debt--less than nothing--I don't agree we should have faith in it. I don't support the gold standard either, since gold's only objective value is that it doesn't rust and conducts electricity well. I think that when the Fed prints money that money should be given not to banks but to people who do work for the government, so it's backed by real services and goods. And guess what? Taxes could actually be cut without anyone suffering.

There's already a whole cottage industry of conspiracy theorizing over the recent FTX crash, tying into the existing RWNJ multiverse of an alleged web of Biden corruption in Ukraine.

Don't waste your time. Alt-righties are just big mad that this Sam Bankman-Fried guy was a Democratic Party donor - not to mention, Jewish to boot. So this latest crypto crash also goes into the same bucket to swirl around with thousand-year-old anti-Semitic tropes.

In reality, crypto has been in deep trouble for some time now - whether traditionally crypto-curious alt-righties knew it or not.

For some plain common sense on the crypto subject, you could do worse than Warren Buffet.

https://sports.yahoo.com/warren-buffett-dismissed-bitcoin-worthless-092907947.html