is interesting today: Bitcoin (at this moment) down 9%; Etherium down 14%. I had heard yesterday that there was a big sell-off in cryptos; does anyone know why?
Side note: Sorry to say this, but I see a lot of similarities between cryptocurrencies and financial engineering. Cryptocurrencies early on claimed to provide untraceable transactions (which, to my understanding, is the OPPOSITE of the truth: the big deal of cryptocurrencies -- as far as I can tell -- is the distributed ledger, which -- yes -- can keep a single entity that keeps the only ledger from erasing you, but which also would tend to mean ANYONE maintaining a copy of the PUBLICLY AVAILABLE ledger can potentially trace your transactions) and avoidance of the vagaries of fiat currencies (... but acceptance of the occasional 10% daily fluctuation in value; at least it's probably random rather than a government conspiracy, I guess) for people who have managed never to have heard of precious metals ... but other than those dubious benefits, do nothing worthwhile, and yet have been spun via all manner of hype (see: Tulip Mania, Dutch) into a trillion dollar ... (industry?)
Financial engineering really does provide some real benefit ... but I think awfully marginal: how much benefit is there in giving someone a floor or a ceiling in the value of their risk-exposed portfolio before you have to ask, "Well, why are you leaving your portfolio so risk-exposed, you idiot?"
And yet by stories of spinning moon beams and cat whiskers into things of real value, financial engineering has become a multi-trillion dollar industry.
Is it worth it?
"I'm just asking questions."