Profile picture
Paul Donovan @PDonovan_econ
, 5 tweets, 2 min read Read on Twitter
'Who believes in Bitcoin?’ Podcast from end 2017 /thread #UBS #economics # btc #bitcoin #bitcoincrash…
/2 Some of the investors are unsophisticated (inevitably), or desperate (people in hyperinflation economies). Financial regulation is designed to help such people. The crypto bubble came was faster than financial regulators could respond.
/3 The loss of confidence in experts (aided by media sensationalism) did not help. Cryptocurrencies may be mathematicaly elegant but are clearly designed by people who do not understand economics. The time of the cryptocrash could not be predicted, but it was inevitable
/4 Now we are witnessing a transfer of wealth from the many who bought to the few who mined or sold. It is global so, for instance, wealth may be transferred from housewives in Korea to miners in Kuwait. That has economic consequences
/5 While some puritan Schadenfreude at the current crash is also inevitable, it is well to remember that people who would normally be protected have been caught up in this mess, and the personal consequences of their losses are significant. Regulators may need to change approach
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to Paul Donovan
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member and get exclusive features!

Premium member ($3.00/month or $30.00/year)

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!