We all know that Justin Sun's tokens are a bunch of nonsense. I don't think he has done anything new from LUNA/UST so it's obvious that his project will fail for the same reasons. I am a bit more surprised to see how exposed the hedge funds and banks were to crypto. You would think investing in stock would be fine but it doesn't work that way when they have crypto investments.
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They get caught up the same way as everyone else. Look at the mortgage entities. They overleveraged beyond belief and we have a long history of real estate being cyclical. Simply because there was an extended bull run does not mean it will go on forever.
Yet these entities were acting like it would.
So why should crypto be any different?
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