“Marketing at best, fraud at worst”: The financial crash of 2008 could repeat itself in the cryptocurrency market, warners from the time claim. what could happen. A mind game.
essay by
Philip Boverman
When the real estate bubble burst in the USA in 2007 and 2008, a fatal domino effect set in. A largely unregulated market for complicated financial products that were considered highly modern had developed. They achieved dream returns almost out of nowhere, without the use of equity. Anyone who questioned this would be happy to tease the certified financial expert that one obviously does not understand the higher financial magic at work in modern capital markets. Then came the bang. After that, it was said that something like this should never happen again.