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9B is about 1B of total crypto market cap of 900B+. Maybe 2-3% if you assume a 2x-3x contagion multiplier. If it can’t survive a 2-3% event I have bigger doubts.
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I have some moderate sympathy for retail investors who couldn’t afford it FOMOing in thanks to Matt Damon etc. ads, but to extend the principle, there’s no “too small to fail” either. The advertising may have been exploitative but the retail discourse was aware of the risks too.
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