The chill winds of the crypto winter

DOES the carnage in the crypto markets indicate the implosion of a black tulip bubble which will shortly become as much a historical curiosity as its floral predecessor?

Or are we in the midst of a Schumpeterian process of creative destruction which will cull the lame and release resources to fuel a more rational and essential industry?

For the naysayers, it is not difficult to assemble evidence that the emperor has finally been seen naked and that cryptocoins, virtual assets, non-fungible tokens and all the infrastructure that accompanies them are being rumbled for the delusions that they are.