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*Does crypto technology “magic” allow it to transcend the principles of economics?* *Does crypto technology “magic” allow it to transcend the principles of economics?*
# Update December 2022 # Update November 2022
Since this post was written, FTX, one of the worlds largest crypto exchanges, has controversially and spectacularly [collapsed](/notes/post-ftx-collapse.md). This provides yet more compelling evidence that the crypto boom was the result of a financial bubble, rather than a magical perpetual motion machine. Since this post was written, FTX, one of the worlds largest crypto exchanges, has controversially and spectacularly [collapsed](/notes/post-ftx-collapse.md). This provides yet more compelling evidence that the crypto boom was the result of a financial bubble, rather than a magical perpetual motion machine.