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[s]: updated FTX link
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# Update December 2022
Since this post was written, FTX, one of the worlds largest crypto exchanges, has controversially and spectacularly [collapsed](https://www.investopedia.com/what-went-wrong-with-ftx-6828447). 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.
# Introduction