The puff of dust just visible across the far valley beyond the ridges is the last sign of a trillion-dollar horse long bolted, the gate not just left open but held ajar by dopey politicians and regulators – or worse.
The aforementioned regulators can now be relied upon to sheepishly focus on their shoes while trying to avoid the issue of their uselessness.
The politicians who were party to the failure, who cheered the free-running horse, will quietly pretend it was nothing to do with them as the inevitable inquiries start after that dust has settled.
I’m referring of course to the crashing crypto Ponzi scheme, whereby hucksters and scam artists have made fortunes and mug punters have been taken for a ride.
The hard-luck stories have already started about people who have lost all or much of their savings by being suckered into the crypto maze.
They will have nowhere to turn for help because they were playing in a totally unregulated casino, a lawless space where operators invented new games at will, feeding greed and fantasy.
If you want to read something funny – funny if you have a dark sense of humour – try Treasury’s ‘Crypto asset secondary service providers: Licensing and custody requirements’ consultation paper published a week before Josh Frydenberg’s last budget.
“The government is keen to harness the economic benefits from the…
