Sublime

changes, even when changes are very much in our interests.

In traditional finance, founded on principles of trust, no one really had to trust anyone. In crypto finance, founded on a principle of mistrust, people trusted total strangers with vast sums of money.

Lo que le pasa a este nuevo mundo —había dicho el tubista una vez— es que sufre una horrible falta de elegancia.

It was all in people’s heads. People had simply changed their opinions of paper wealth, but, for all practical purposes, the planet might as well have been knocked out of orbit by a meteor the size of Luxembourg.

The big thing in Europe these days was countries, and there were more and more of them every year. The Continent was alive with Romanov heirs and Habsburg heirs and Grimaldi heirs and Saxe-Coburg Gotha heirs and heirs of families nobody had ever heard of who had been dispossessed sometime back in the fifteenth century, all of them seeking to set up

In the middle was John Paulson. At the top was Steve Eisman.

the markets were predisposed to underestimating the likelihood of dramatic change.

Then We Came to the End BY JOSHUA FERRIS