A thief has stolen $100 million in Bitcoins.
The exchange that allowed this has gone bust.
There is no FDIC insurance.
There is no way to find the thief. They may catch him when he tries to unload them. But that does not get them back to their owners.
Who’s in charge here? Algorithms and formulas.
It’s all secret, you see. It’s all anonymous. There are no contracts. There are no courts.
Investors who are not the victims shrug their shoulders. A $100 million here, a $100 million there. It’s all a cost of doing business. Someone else’s cost.
“Easy come, easy go.”
“Here today. Gone tomorrow.”
“Picky, picky, picky.”
“Look, this is a mania,” said one anonymous investor. “Manias are not affected by bad news until the day they collapse. I’m in this for the short haul.” (I made this up, but it’s true.)