[…] Crypto is the poster child for the investor craziness and funding bubble. An odd bundle of technology, a business model, and ideology, cryptocurrency enthusiasts have been claiming it is going to change the world for thirteen years and counting, with frequent twists and turns on just how it is going to do that. Crypto startups attracted $30 billion of VC capital each year in 2021 and 2022. Then crypto trading fueled by speculation plummeted, exposing FTX and other crypto fraudsters and revealing the instability of stablecoins.  Most recently, Circle’s USD coin broke peg on Saturday when it was disclosed that more than $3 billion of capital is tied up at SVB. A crisis in confidence produced a run on USD, and its future remains cloudy as company executives publicly calm currency holders and its prospects for recovering its money at SVB grow more certain. Before the FDIC news, Circle had recovered from its low of $0.88 and was trading under a dollar at $0.9717. This morning, it was trading at $0.9895. […]