Dear Crypto Derivatives Industry, Let’s Not Repeat 2008

From coindesk.com

$1 quadrillion. The derivatives market is considered the biggest market in the world on a notional basis, eclipsing even the ballooning world debt market by four times. However, on a gross market value basis, the derivatives market is considered significantly smaller. The Bank of International Settlements (BIS) estimated it at approximately $12 trillion last year. The lack of clarity over the size of the derivatives market points to its opaqueness, with little improved real-time risk transparency since the financial crisis of 2008-09. In a famous investor letter from 2002, Warren Buffett referred to derivatives as ... (full story)