Reckless: The Story Of Cryptocurrency Interest Rates

This book begins by providing a brief history of interest rates. It discusses the perplexing conundrum of how to determine the most appropriate base interest rate in an economy. The book then scrutinises conventional wisdom with respect to setting interest rates and considers the potential consequences of rates being set at reckless and inappropriate levels.
The book then moves over to the world of Bitcoin and cryptocurrency, cataloguing various interest rates, quasi-interest rates and different yield structures which have existed throughout the ecosystem's short thirteen year life. The book contrasts some of these structures with those in the world of traditional finance and economics.
The book then explores the emergence of cryptocurrency lending markets, tracking the development and extraordinary growth of these markets into the 2021 yield market bubble. The book disassembles the peculiar components of the cryptocurrency credit market, covering the incestuous relationships between many of the leading lenders and borrowers and the insatiable greed they demonstrated, resulting in the eventual market crash in June 2022.