This is what dismays me. The notion of a crypto index fund seems horrible, in that cryptocurrencies are already such an abstraction of capital: first time it's

This is what dismays me. The notion of a crypto index fund seems horrible, in that cryptocurrencies are already such an abstraction of capital: first time it's been literally possible to turn energy into capital without benefiting any human in any way. That is very efficient and will drive out less efficient ways of generating capital. An index fund reduces the volatility of this and makes it even more of a given. If we must do this can we just make a rule that all ultra-rich people and only ultra-rich people automatically get 20% more riches a month, or week, or day, and NOT burn the impossibly huge amounts of energy that expanding cryptocurrency will incur? I am not at all sure it's possible to stop capital concentrating this way, but I do think it is peculiarly horrible to have it doing so by a mechanism that intentionally and pointlessly burns energy in an ever-increasing fashion, when we're already in serious trouble through our collective eagerness to burn energy.