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So, you're saying the crypto-industry is just like the banking industry?
by whichfawkes 5y ago
So, you're saying the crypto-industry is just like the banking industry?
- Barrin92 5y agoYes-ish. Increasing financialization (going hand-in-hand with deindustrialization) seems like a precursor for this. With the difference I suppose that there is a core to banking of lending to the productive industry and allocating resources that is absent in the crypto world entirely. So more accurately maybe it's high finance on steroids
- whichfawkes 5y agoUltimately, the existing banking system will either eat crypto, or crypto will become the basis for the new banking system. It's not really any better or worse. People are excited about it now because the power structures aren't so entrenched yet. It looks like a chance to re-write the same history, but with yourself and your friends on the New Wall Street by dint of your cleverness and honest (ok, maybe not honest, but ) work... two things which no longer get you anywhere in the traditional finance sector. I can't in good-faith argue very strongly _for_ crypto, but I can't argue against it either.
- germinalphrase 5y agoDoes anyone open a restaurant or build a bridge with Bitcoin?