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I asked bard to summarize: > The article argues that cryptocurrency exploits the vulnerable and exposes them to scams, and that it reinforces existing inequali
by baby 3y ago
I asked bard to summarize:
> The article argues that cryptocurrency exploits the vulnerable and exposes them to scams, and that it reinforces existing inequalities. It claims that cryptocurrency does not level the playing field.
and then asked for 5 items:
> Cryptocurrency is often associated with the American Dream, but it is a cruel promise that exploits the vulnerable.
> Cryptocurrency is a volatile and risky investment, and many people have lost money investing in it.
> Cryptocurrency is often used for illegal activities, such as money laundering and drug trafficking.
> Cryptocurrency mining uses a lot of energy, which is harmful to the environment.
> Cryptocurrency is not a regulated industry, so there is no protection for investors if something goes wrong.
I don't think there's anything novel with this train of thought, if anything it's not surprising that the US has embraced crypto considering you could replace Cryptocurrency with Capitalism and the previous sentences would still sorta work.
As someone who's deep into the crypto field, what I find sad is that most modern cryptocurrencies do not use mining, but the main old one (Bitcoin) still does. The high amount of scam is really sad as well, but the upside is that crypto is quite transparent and so we can detect and even catch a lot of these guys (whereas the banking scams are much more opaque and most of them don't ever see the light of day)
- panarky 3y ago> you could replace Cryptocurrency with Capitalism Because cryptocurrency and markets for it are a little alien, it's easier to recognize their essential characteristics while assuming what I'm accustomed to is normal and natural and inherently correct and good. But crypto is a mirror that helps me understand the essential characteristics of the money and markets that appear so normal. Yes, cryptocurrency is not backed by anything, it's just a collective social delusion. Yes, free markets in cryptocurrency are rife with scams, they don't do a great job of discounting all available information, and they extract wealth from the many and deliver it efficiently to the few. Cryptocurrency has the same structure, mechanics and inevitable outcomes as the dollars, euros, and markets that we all know, it only differs in degree.