FTX's John Defterios says crypto is important for countries that don't have good banking systems or reliable banking systems. But, he adds, if my daughter can't do anything with it, it's not a very good system. He thinks the financial system will at some point figure out an efficient way to do cross border money transfers.
Economist and author Arnold Kling talks with EconTalk host Russ Roberts about the recent drama in the tech world--Elon Musk's acquisition of Twitter, the collapse of FTX, and the appearance of ChatGPT. Underlying topics discussed include the potential for price discrimination to make social media profitable, whether you could tell Jeff Bezos from Sam Bankman-Fried early on, and the role of human beings in the world of artificial intelligence.