The David McWilliams Podcast Unmasking cryptocurrency from both a financial and technological standpoint
4 snips
Jan 12, 2023 AI Snips
Chapters
Transcript
Episode notes
Crypto as Speculative Assets
- Crypto is not money but a spectrum of speculative assets largely divorced from economic fundamentals.
- Its rise and mania stemmed from radically low interest rates and widespread misunderstanding of tech and finance.
Crypto’s Grifter Era
- After 2016, crypto shifted from a political project to a tool for financial insiders to profit.
- Most cryptocurrencies became fraudulent schemes enriching insiders at the expense of the public.
Crypto as a Lottery Ticket
- A cab driver in Dublin lost €20,000 invested in crypto and viewed it as a lottery ticket.
- Many young people took crypto risks as a desperate attempt to build wealth amid housing market exclusion.