Ones and Tooze Why Crypto Can't Buy Happiness
Feb 4, 2022
The cryptocurrency market has recently seen a staggering $1.1 trillion drop in value, sparking discussions about what this means for Bitcoin and its role in finance. Experts dissect its limitations and the trust established through blockchain. Shifting gears, the conversation shifts to the looming transfer of $36 trillion from baby boomers, exploring how inheritance shapes wealth distribution and societal views on privilege. The paradox of relying on inherited wealth versus meritocracy adds an intriguing layer to the complexities of capitalism.
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Crypto's Trust Paradox
- Cryptocurrencies, envisioned as a trustless system, ironically rely on complex code and algorithms.
- This raises questions about the true nature of trust in such systems.
Crypto's Monetary Failures
- Cryptocurrencies struggle to fulfill the basic functions of money: store of value, unit of account, and medium of exchange.
- Their volatility hinders their practicality for everyday transactions.
Bitcoin and Crime
- Bitcoin's association with illicit activities like the Silk Road is well-documented.
- However, the overall scale of crypto-related crime remains relatively small compared to global money laundering.