Yes, existing financial systems are terrible. They are rampant with abuse, manipulation, and people converting human behavior into abstract objects that they can gamble on so that they can extract wealth without providing value and they do this to the point that they introduce systemic risk to our entire society.
Cryptocurrency is this times 1000. It is the financialization of everything. Instead of mortgages being packaged up into bonds and then derivatives of those bonds, everything gets packaged up into financial instruments and then derivatives of those instruments. Something like ETH makes it very easy to write programs that move tokens that are worth dollars based on inputs taken from the ledger itself. That inevitably encourages a sort of hyper-financial system.
Yes, existing financial systems are terrible. They are rampant with abuse, manipulation, and people converting human behavior into abstract objects that they can gamble on so that they can extract wealth without providing value and they do this to the point that they introduce systemic risk to our entire society.
Cryptocurrency is this times 1000. It is the financialization of everything. Instead of mortgages being packaged up into bonds and then derivatives of those bonds, everything gets packaged up into financial instruments and then derivatives of those instruments. Something like ETH makes it very easy to write programs that move tokens that are worth dollars based on inputs taken from the ledger itself. That inevitably encourages a sort of hyper-financial system.
That's worse.