The Crypto Con 0
Paul Krugman skewers the central myth of cryptocurrency. A couple of snippets (emphasis added):
(Snip ahead to now)
. . . .cryptocurrencies are largely purchased through exchanges such as Coinbase and, yes, FTX, which take your money and hold crypto tokens in your name.
These exchanges are — wait for it — financial institutions, whose ability to attract investors depends on — wait for it again — those investors’ trust. In other words, the crypto ecosystem has basically evolved into exactly what it was supposed to replace: a system of financial intermediaries whose ability to operate depends on their perceived trustworthiness.
