Reinventing the Financial System
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Matt Levine of Bloomberg has joked for years that crypto people basically exist in order to rediscover things about the banking and finance businesses that everyone else has known for decades.
I continue to believe that crypto and blockchain are two very cool and elegant solutions to a problem that may well present itself one day. But today? Yeah, I have a bank and a credit card and get direct deposit from my job. I don’t need a slower, less regulated and more CCP dependent wheel at this point.
After reading Graeber’s “Debt : the first 5000 years.” I thought ‘Bullshit!’.
I would’ve never bought another of his books again, but then he followed with “Bullshit Jobs” and I thought ‘Now here’s a guy who ought to know’. So I bought it. And it was good.
Very interesting. IMO, Graeber’s (RIP) central historical finding was,
“the real origins of money are to be found in crime and recompense, war and slavery, honor, debt, and redemption.”
His policy prescriptions left a lot to be desired.
Until bitcoin in particular & DEFI in general can usurp the states monopoly on legally using violence to compel adherence to the social contract, then they are an extremely cool speculative vehicles to play in & that’s it.
What I’m waiting for is the BIS & SWIFT to make their moves.
I think Maker protocol is one of the more interesting projects that I’ve heard about and it actually has a very serious™ line-up of investors. I have a geeky friend/acquaintance who was heavily into bitcoin during our undergrad years (10 years ago!). I caught up with him and he is now heavily into Maker. He’s an unconventional type, but obviously made the right calls in the past and I sure believe that he has the domain expertise that I absolutely lack. I might toy around with buying some this year.
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