Cryptocurrency is not a traditional business in any sense.

These “investments” are not tied directly to economic activity, these are what economists call non-productive assets.

In this negative sum game each early investor mathematically needs to onboard more investors or inflate the price of the asset. The mechanism that has risen to achcieve this is effectively a new religious movement deeply entangled with fringe economic theories and right wing conspiracies.

stephendiehl.com/posts/crypto.

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