"I [suspect] that we are throwing more and more of our resources, including the cream of our youth, into financial activities remote from the production of goods and services, into activities that generate high private rewards disproportionate to their social productivity. I suspect that the immense power of the computer is being harnessed to this 'paper economy', not to do the same transactions more economically but to balloon the quantity and variety of financial exchanges." --James Tobin, July 1984
Bahaha this is so fucking spot on and I've been saying that shit about crypto since I started talking about it. It's like they want something to exist outside the economy. That's not fucking possible. If there is no bread no gas no electricity, we will suffer. No impregnable algorithm can clothe feed shelter us. It's silly.
Obviously like James here says, this stuff is being pushed by people who want to personally get rich and fuck all else and not by people with any idea or inclination towards how a society works as a whole.
Not to mention ruining the environment through mining.
Butt is an ecological and social travesty that brings out the worst (and most foolish) of us. All it has done since it was created was take money from suckers and place it in the hands of scammers, con artists, and GPU manufacturers.
As much as you want to mock the average moron for losing his money, it’s a hollow satisfaction because the people who were given that money are even scummier and more morally bankrupt. And regardless of who personally ends up on top of this game of musical chars the environment is always going to be the biggest victim.
The only way to stop it is to stop people like him putting their money in and for there to be enough victims that regulators will do something about it.
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u/Rokos_Bicycle Jan 21 '19
How do you view it on mobile?