The Crypto Token Economy Is Second-Order Fraud
The entire industry is artifice built atop artifice.
A collection of 7 posts
The entire industry is artifice built atop artifice.
The hubris and dilettantism of corporate titans is an old story. But the risk has been compounded by digital technology’s hugely scalable nature.
The reality is Bitcoin is a political project that threatens to fundamentally disrupt the Davos-led economic system, with everyone from Janet Yellen to Christine Lagarde expressing fear about its rise and demanding it be regulated.
Nadim Kobeissi, a professor at NYU and director of a cryptography consulting firm, tells Jonathan Kay about the risks posed by Libra, Facebook’s new cryptocurrency. Professor Kobeissi recently wrote about Libra for Quillette. Image: Courtesy of Symbolic Software.
Bitcoin’s decentralized network means that regardless of how much corporate America hates some commentator, it can’t stop you from sending her cryptocurrency.
As a result, Bitcoin is starting to look like a credible investment in any respectable financial portfolio.
Blockchain is important because it provides a way to communicate electronically that mimics face-to-face transacting in the physical world.