"[T]he 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. In which case, what is the point? Why should an industry that at best has simply reinvented conventional banking have any fundamental value? Furthermore, trust in conventional financial institutions rests in part on validation by Uncle Sam: The government supervises banks, regulates the risks they can take and guarantees many deposits, while crypto operates largely without oversight. So investors must rely on the honesty and competence of entrepreneurs; when they offer exceptionally good deals, investors must believe not just in their competence but in their genius. How has that been working out?"
Writes Paul Krugman in "Is This the End Game for Crypto?" (NYT).
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