> If you also advocate for the shuttering of high frequency trading firms...
yes, that is what I mean by "metastasis of the old system" but there is much more nuance: the overfinancialization of the economy is a recent phenomenon and while it is not black-and-white to separate from actual underlying intermediation needs I seem to recall somebody claiming that 5% of the current financial sector is actually useful. The rest is parasitic wealth transfer, essentially exploiting governance failures. With crypto there is no real economy so it is 100% parasitic.
I don't have a problem with an entertainement oriented gambling industry provided it is informed, discretionary and it does not become an abused addiction. But ideally in a society that has real problems to solve (health, education, environmental degradation) you want to harness the speculative instincts of both finacial system end-users and intermediaries to really perform "God's work"
Alright, I get where you’re coming from. I am a believer in the vampire squid as a mascot for investment banks. And I do think that the brain drain from more positive endeavors into these ones simply because they pay spectacularly more is not necessarily positive. A nuanced counter to the argument, I appreciate it and will ponder.
yes, that is what I mean by "metastasis of the old system" but there is much more nuance: the overfinancialization of the economy is a recent phenomenon and while it is not black-and-white to separate from actual underlying intermediation needs I seem to recall somebody claiming that 5% of the current financial sector is actually useful. The rest is parasitic wealth transfer, essentially exploiting governance failures. With crypto there is no real economy so it is 100% parasitic.
I don't have a problem with an entertainement oriented gambling industry provided it is informed, discretionary and it does not become an abused addiction. But ideally in a society that has real problems to solve (health, education, environmental degradation) you want to harness the speculative instincts of both finacial system end-users and intermediaries to really perform "God's work"