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...and replacing them with cryptocurrency CEOs and HN and Reddit commenters whose economic experience is limited to googling the word “fiat” and talking points on free markets? Is that what you mean? Occasionally people are listened to because they have something to offer, like, say, running one of the world’s largest investment banks. His remarks immediately made Bloomberg, CNBC, and so on, which is just free PR. From the head of Morgan Stanley. Who in the current world, and not the glorious future one you want, commands respect and attention. Talk about biting the hand throwing your passion a bone. And what’s your plan to make Gorman and other investment banks irrelevant with cryptocurrency? You’re talking about something like, what? A third of the world economy? I made that number up, but it’s probably even more. Nobody will have financial planning services and investments in your cryptographic future? End capitalism? How should I explain what you want to the soybean farmer next door who needs an ag loan from one of those very banks to buffer crop loss from an imported Asian pest? The free market will figure it out, and the entire system of capital allocation we all know is fundamentally broken and useless? If only he mined Litecoin? The single biggest thing holding crypto back is tone deaf arrogance like this from its biggest proponents. Slow down, buddy, you’ve successfully monetized files of bits. Completely disrupting the entire world economy and making banks irrelevant is a wee bit far fetched and even if it isn’t, should be approached with a little more caution than a lot of crypto folks give it. You’re talking about the (imperfect) global system that feeds billions of people and keeps them alive. Show it some respect; only hundreds of thousands of people, nigh, millions, worked on it before the engineers with vim showed up and declared they know better. Cryptocurrency is good. Let’s be reasonable when discussing it. |