“Some of the largest institutional holders of cryptocurrency are the exact same investment banks that created the subprime loan crash. Rather than being a reprieve to the people harmed by the housing bubble, the people whose savings and retirements were, unknown to them, being gambled on smoke, cryptocurrency instantly became the new playground for smoke vendors.
This is a really important point to stress: cryptocurrency does nothing to address 99% of the problems with the banking industry, because those problems are patterns of human behavior. They’re incentives, they’re social structures, they’re modalities. The problem is what people are doing to others, not that the building they’re doing it in has the word “bank” on the outside.”
“NFTs impose a simulacrum of physical scarcity and uniqueness onto digital assets within their ecosystem”
—Folding Ideas, Line Goes Up - The Problem With NFTs.