Crypto's promises of decentralization unfulfilled as market balloons, crashes, and reveals instability, inefficiency, and environmental harm
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Crypto finance was originally promoted as a decentralized way to escape state and bank control, but in practice it is highly centralized and speculative.
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The crypto market ballooned after the 2008 crisis but collapsed dramatically in 2022, revealing its fragility.
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Crypto does not function well as currency due to volatility and inefficiency, and is mainly used for speculation and illicit activities.
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Crypto mining and transactions require vast amounts of energy, producing large greenhouse gas emissions.
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Crypto further financializes the economy, concentrating wealth and worsening instability, but is likely here to stay and will be an arena of geopolitical competition.