They pulled zero punches.
could've technically ended up worse, the existing links between traditional banks and crypto "show how easily a cryptocurrency crisis might spill over."
"Contrary to what its marketing wizards tell us, crypto is neither money nor a vehicle for finance," they expounded. "It’s an elaborate simulation of finance that produces gains and losses." Comparing crypto to casino chips, the two experts argued that crypto is actually worse than gambling because, while people can pretty well guess the odds in a casino, "the odds in crypto are subject to gross manipulation.""Regulation might stabilize the house odds and the exchange rate for chips such as stablecoins," they declared, "but it wouldn’t transform crypto into finance.
"Regulating crypto would encourage denser, deeper connections, generating systemic risks," the pair wrote — and as such, they think the entire industry needs to be kiboshed by the government.
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