'The real value of crypto, now, is that it serves as a demonstration of the rot at the heart of America's hustler-centric model of capitalism.'
The most lucrative business activity in America is the practice of convincing people that things are too complicated for them to understand. Once they're convinced, anything is possible. Any product or service with a demand and this sheen of mysticism can go, as they say, to the moon. Customers rarely consider the possibility that things might burn up upon re-entry.
This conjured aura of an urgent fear-of-missing-out propels entire industries. Billions of dollars can be made cultivating people's fear that an opportunity is passing them by. It amounts to an entire chunk of the economy that does little more than pull up next to consumers in a mysterious van and yell, s, was brought down by one reporter who was brave enough to admit she did not understand how the place was making so much money.
Nevertheless, the inflation aspect of the crypto bubble made a lot of money for a lot of lucky people. As eventually happens with all bubbles, it seems crypto has now popped—there are not infinite customers to keep this all going. In the past year, Bitcoin has lost about three-quarters of its value.
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