One of the critiques most often thrown at crypto is that it’s just a form of late-stage capitalism, the enshittification of an increasingly extractive economic system which serves to benefit only the wealthy while making the world worse off for everyone else. In this telling, crypto is turning everything into a financial product, and this ‘hyperfinancialization’ is just another form of gambling for the already rich, of speculation for the leisure class. Until recently, I would simultaneously ...

One of the critiques most often thrown at crypto is that it’s just a form of late-stage capitalism, the enshittification of an increasingly extractive economic system which serves to benefit only the wealthy while making the world worse off for everyone else. In this telling, crypto is turning everything into a financial product, and this ‘hyperfinancialization’ is just another form of gambling for the already rich, of speculation for the leisure class. Until recently, I would simultaneously ...