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The Market As God (12ft.io)

submitted 1 year ago by swnt@feddit.de to c/crypto@lemmy.ml

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Given how important economic thinking is in cryptocurrencies and the world economic system in general, I think this article is very relevant and insightful. I think this is also important, because it also suggests to interpret the overarching "tokenize and economisize everything" mantra in crypto& Blockchain as a continuation of this belief system.

What do you all think?

Here is also a 2007 paper on it: The Religion of the Market

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[–] tracyspcy@lemmy.ml 3 points 1 year ago

The article is definitely worth reading. In my eyes, cryptocurrencies is a frontier and probably a last hope of capitalism, it is market on steroids, so that's why the idea of commodification of everything (with slight change to "tokenization") is so common narrative in the industry. At the same time such narratives about almighty market is very dangerous thing leading to shadow side of crypto industry.