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Doctorow on Crypto Ponzi Schemes

Cory Doctorow:

Anything that can’t go on forever will eventually stop. We’re told that trillions of dollars’ worth of crypto has been wiped out over the past year, but these losses are nowhere to be seen in the real economy – because the “wealth” that was wiped out by the crypto bubble’s bursting never existed in the first place.

Like any Ponzi scheme, crypto was a way to separate normies from their savings through the pretense that they were “investing” in a vast enterprise – but the only real money (“fiat” in cryptospeak) in the system was the hardscrabble retirement savings of working people, which the bubble’s energetic inflaters swapped for illiquid, worthless shitcoins.

crypto Cory Doctorow ponzi schemes

Not just one best friend

There is a balance between depth and width in friendship.

Today, the term is still widely used. But most of us don’t naturally fall into friend pairs. Seeking them out, then, can lead to hurt—if we choose one friend over another, if the best-friend designation isn’t reciprocated, or if we don’t have a closest friend but feel that we should. For those who do have one, prioritizing them could mean turning away from other, potentially fruitful friendships. And relying on one person for all of your emotional needs creates a lot of pressure: No one is available to be a great friend 100 percent of the time.

Source (HT Farnam Street’s Brain Food.)