A recent study published by political scientists at Freie Universität Berlin, Christopher Olk and Louis Miebs, indicates that the global cryptocurrency system has been undergoing significant transformations. The crypto system, which was originally intended as an alternative to currencies that depend on a central authority like the state or banks, has developed into a credit-based shadow banking system.
Right?
Like this was the conversation in the 90’s - it was intended to be a shadow banking system (or more accurately, it’s what many people at the time hoped it could be).
What crypto is right now is basically diametrically opposed to what the original creators intended.