Harvard Finance Professor: Crypto Is 'Magical Thinking' That 'Infected Capitalism'

Frank Landymore

"It is the minimizing of constraints and trade-offs in favor of techno-utopianism and the exclusive emphasis on positive outcomes and novelty," he adds. "It is the conflation of virtue with commerce."Some of this thinking, Desai argues, arose from the aftermath of the 2008 financial crisis and the ensuing recession. The despair, shattered faith in economic institutions, and general disillusionment, collectively fostered a "receptivity to radical economic solutions.

Crypto, was new, appealing, and seen as a way to get rich that eschewed traditional channels without much government oversight, even though most didn't fully understand it. But the technology benefited from its vague promise of a better currency and a better world, decentralized and free of untrustworthy financial institutions.But ironically, Desai may be a little guilty of the magical thinking he ascribes to crypto boosters.

'This imaginary thing is threatening the imaginary thing I worship!! 😫'

🤣 but what irony! as if capitalism is not magical thinking too 🤦‍♂️

🙌🍻💵

I, too, am susceptible to magical thinking; investors and gamblers should not mix their lines of thought.

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Harvard Business Review - The LatestFind new ideas and classic advice on strategy, innovation and leadership, for global leaders from the world's best business and management experts. And also found out the way how to make blockchain can be more secure using AI. However that is still needed to be tested and implemented fully. Only partial testing was done in past. Very confident that will work. That patent can be really helpful if acquired at any stage.
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