Ben McKenzie vs. crypto

Ben McKenzie argues that crypto fails as money because it undermines the fundamental role of trust, which is essential to any monetary system, and instead creates a 'trustless' construct that resembles anarchy or cult. He highlights that crypto's technology is outdated and inefficient, with Bitcoin processing only five to seven transactions per second compared to traditional systems handling thousands. The documentary also exposes how crypto is increasingly controlled by large corporations, undermining its decentralized ethos.

To understand why crypto, despite its compelling pitch, fails both technologically and philosophically as a replacement for money.

1. 01Money is a social construct based on trust, and crypto's claim of being 'trustless' contradicts its own function as a currency.
2. 02Crypto's underlying technology is slow and outdated, with Bitcoin handling only a fraction of transactions compared to existing financial systems.
3. 03Despite its anti-establishment image, crypto is dominated by large corporations, such as those mining Bitcoin and promoting political coins like Trump coin.