A lot of people thought that, at the dawn of the crypto era.

I think an effective way to fight capitalism would be to rethink the banking system. We need public banks which will invest in the productive sector like manufacturing instead of speculating. That's how banks used to operate actually. Well yes crypto definitely won't get us there right now.

> That's how banks used to operate actually.

I assume this is not easily generalized but I'm curious to know more about this, what the context is, what the historical turning points are.

Economist Michael Hudson has written about it, his point of comparison is usually the german banks of the 19th century which financed rapid development of their industry to US banks post 1970 which mostly speculated and invested in Finance and Real Estate (FIRE sector)

Thank you, he seems to have very distinct and interesting views!

Cryptocurrencies do have value as black market currencies but it doesn't justify the hype.

I would appreciate some clarification here.

First, capitalism doesn't necessarily require breaking the law, and capitalists use the banking system to a great extent.

Second, many cryptocurrency transactions are logged and more discoverable ("observed") than bank transfers.

How do you fight capitalism by avoiding wire transfers?