I already knew a lot of criticisms about cryptocurrency and NFTs but HOLY SHIT Dan Olson just spent two hours very carefully and viciously picking apart every single aspect of the entire operation and explaining exactly why it's capitalism at its worst and is basically a perfect scam machine
there's so much here that it's hard to do a tl;dr, and frankly you really need to watch the whole thing to see how each point is made, but I will try to summarize the main points:
contrary to the stated goal of freeing the little guy from the clutches of wall street fat cats, everything about crypto benefits people who already have a shitload of money.
it does not solve any problems inherent to capitalism. it is anarcho-capitalism in its purest form.
it's very good at attracting people susceptible to scams and then keeping them engaged through groupthink, making it very easy to make shitloads of money scamming people and making it impossible to return the money without undoing the chain itself.
the rise of the Web 3.0, which is indelibly intertwined with crypto and the blockchain, has dire implications for privacy. (ex: a public, unchangeable ledger also means that someone can write your home address and phone number into that ledger and you'll be unable to remove it)
it also has dire implications for the general population as everything becomes monetized and available for speculators to gamble on.
