Like any radical, a true believer in crypto could argue that FTX is what happens when the revolutionary DeFi program is not fully implemented. But here again crypto bros are hoisted by their own trustless petard. The reality is that the 21st-century crypto industry – automated or not – must follow the same capitalist market physics that were endemic to 20th-century energy markets, or 19th-century London banks: ruthless competition winnows an industry down to a few key players and then, as Marx wrote in 1847, there comes a phase “when everybody is seized with a sort of craze for making profit without producing”.
Myself I’d analyse politics that way. Diversity advisors, they are “a sort of craze for making profit without producing” or not?