But regard to crypto coming out of thin air, which is great for us, we are always told the lesson if it is too good to be true, probably it is! How do you see this correlation?
We never dealt with "money" that wasnt debt. Since the introduction of fiat currency, we operated on a debt based monetary system. Thus, each unit of currency created was a debt unit that also had an interest component tied to it. Thus, it was negative gain situation since there was never enough money to pay back the debt plus the interest.
Growth is the important factor and that comes from confidence. When people invest and generate projects that move societies forward, that builds upon itself. However, when something stifles that, say government, and confidence is lost there, then the economic impact is felt.
Ultimately, even though it is discussed in the digital world, the reality is it was always the network effect. Those who trusted what was taking place would use it. When confidence was lost, very bad stuff like hyperinflation happened. Look at Venezuela and other countries where all confidence is lost (add in a few sanctions and it is a mess).
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