Is Crypto a Scam? with Crypto Skeptic Patrick McKenzie

✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-patrick-mckenzie

------ Why do banks have holidays? Should we redesign the banking system? Is there a future for crypto?

Today we’re joined by Patrick McKenzie, an advisor at Stripe who writes about the modern financial system helps us answer these exact questions.

First, we talk about the inner workings of the existing banking system. Then we get into crypto, where Patrick shares his reasons for skepticism.

------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium 

------ BANKLESS SPONSOR TOOLS:

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2    ⁠  

💸 CRYPTO TAX CALCULATOR | USE CODE BANK30 https://bankless.cc/CTC  

🦄 UNISWAP | SWAP SMARTER https://bankless.cc/uniswap 

🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 

🔗CELO | CEL2 COMING SOON https://bankless.cc/Celo   

🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/toku   

------ TIMESTAMPS

0:00 Intro 6:35 Patrick’s Background 9:48 Banking System Evolution 20:09 Banking Holidays 26:44 Financial System Redesign  40:12 Transactional Freedom Trade-offs 1:03:39 Crypto Slogans 1:11:36 Crypto Predictions 1:21:42 Closing Thoughts

------ RESOURCES

Patrick McKenzie https://twitter.com/patio11 

Check Out Patrick’s Blog  https://www.bitsaboutmoney.com/ 

Molly White Episode https://www.youtube.com/watch?v=y9Itd3g23QI 

------ Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets.

See our investment disclosures here: https://www.bankless.com/disclosures