

I skipped the paywall by opening the page in my browser’s article mode. Strips out most CSS and JS popups.
I have a hard time believing every claim in this piece, since the prof makes a claim that the US economy is a ponzi scheme. I think that words matter, and “ponzi scheme” is a very specific thing, which I do no believe accurately describes banking or wall street. I notice that grifters and crypto-bros are quick to describe the traditional economy as a ponzi in order to make their own scam look better in comparison. Example.
That’s not to say that the capitalist economic system is fair, good for the world, or sustainable. Whether this is a mistake or an intentional mischaracterization, it makes me question the conclusions drawn.






Not the person you’re talking to, but it seems like a stretch that some little nightclub will want to build and maintain their own smart contract infrastructure. It’s not just issuing the tickets, it’s also building and distributing the tools to quickly validate the hundreds/thousands of attendees every night.
For example, it’s not enough just to validate that everyone at the gate has an NFT. I could enter the venue with a valid token, and then transfer it to my friend still outside once I’m through the door. So now the bouncer needs to track what tickets have already been scanned, and you probably want it to update off-chain (faster and no gas fees).
Not that I can pretend to know what already goes in to a venue supporting TicketMaster, but I figure there’s got to be a reason why these middlemen were wanted in the first place. That reason is probably about venues wanting to do music and not tech support.