Is web3 a means to rebuild the global financial system?

Web3 is not a means to rebuild the global financial system.

Crypto assets do not have the capacity to function as money which serves as the foundation for a financial system. Without money which can mediate transactions, serve as a medium exchange, be used to denominate contracts and issue debt products in, all of modern finance could not exist.

Crypto has no theoretical basis as a foundation for a financial system because it is not fit for purpose and is not a currency.


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