For the benefit of people who come to the comments first: If you want a comprehensive debunking or substantiation of the claims about crypto debanking, then this is not the place to go.
If you want to read 23,000 words on banking regulation, its uses, abuses, the incentives faced by both the banks and their watchmen, and an explanation for how we ended up where we are, then go ahead and jump into it. Personally, I think the latter is far more useful than the former. I enjoyed it, at least.
Bear with me; the free market seems to think that history isn't a very useful area of study, and lots of people agree. At least some of this probably comes from bad experiences with history classes. I like to think of history instruction as having three levels. The lowest level - the one you'll hear people complaining the most about - is presenting history as a dry series of facts. At it's worst, the entire course can be reduced to a hashmap; event -> date. Rinse, repeat.
The second layer presents history as a narrative. Most people like stories, so this is much more compelling, and makes it a lot easier to enjoy history. But the highest level of teaching is about systems. It's not enough to colorfully explain that King so-and-so was furious at the offense given by King the-other-one. You have to try to make students understand the world that these two kings existed in; how things as small as calling 9th-century European polities "countries" can disastrously mis-callibrate our models. Once you understand the system that someone is working in, you can hope to understand them, and why they do the things they do. Once you have that, you can hope to pass reasonable judgement on their actions.
This article is all about systems and tradeoffs. It is aspiring to that third level. The title is arguably a little bit misleading, but I think it accomplishes it's goal, and personally, I feel like I've come away with a reasonable overall understanding of his thesis, and I think it matches the title.
I think it's one of his better pieces and in some way a culmination of a lot of things he's been writing about; I think he's counting on people to actually read his previous posts about why e.g. business bank accounts are functionally credit products, not the financial equivalent of water and electric service, and it really helps if you understand some of those details.
If you want to read 23,000 words on banking regulation, its uses, abuses, the incentives faced by both the banks and their watchmen, and an explanation for how we ended up where we are, then go ahead and jump into it. Personally, I think the latter is far more useful than the former. I enjoyed it, at least.
Bear with me; the free market seems to think that history isn't a very useful area of study, and lots of people agree. At least some of this probably comes from bad experiences with history classes. I like to think of history instruction as having three levels. The lowest level - the one you'll hear people complaining the most about - is presenting history as a dry series of facts. At it's worst, the entire course can be reduced to a hashmap; event -> date. Rinse, repeat.
The second layer presents history as a narrative. Most people like stories, so this is much more compelling, and makes it a lot easier to enjoy history. But the highest level of teaching is about systems. It's not enough to colorfully explain that King so-and-so was furious at the offense given by King the-other-one. You have to try to make students understand the world that these two kings existed in; how things as small as calling 9th-century European polities "countries" can disastrously mis-callibrate our models. Once you understand the system that someone is working in, you can hope to understand them, and why they do the things they do. Once you have that, you can hope to pass reasonable judgement on their actions.
This article is all about systems and tradeoffs. It is aspiring to that third level. The title is arguably a little bit misleading, but I think it accomplishes it's goal, and personally, I feel like I've come away with a reasonable overall understanding of his thesis, and I think it matches the title.