Opinion | The Crypto Collapse and the End of Magical Thinking - The New York Times - 0 views
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I have come to view cryptocurrencies not simply as exotic assets but as a manifestation of a magical thinking that had come to infect part of the generation who grew up in the aftermath of the Great Recession — and American capitalism, more broadly.
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magical thinking is the assumption that favored conditions will continue on forever without regard for history.
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It is the minimizing of constraints and trade-offs in favor of techno-utopianism and the exclusive emphasis on positive outcomes and novelty.
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