Essential reading for anyone playing—or thinking of playing—in the crypto sandbox.
A cautionary tale about the (frequent) pitfalls and (infrequent) profits in the cryptocurrency game.
Borrowing a page and title from Anthony Bourdain’s Kitchen Confidential, Austin-based “crypto insider” Eliason delivers the same sort of behind-closed-doors exposé of how things really work, in this case the shadowy world of cryptocurrency. He opens with a personal tale, chronicling how he watched aghast as the trading operation he’d put into place was hacked by a potential blackmailer. The hacker had something to work with, a nice pot of digital money that Eliason had assembled, and which represented early success: “A year earlier, I never could have dreamed of making this kind of money.” Blame it all on his desire to learn how to code and then realizing that other coders weren’t slogging at 9-to-5 jobs but instead gambling on crypto and making considerable, if often evanescent, fortunes. As Eliason and many other tech writers have shown, crypto is a gamble, one based on riding a boom until just before it busts and then selling while the selling is good. There’s plenty of potential left in crypto, argues the author, especially given the inherently liberating possibilities of blockchain technology. There’s also all the risk inherent in praying that the “greater fool theory” will hold long enough for the investor to make a few bucks—or a few million bucks—in the crypto marketplace. Eliason’s anecdotes are both entertaining and instructive, and unlike many books on Bitcoin et al., this one doesn’t require background in either computers or economics. More useful, and worth the price of admission, are his notes on the warning signs of disaster, one in particular being “when you think you’ve figured out the game and you’re about to get insanely rich.”
Essential reading for anyone playing—or thinking of playing—in the crypto sandbox.Pub Date: July 9, 2024
ISBN: 9780593714041
Page Count: 304
Publisher: Portfolio
Review Posted Online: June 14, 2024
Kirkus Reviews Issue: July 15, 2024
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.
It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.Pub Date: Nov. 12, 2019
ISBN: 978-1-61039-950-0
Page Count: 432
Publisher: PublicAffairs
Review Posted Online: Aug. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
SEEN & HEARD
Sure to generate debate, and of special interest to adherents of free market capitalism.
A book-length assertion that capitalism’s woes can be traced to government interventionism.
Sharma, an investments manager, financial journalist, and author of The 10 Rules of Successful Nations, The Rise and Fall of Nations, and other books, opens with the case of his native India. The author argues that it should be in a better position in the global marketplace, possessing an entrepreneurial culture and endless human capital. The culprit was “India’s lingering attachment to a state that overpromises and under-delivers,” one that privileged social welfare over infrastructure development. Much the same is true in the U.S., where today “President Joe Biden is promising to fix the crises of capitalism by enlarging a government that never shrank.” Refreshingly, Sharma places just as much blame on Ronald Reagan for the swollen state that introduced distortions into the market. Moreover, “flaws that economists blame on ‘market failures,’ including wealth inequality and inordinate corporate power, often flow more from government excesses.” One distortion is the government’s bloated debt, as it continues to fund itself by borrowing in order to pay for “the perennial deficit.” As any household budget manager would tell you, debt is ultimately unsustainable. Wealth concentration is another outcome of government tinkering that has, whether by design or not, concentrated wealth into the hands of a very small number of people, “a critical symptom of capitalism gone wrong, both inefficient and grossly unfair.” Perhaps surprisingly, Sharma notes that in quasi-socialist economies such as the Scandinavian nations, such interventions are fewer and shallower, while autocratic command economies are doomed to fail. “[T]oday every large developed country is a full-fledged democracy,” he writes, and the more freedom the better—but that freedom, he argues, is undermined by the U.S. government, which has accrued “the widest budget deficit in the developed world.”
Sure to generate debate, and of special interest to adherents of free market capitalism.Pub Date: June 11, 2024
ISBN: 9781668008263
Page Count: 384
Publisher: Simon & Schuster
Review Posted Online: March 22, 2024
Kirkus Reviews Issue: April 15, 2024
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