I have written a few posts quoting JK Galbraith’s famous quotes on Men of Money.
With the ongoing saga of Paytm Payments Bank, one can’t help but requote the golden words:
“ Men possessed of money, like men earlier favored by noble birth and great title, have infallibly imagined that the awe and admiration that money inspires were really owing to their own wisdom or personality. The contrast between their view of themselves, as so enhanced, and the frequently ridiculous or depraved reality has ever been a source of wonder and rich amusement. Similarly there has always been pleasure of a low sort in the speed with which the awe and admiration evaporate when something happens to the individual’s money.
Money bemuses in another way. Recurrently over the centuries menhave supposed that they have mastered the secret of its infinite amplification. And as reliably as they have persuaded themselves of this, they have also persuaded others. Invariably it involves the rediscovery, perhaps in slightly novel form, of some infinitely ancient fraud.
You replace money with digital money and the story is pretty much the same.
Mostly Economics 
