An Introduction

• The book argues that overhyped technological solutions—especially in fintech and crypto—often distract from or worsen real societal problems, and that genuine progress requires slow, democratic efforts.
• "Actually improving people’s financial wellbeing...will require us to pursue real, slow, piecemeal, democratic solutions."

Chapter 1: Promises, Promises

• Silicon Valley elites now chase technological fads with little regard for real-world usefulness, in contrast to the clear value seen in the early internet era.
• "Members of the Silicon Valley elite...can seem like junkies chasing the dragon of another tech revolution high, pushing any new fad they happen upon, actual use cases be damned."

Chapter 2: "Democratizing Finance"

• The private sector is unlikely to fix deep economic inequalities, and many fintechs exploit "democratization" claims for profit and regulatory breaks, while regulators are unfairly labeled as anti-innovation.
• "We are kidding ourselves if we expect the private sector to solve the long-standing and structural problem of economic precarity..."

Chapter 3: Banking the Unbanked*

• Stablecoins are mainly used for speculation, not payments, and their supposed stability depends on the traditional financial system; their spread could threaten the system itself.
• "WHY ARE WE EVEN DOING THIS???"

Chapter 4: There’s a Blockchain for That

• Silicon Valley presents technological solutions as neutral goods, but blockchain exemplifies techno-solutionism’s emptiness: it rarely solves real problems and often just enriches insiders.
• "A blockchain is a clunky type of database...it promises to do everything but really isn’t very good at doing much of anything..."