# Is Crypto a Scam? with Crypto Skeptic Patrick McKenzie

*Author: Ryan Sean Adams, David Hoffman*
*Published: Mar 21, 2024*
*Source: https://www.bankless.com/de/is-crypto-a-scam-patrick-mckenzie*

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Why do banks have holidays? Should we redesign the banking system? Is there a future for crypto?

Today we’re joined by Patrick McKenzie, an advisor at Stripe who writes about the modern financial system helps us answer these exact questions.

First, we talk about the inner workings of the existing banking system. Then we get into crypto, where Patrick shares his reasons for skepticism.

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## TIMESTAMPS
0:00 Intro

6:35 Patrick’s Background

9:48 Banking System Evolution

20:09 Banking Holidays

26:44 Financial System Redesign 

40:12 Transactional Freedom Trade-offs

1:03:39 Crypto Slogans

1:11:36 Crypto Predictions

1:21:42 Closing Thoughts

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## RESOURCES
Patrick McKenzie

https://twitter.com/patio11

Check Out Patrick’s Blog 

https://www.bitsaboutmoney.com/

Molly White Episode

https://www.youtube.com/watch?v=y9Itd3g23QI
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*This article is brought to you by [Bitget](https://www.bankless.com/de/sponsor/bitget-1769543635?ref=is-crypto-a-scam-patrick-mckenzie)*