By both. So much misallocation of capital. It may not be directly desired, but because of that one simple intervention… it’s my suspicion that it reinforces the existing power structures and prevents them from needing to compete against potentially superior alternatives.

Pulling down such vast resources from the future, extends existing giants reach and allows them to market their inferior products to a wider audience, grow their share of the pie and change consumer attitudes/behaviour. That in a hard money standard would be extremely difficult or at least significantly harder to accomplish.