Upside of the blockchain bust

As crypto madness fades, its prophets will be forced to do more productive work

CRYPTOCURRENCIES promised a revolution. According to their many libertarian supporters, the creation of these currencies by blockchain technology would end the tyranny of the state in monetary affairs. In future, as computers and mobile phones became barely distinguishable, people would be able to make all their payments over these personal devices. They would give instructions that amounts of the various tokens — bitcoin, ethereum, tether, polkadot, troin or whatever — be transferred between different accounts in blockchain records. The transfers would have just the same effect as those between bank accounts in the old days. Traditional currencies had been issued by central banks backed by government, with their validity in settlement enforced by legal tender laws. Also known as “fiat currencies” (said to be from the Latin fieri, meaning “coming…

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The Critic (Digital) - 1 Issue, February 2023

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