Having worked for a Famous Crypto Company - my code is still in their blockchain - I believe it's entirely a scam.

I mean, look at your article. You have the word "trust" in there. But what cryptocurrency says is that people would rather trust algorithms that they literally have zero understanding of rather than society, governments, and the court.

This is not trust - it's a breakdown in trust.

We've had crypto for ten years. And the killer application is clear - crime. Money laundering, tax evasion, buying or selling illegal things.

The speculation part is not an "application". People buy crypto only because they think they can sell it at a higher price to someone else later. What happens when they run out of "someone else"?

If I created my own currency, and wrote out bills in crayon, everyone would laugh. Drench it in mathematics (note: I have a degree in math) and suddenly everyone is all over it.

You're an economist. How would you value a Bitcoin in classical economics? The net present value of all its cash flows? But there aren't any. Its liquidation value? But there isn't any.

It's an intrinsically unstable system. One of two things will happen.

Either all the world's currencies will collapse, and a tiny number of people, nearly all white, male, right-wing libertarians, will own absolutely everything.

Anyone on a fixed income will have nothing. All bonds will be worthless, which means most pensions. Social security will also be worthless.

Or crypto will end up being valued classically as the net present value of its future cash flows...

I certainly know which one I'm rooting for. Certainly, once the climate catastrophe eats everyone's lunch, there just won't be the energy to sustain these silly coins.