The Intellectual Incoherence of Cryptoassets

His point about vanity projects as the only payment solutions isn’t far off. A good read.

A national currency’s value is derived from the requirement to pay taxes in the currency, the monopoly on the government’s ability to issue the currency, and the recognition of the courts that it can be used to settle public and private debts with the law stepping in to settle disputes denominated in the currency.

This is the important worldview at the root of many crypto enthusiasts. Many people in the tech world believe taxation is unfair. And it is. But it probably benefits tech workers and elites more often than plebeians who aren’t buying cryptocurrency yet.