A few brief remarks on the cryptocurrency fad – there’s nothing wrong with cryptocurrencies per se. But these two facets of some popular cryptocurrencies are a destructive force:
I’ve been opposed to Bitcoin from the start, because it burns real wealth (electricity, diversion of computer hardware from useful purposes) to create fake wealth (arbitrary strings of digits). Compare to gold where we are trading one form of wealth (labor, fuel) for another (gold, a useful product).
Such conclusion hinges on an objective theory of value; Austrian economists and other misguided souls don’t comprehend this per their subjective theory of value.
I’m also opposed to putting a currency outside the rule of law: transactions should be reversible when a due process of law dictates such. Reversibility is intrinsic to justice, a field concerned with “setting things right.” It is true that the our law is now perverted – ergo the juvenile nihilism of crypto enthusiasts, who think that the “solution” to a corrupt law is to have no law.
But the proper solution to a perverted form of law is to reform it. Instead, these misguided souls devote enormous energies to nihilism rather than to education and reforms.
The juveniles often say “OK Boomer. But I’m disgustingly rich and you’re not.” True enough, but exploiting the greater fool makes you a charlatan not a sage.