🥜 What

The New York Times blames most of the ailments of our economy—slow GDP growth, low productivity, even declining childbirth—on the diversion of resources into cryptocurrencies.3 But crypto-innovation addresses the entrepreneurial doldrums signified by declining business starts and IPOs and the immense diversion of resources represented by the $5.1 t

bitcoin cannot fulfill its basic role as a currency. Its historical fate is to provide a haven from maniacal governments and central banks and a harbor for a great innovation, the blockchain.

Now, says Gün Sirer, Joe Public wants a piece of the action, and the tokens craze gives him a way in. Why is he demanding it? “Because the public currently has no good places to park its money. They need returns. The banks are giving them one, two percent at most.

Most important, the crypto movement led by bitcoin has reasserted the principle of scarcity, unveiling the fallacy of the prodigal free goods and free money of the Google era.

This bitcoin flaw represents a huge opportunity for other cryptocurrencies. But few of them to date—in the embryonic “stable coin” movement—reflect any notion of a currency as a measuring stick.