State should back away from crypto
June 2, 2022
Given Sen. Cynthia Lummis’ mentioning Bitcoin during her ill-advised graduation address at the University of Wyoming a few weeks ago, it seems fitting to discuss how bad cryptocurrency is as a followup.
Cryptocurrency isn’t what its backers claim it is. If anything, cryptocurrencies are products designed to consolidate wealth for early holders and mirror schemes involving pyramids. They have no value in and of themselves either. The only value they generate is through how much money is fed into a currency’s ecosystem by people buying into it. As people buy, the value increases, but on...