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The Lockean Project

Cryptocurrency has lots in common with ‘real’ money

“Cryptocurrency has lots in common with ‘real’ money”, Monterey Herald – Dec. 22, 2021

Cryptocurrency appears to be money based on nothing and backed by nothing. Apparently, you play a complicated computer game that requires a massive amount of power, and presto! You have bitcoin or whatever.

As such, cryptocurrency is an excellent parody of our “real” money. The government takes its own debt, which is a worthless liability, and magically turns it into new dollars. Our “money” is based on less than nothing and backed by nothing except the public’s confidence.

— Robert Hellam, Seaside