Emily Stewart in Vox:
In recent weeks, I spoke with nearly two dozen people in, adjacent to, and critical of the crypto space about what they envision to be the purpose of crypto. What emerged was a picture that was simultaneously murky and clarifying, in that there’s not one good answer. Some of what it does is promising; a lot of what it does — even boosters admit — is trash, and trash that’s costing some people a lot of money. This probably isn’t the death knell for crypto — it’s gone through plenty of boom and bust cycles in the past. It would be unwise to definitively say that crypto has no chance of being a game changer; it would also be disingenuous to claim it is now.
Crypto is a solution in search of a problem, or rather, problems. And at the moment, it’s hard not to wonder whether it is, instead, creating more problems than it’s worth.