by Namit Arora
The cryptocurrency movement may be a mainstream media story but confusion about it is widespread. It evokes deeply polarized opinion, what with daily stories of scams, speculative booms, crypto billionaires, and government bans amid tall claims about how cryptocurrencies (and blockchain) are about to transform life and society as we know it. I call it a ‘movement’ because its acolytes imagine it as a totally disruptive force for economics, politics, governance, the Internet, and much more, even though there is little empirical evidence yet to ground that imagination.
The cryptocurrency (aka crypto) movement is exciting—full of brainy people, venture capital, heady innovation, and high hopes. It behooves us to more clearly understand the animating ideology of the crypto movement. Should it ever succeed, where might it fit into our political economy and what might be its effects on society? And finally, just how likely is it to succeed? Read more »