The Crypto Industry Got Everything It Wanted, and Now It's in Crisis

Life has never been better for the cryptocurrency industry. In its 16 short years of existence, the sector's eclipsed $3 trillion in value, wormed its way into state and federal legislation, and courted the favor of the president of the world's dominant economy. It's everything a tech grifter could want, and more. So how are crypto bros using their newfound power? Mostly to complain, it turns out. Like the MAGA pundits who still can't get over Michelle Obama, the crypto industry is full of dogs who have finally caught their car. And similar to Trump's broad-tent coalition of techno-libertarians and ultra-nationalists, the crypto industry is a fractured mess of competing interests and petty infighting. There are the ever-present grifters and speculators who see crypto only as a get-rich-quick scheme. They often butt heads with the cryptolibertarians, the true believers who hope the blockchain will usher in a golden age of capitalism. Then there are the "techtrepeneurs" — the institu ... Read full article.