How Not to Play the Game

Over the last few years crypto built a toy financial system. That was an accomplishment, both in a technical sense (crypto found smart ways to do financial trading) and a social one (crypto attracted a lot of smart finance people). It is an accomplishment that I personally appreciate, since I love a clever financial system. But it is in important ways a bad place to start. A cleverly designed exchange for trading magic beans will never get around the basic problem that the magic beans don’t work, and people might stop believing in them. If crypto is going to work in the long run, it will need to prove its real usefulness outside of finance. Finding new ways to trade the tokens is fun, but it is not enough; the tokens have to mean something, too.

Source: How Not to Play the Game