I’m still on vacation, hiking and biking in various parts of Europe. I’m keeping up with the news, more or less, but am only occasionally and unpredictably in a place and condition where I can actually write something and post it.

But this is one of those times, and I thought I’d post some thoughts in advance of stuff I’ll be doing after I get back. Specifically, in a couple of weeks I’m going to play Emmanuel Goldstein – the designated enemy – at a conference on blockchain and all that.

Hey, if you only speak to friendly audiences, you’re not challenging yourself enough. So I thought it might be worth explaining why I’m a cryptocurrency skeptic.

It comes down to two things: transaction costs and the absence of tethering. Let me explain.

If you look at the broad sweep of monetary history, there has been a clear direction of change over time: namely, one of reducing the frictions of doing business and the amount of real resources required to deal with those frictions. One month free, then 50% off. Read more from nytimes.com…

thumbnail courtesy of nytimes.com