Scott Alexander argues for a nuanced view of cryptocurrency, highlighting its legitimate uses and potential benefits despite common criticisms.
Longer summary
Scott Alexander explains why he is 'less than infinitely hostile' to cryptocurrency, despite widespread criticism. He argues that crypto has clear use cases in countries with weak banking systems, that major crypto projects are rarely outright scams, and that crypto provides valuable insurance against authoritarianism by enabling financial transactions when governments try to restrict them. Scott also contends that while the crypto financial system may be inferior to traditional finance in many ways, its decentralized nature gives it unique advantages. He concludes by suggesting that crypto's potential utility shouldn't be dismissed, even if one doesn't personally need it.
Shorter summary