Facebook wants to be a nation-state

And that’s the rub. From the start, the goal of crypto was to eventually weaken the very idea of the nation-state by replacing one of its core functions: The minting and maintaining of currency. This was not a side-effect. It was the whole point. Crypto is, at heart, an anarchic project.

But independent crypto never really had much of a chance to accomplish that goal.

Crypto sponsored by a giant tech behemoth, on the other hand . . .

Well now we’re talking about something very different. Maybe.

I wonder: If the crypto project succeeds in weakening the power of the state only to transfer that power to enormous corporations, will the techno-anarchists who dreamt it up believe that they improved the world?