A nightmare of capitalism, that is, not a nightmare for capitalism.

Let me explain.

Throughout its history, Bitcoin has been lauded as a currency that can set us free. It seems as if every other week, someone discovers bitcoin’s decentralized nature, and concludes that this makes it the most democratic currency possible. Here’s one very recent such story.

It’s not that these views are completely wrong. On the surface, they’re quite correct. But they miss the deeper workings of the cryptocurrency, and thereby become inadvertently – and somewhat insidiously – misleading.

Bitcoin Recap

Bitcoin are mined, and bitcoin is a distributed ledger, called blockchain. …