The notion that people gravitate to metal vs "fractional sheep" is without historical evidence. People in fact, a long time ago, did trade things like IOUs or pieces of broken reeds or sticks[2]. Those sticks acted like IOUs and were often traded around far past the original parties to the contract.
Money is a contract between you, your peer/counterparty, and whatever organization you "trust" to mediate if someone really isn't happy with the outcome of a situation.
Money is, indeed, culture.
[1] https://www.adamsmithworks.org/documents/chapter-iv-of-the-o... [2] https://en.wikipedia.org/wiki/Tally_stick
Crypto also has to tell a story about why it's valuable. There was a lot of anti government rhetoric and fear mongering (from libertarians) but the public never really believed the story was true. It was a lot of FOMO.
NFTs failed completely to sell their story but crypto is still hanging on among its supporters. AI is telling a similar story about the value of tokens which is being well received
... Then how do we, as a society, determine how much a dollar is worth?! We do use force to enforce the stories we tell about fiat. But 'believe this story about how much a dollar will buy you and how much you owe, or else we will send thugs to your house' isn't disproving the point at all.
Would one argue that an airplane is a _story_ ? If no one believed in the technology and lost faith in all pilots no one would fly. But that doesn't change the reality of the technology and competence of the pilots.
I get the sentiment, but I am not sure _story_ is the right word.
Currency OTOH is basically a (forgery-proof) piece of paper with a number written on it, or even just a number in a database on some (hopefully well-protected) server. So it can only be used to buy stuff as long as we all agree that it's worth something. Of course, it helps if a government and/or a central bank is behind it, but even without a functioning government, a currency can limp on for decades, such as in Somalia, where the last banknotes were printed in 1991, but people still used them as the lowest "rung" of a three-tier system consisting of the Somali shilling, the US dollar and mobile phone payments, until recently when businesses sort of agreed to not accept them anymore (https://www.theguardian.com/world/2026/may/11/poorest-somali...).
From what I last heard about crypto miners, the price of mining is not enough to justify price of rig + electricity, so they are quietly switching to AI.
Wonder how long the second scam will last.
You can sell inference, but it has to actually be real.
The public never believed it because it runs squarely into the basic fundamentals that underpin the global financial system.
The finance industry learned long ago that currencies have to be stable and predictable in order to be trusted, and therefore NOT financial instruments to speculate heavily on. There's been this reality distortion field that crypto can be both a currency and speculative asset, but that hasn't borne out. If your digital dollar can gain/lose 5% of its value in a day, how do you trust it to transact with?
Crypto has been speed-running into many lessons we learned decades ago from the "Free Banking" era before the Fed, back when states ran their own banks, currencies, etc. Government got involved in banking management as a way to improve the stability and security of the financial system since things like fraud were rampant.
It gets even easier once you toss in Visa, Mastercard, Discover, Amex, various debit card and regional networks, and ubiquitous banking services. Checks and online ACH payments are free or nearly free. Payment card platforms are cheap in consideration the value you get for them.
Meanwhile actually spending crypto is quite expensive - worse than Visa’s transaction fees, and far less consumer and merchant protections.
As a merchant I have zero desire to sell online to an anonymous buyer because the fraud risk is too high. I have to know whom I’m shipping to and how they’re paying for it.
Crypto doesn’t make that any better.
Neither does online ordering. Online orders have to have a degree of KYC.
In my view the actual issue has always been that cryptocurrency folks don't understand what purpose money serves, mostly because they're all basically gold bugs. To strain the "money is a technology" metaphor, this is a product-market-fit issue -- like trying to build a cloud orchestration framework that only works on DIY Belwulf clusters or a web framework that only looks nice on teletype.
You get in on the speculative promise of making yourself wealthy. It's sold to you by the people at the top, and the message is amplified by the grifters and the pick mes in their orbit.
It's never been a convenient exchange of money. If they'd focused on this, maybe the argument would have worked. Instead, it's wacky and has the worst UX of any banking apparatus in the world. Including giant US banks stuck in 2005. This sucks because this is literally the value being sold, and it doesn't deliver on it at all.
By the time quantum chips can attack crypto's underlying hardness (2029?), most of the coins won't have the engineering talent and support left to migrate to more secure cryptography. We'll start seeing shit coins popped left and right, which will cause mass panic. That will cause sell offs, even if the big name brands manage to secure themselves temporarily.
Quantum computers might harm BTC or some other chains if the devs can’t get their house in order soon enough, but there’s no reason to think it fundamentally alters whether cryptocurrency is mathematically viable
How are you going to mass migrate all of the cold, dark wallets?
It's not going to happen because it requires conscious, deliberate, careful migration on the part of the wallet owners. You won't even be able to contact or warn most of them, let alone get them to understand the process.
Probably half the value in Ethereum and Bitcoin will be popped this way.