Every transformative technology passes through a chaotic early stage. In the beginning, creativity runs ahead of discipline, incentives are poorly aligned, and experimentation outpaces institutions’ ability to adapt. Excess is almost inevitable. The Internet experienced this in 1999-2000 during its eponymous crash. Railroads did in the nineteenth century. Electricity did in the early twentieth century. Crypto has been going through its own version of that phase for the past decade. Since arou...

Every transformative technology passes through a chaotic early stage. In the beginning, creativity runs ahead of discipline, incentives are poorly aligned, and experimentation outpaces institutions’ ability to adapt. Excess is almost inevitable. The Internet experienced this in 1999-2000 during its eponymous crash. Railroads did in the nineteenth century. Electricity did in the early twentieth century. Crypto has been going through its own version of that phase for the past decade. Since arou...