Cryptocurrencies reduce (but hardly eliminate) counterparty risk in exchange for an increase in systemic and personal risk. The dominant financial markets have

Cryptocurrencies reduce (but hardly eliminate) counterparty risk in exchange for an increase in systemic and personal risk. The dominant financial markets have exhibited a preference for reducing systemic risk over other forms of risk. I tend to think they have made the right trade-off. I have not seen a convincing argument for the alternative.