The notion that cryptocurrencies would displace fiat in our lifetimes was always a red herring. This is the real impact they will have in the long run: the tec

The notion that cryptocurrencies would displace fiat in our lifetimes was always a red herring. This is the real impact they will have in the long run: the technology will greatly expand the set of people and organizations who can issue a currency. Fiat will have a lot of competition that it didn't have before. Competition is bad for incumbents, but good for the rest of us. So the libertarian dream will probably still be realized, just in a more measured manner than some frenzied speculators and early adopters would have you believe (which shouldn't come as a surprise at all).