Even the ideologues are jumping off the crypto ship now? The author admits that he couldn’t find any worthwhile products or use cases in crypto, but continues

Even the ideologues are jumping off the crypto ship now? The author admits that he couldn’t find any worthwhile products or use cases in crypto, but continues to believe in it because he’s a “fan of Hayek and Von Mises” and the “ideas we read in The Sovereign Individual [..] are worth fighting for.” It’s no different from 1970s intellectuals who felt that, sure, the Soviet Union had some problems, but it would eventually work out because “I’m a fan of Marx” and “the ideas in the Communist Manifesto are worth fighting for.” Cryptocurrencies are only tertiarily a technology project. The essence is the combination of entirely theoretical ideology and confidence tricks. And that’s what makes crypto so similar to a Scientology-style cult.