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It shouldn't surprise us that a new wildcat money sector, flogging "decentralized" cryptocurrencies (that they are nevertheless weirdly anxious to swap for your gross, boring old "fiat" money) has created a series of massive booms and busts, with insiders getting richer and richer, and retail investors losing everything.

If there was ever any doubt about whether wildcat currencies could be made safe by putting them on a blockchain, it is gone.

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