If you’re like me, this whole crypto craze is somewhat mystifying. And I really don’t understand the necessity for it. Paul Krugman at his Substack has the answer: crime. The tech bros who helped put Trump back in power expect many favors in return; one of the more interesting is their demand that the government intervene to guarantee crypto players the right to a checking account, stopping the “debanking” they claim has hit many of their friends. He goes on to point out that this is actually the opposite of what the whole Bitcoin revolution was supposed to do which was eliminate the need for banks: What’s going on here? Elon Musk, Marc Andreesen and others claim that there’s a deep state conspiracy to undermine crypto, because of course they do. But the real reason banks don’t want to be financially connected to crypto is that they believe, with good reason, that to the extent that cryptocurrencies are used for anything besides speculation, much of that activity is criminal — and they don’t want to be accused of acting as accessories. He goes into the fundamentals of crypto and discusses the only positive aspect of it which is that it may end up being the digital equivalent of gold which underlies the value of money in a purely symbolic way. But who needs it? What’s not working with the current system? Obviously speculators are just seeing the possibility of a big windfall hopefully before the whole thing crashes in which…