When Crypto-Exchanges Go Broke, You’ll Lose It All

The fatal flaw in the ‘neither fish nor fowl’ gambit

A run on the bank as panicked savers demand their cash — Universal History Archive via Getty Images

If you’ve spent much time around cryptocurrency people, you’ve probably heard a rant or two about “sound money” and the need to “depoliticize money.” This is a foundation of blockchainism: the belief that money is born separate from states, and states invade on the private realm when they…