As the phenomenon which is Bitcoin continues its transition from the geek press, past the financial columns and onto the front-pages of the newspapers, a little sober reflection may be in order. Are its proponents’ claims justified when they tell us that, far from being yet another instance of the Madness of Crowds, it will soon replace all our existing monies and supplant our present ways of doing business? And, if they are right, will that redound either to their benefit or to ours, or to a different set of actors entirely?

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