The only currency worse than bitcoin is Venezuela’s

If nothing else, bitcoin was supposed to protect people from governments that were destroying their own currencies — governments such as Venezuela’s, where inflation is said to be somewhere around 49,000 percent right now.

Lately though, bitcoin hasn’t fulfilled that mission. Not unless you think being down 81.6 percent, as bitcoin has been down since last December, counts as “protecting” you from the 99.6 percent losses you would have taken on your Venezuelan bolivar during that time. Which, if you do think that way, tells you more about the soft bigotry of crypto expectations than it does anything else.

The fact is that bitcoin has been around for 10 years now, but we still haven’t found one use for it. At its most grandiose, it was supposed to replace the U.S. dollar as the way people did business around…