Patri Friedman

21/ A few hundred bankers working for governments and the largest private institutions get to define what sound money is.

22/ Though certain institutions might try to stop this, in the same way the Catholic Church tried to stop Protestant sects from splitting off, the asymmetry of the defender’s advantage makes extremely expensive to do so.

23/ In the same way having a large selectorate in a democracy forces presidents to behave better to retain power and having a larger electorate in Christianity forced the Catholic Church to behave better...

24/ having a large selectorate in the realm of money would force better behavior on bankers.

25/ In 2008, the world realized the cost of bankers behaving badly was higher than anyone imagined.

26/ A small selectorate of bankers nearly brought the global economy to its knees.

One issue was an illegible financial system due to remixing mortgages via tranches, swaps, derivatives. Such remixing becomes much easier with digital assets, hence it seems naive to expect less money crises.

Agreed. My hope would be that we will see more crises but with a smaller net impact. Danger now is that the impact scales asymmetrically with the size like natural disasters. 100 category 3 hurricanes does less damage than a single category 5.