Opinion

 When markets get scary, crypto proves its worthlessness

From practically the time bitcoin launched in early 2009, I have been wondering what the heck it is good for.

In the beginning, there were two basic theories: One said this first cryptocurrency was a refuge from government, and the other — possibly the one embraced by bitcoin’s creator — said it was an alternative to the corruption, instability and self-dealing in a financial system that had just finished wrecking itself, and everyone else along with it.