A very good review, but I think you missed a crucial point about the crypto economy. To see that it does exist and actually works pretty well, we have to look how it changes the way we can look at money. For most of us, money is just a convenient alternative for barter, but a monetary system can also be looked at as a problem solving system. The thing is that with fiat money being so centralized and regulated, it was not worth while to look at it this way. In the cryptos reality, everything is moved by many small and cheap transactions ( by cheap I do not refer to the price of the coins but to the cost of setting up a transaction system, divided by the number of transactions ). In this situation, the potential of money as an optimization tool is unleashed. ICO’s are a good example. True. Most of them will not create any real value, but the cost of failure when money is recruited in an ICO, is much smaller than with a VC for example. This mean that more people, with a greater variety of initiatives are going to try, creating a better natural selection optimization process.