In his monumental history Debt: The First 5,000 Years, the anthropologist David Graeber accused economists of inventing “imaginary villages” as the settings for their just-so stories about the ancient origins of financial exchange. Five thousand years later, it is hard not to apply the same phrase to the strange world of cryptocurrency, a skein of imaginary communities and exchanges that claimed to be reinventing trade and commerce from first principles even as, in reality, they reinvented forms of fraud and exploitation that are almost as old as money itself. Money, Groucho Marx supposedly observed, can’t buy happiness, but it does let you choose your own form of misery. And fake money? All
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