Why Cryptocurrency Is A Giant Fraud

Acompany called Coinbase has gone public, and Wall Street seems excited. Coinbase is a cryptocurrency exchange—it allows you to buy, store, and trade cryptocurrencies, which are invented kinds of alternative moneys. The most well-known of these are Bitcoin and Ethereum, but there are 4,000 different kinds of these invented new forms of money. (If you’d like to start your own currency, you can.)

Coinbase’s debut on the stock market has been called “the crypto event of the year,” “the coming-out party for crypto,” and it went well. CNN reports...