The crash of 2022 laid bare how far the cryptocurrency industry strayed from its early ideals, becoming as opaque as the system it challenged, and this year’s banking panics have underscored its reliance on that system. On the eve of CoinDesk’s tenth anniversary, it's an appropriate moment to take stock of how the industry lost its way, and whether and how it can still deliver on its original promises of greater transparency and resilience. After all, bank runs and runaway inflation merely highlight the need to rethink the legacy paradigm.
