Since it seems for the moment that Netanyahu and Donald Trump have stepped back from their bombing entertainment in Iran and Lebanon, it might be a good time to turn to the war on crypto. Everyone knows crypto, that giant cesspool masquerading as an alternative currency or a great investment opportunity. 

As many of us have pointed out, the idea that Bitcoin would ever be an alternative currency was close to crazy. Given its wild fluctuations, we would constantly be seeing massive inflation or deflation if it were the standard currency rather than the dollar. For example, Bitcoin has fallen by more than 40 percent against its peak last fall, which implies we would have seen 40 percent inflation over the last six months if everything was priced in Bitcoin.

The one identifiable use for Bitcoin or other cryptocurrencies is as a way of making illegal payments. It turns out it is not as difficult to track as originally promised. The FBI and other law enforcement agencies have been able to trace Bitcoin payments and use the evidence in prosecutions and to reclaim funds. 

However, there is no dispute that it is more efficient than cash in making large illegal payments. Paying a $10 million ransom in hundred-dollar bills is somewhat awkward. One hundred thousand $100-dollar bills require lots of suitcases, whereas Bitcoin can do the deal with a single keystroke. But unless we have a big surge in high-dollar kidnappings, there does not look to be much of a use case for........

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