Again, the obfuscation is extremely well done. "Digital Currencies" as distinct from digital payments, banking, transacting, etc. is a giant unnecessary distraction.

Most of all, it's a giant fraud in the sense that the one thing that really matters is the practicality of such a thing. First of all, the project of obfuscation posits the requirement for a base blockchain/cryptocurrency infrastructure. This would have to be integrated with all the various institutional technology, process and regulation that exists. But, most fantastical of this is the fact blockchains do not scale and they probably never will without further creating very significant technology cost and risk, if not at all.

Avalabs is the latest VC-insider-driven Ponzi scheme in the space. I know that many folks such as Patrick either do not read the actual technical details of these undertakings nor are they equipped to judge their practicality. So, in some sense, all the non-techies (most of all those making their livings off this narrative) can be forgiven.

But what is both fascinating and appalling is the large number of fully-equipped techies who are part of the space. To explain this, I use the case of the company Bloxroute and the co-founders. They are both PhD's in computer science and one is a professor of Computer Science at Northwestern U. I have interacted with Aleksandar Kuzmanovic about his technology and business model. What he created is indeed quite ingenious. But even more important, it was a hugely interesting problem he solved and a hugely lucrative one. The Chinese and other crypto-mining companies are now dependent on his technology and they are very generous about compensating him for his work.

The technology world and the participation by IEEE and ACM is mostly driven by trying to solve very challenging and interesting problems in the space. Many are also driven by the opportunity to profit in degrees and ways that don't exist or exist in way lesser degrees tackling other problems.

So, back to the main point. There are many insoluble problems in technology. Some of them will be advanced by discoveries that come along. Integrating and using blockchains and blockchain-like technology in the vast and complicated world of national and international monetary infrastructure is one that will never come about in any real or significant way. But that will not stop people trying (or claiming to have advanced the effort) when the rewards for trying are so attractive.

So Patrick will be able to write and rewrite this story over and over and, along with many others, enjoy a good living.