Tby Today

The meteoric rise of cryptocurrencies is raising interest, scrutiny, and questions about the role of money in civilization, all in equal measure. Meanwhile, initial coin offerings—crowdfunding via cryptos—are outpacing equity funding, blockchain is changing the way business is done, and regulators are reversing the way their national economies approach digital currencies. This week, we take a step back to discuss how it all works and what it all means. Plus, hard forks, USD50 million pizzas, and the consolidated autocracy of the digital-ledger age.