Seriously, Lawyers, What Should We Do About Cryptocurrency?

- Seriously, Lawyers, What Should We Do About Cryptocurrency?

While blockchain becomes a bigger and bigger factor in the legal world, it’s time the profession considers just what to do with the technology’s first killer application: cryptocurrency.

Most of us don’t use Bitcoin or Ethereum and watch the reports of wild market fluctuations with more bemusement than alarm. And while watching stupid people lose money in a fake market may be fun, cryptocurrency isn’t an innocent trifle. Rural towns are being taken over by powerful interests hellbent on draining localities of every ounce of electricity and Iceland may run out of energy completely chasing cryptos. Surprisingly, when a bunch of paranoid libertarians get together to invent fake gold, they don’t care about the social or environmental impacts of what they’re doing.

It’s also a largely unregulated phenomenon that raises a bevy of legal questions. Not the least of which is the “P” question: are cryptos like Bitcoin a giant Ponzi scheme with the miners functioning as the operators?

Over at the Ponzi Scheme Blog, Kathy Bazoian Phelps prepared a quiz to find out what her readers think of cryptos and the regulatory options for the future. Since it intrigues me, we’re going to piggy-back on this quiz and see what you all think as well. Each question is linked below:

Take the quiz. I’ve put 50 JoeCoin on the outcome.


Joe Patrice is an editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Be Sociable, Share!

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Edward Lott, Ph.D., M.B.A. is president and managing partner of Allentown-based ForLawFirmsOnly Marketing, Inc., a local search and digital marketing agency that offers clients lead generation, local seo and Google Maps Domination. Ed has been a digital entrepreneur since 1994, having discovered very early the opportunities the Internet offered. After having spent over two decades helping attorneys grow their practice, Ed joined the staff of ForLawFirmsOnly Marketing as President and Managing Partner, where he is expanding the agency’s cutting-edge services to the legal market. A true marketing futurist, Ed's vast experience working directly with attorneys has given him a unique perspective on law firm marketing not found in many other digital marketing agencies. Ed has reshaped the offerings of ForLawFirmsOnly to focus on growing law firms through a holistic approach to digital marketing evident in the reformulated lead generation processes now in place. Want to learn more about ForLawFirmsOnly Marketing, their lead generation programs, or just talk to Ed about his visions for helping law firms grow? Call him at 855-943-8736.

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