The Downside of Programmable Money

The Downside of Programmable Money
If smart contracts, the self-executing financial agreements that have drawn hundreds of billions of dollars in investment to blockchain networks, seem magical, then maybe it’s time to rewatch “The Sorcerer’s Apprentice.”In the iconic segment of Disney’s 1940 animated film “Fantasia,” Mickey Mouse plays the titular character who learns a hard lesson about the dangers of automation. To avoid the drudgery of carrying buckets of water down castle stairs to fill a cauldron, Mickey dons his master’s magic hat and animates a broom to do his chore for him. The rodent dozes off, then awakens to find the anthropomorphic broom has…