From Stone Ridge letter:

Between 1971 and 2009 – bookended by a US President de-pegging the dollar from gold and a UK Chancellor

on the brink of his second bailout for banks – more than 50 hyperinflations devastated the lives of billions of

people, none occurring in an economy with a commodity-based monetary standard. During that 38-year period,

determining who owned how much electronic fiat was technically easy with trusted, central bank ledgers.

Tragically, the history of fiat currencies was full of central bank breaches of that trust. A trustless, decentralized

ledger, powering trustless, decentralized money, had been impossible.