Ten years ago, the cryptocurrency bitcoin did not exist. Which makes it stunning that today, the value of a bitcoin now hovers around $10,000, or eight ounces of gold. While bitcoin may have momentarily entered into the price-mania of Dutch tulips or the late-1990s dot-com bubble, with values likely to retreat, cryptocurrencies are as here to stay as the Internet was in the late ’90s. Currencies like bitcoin demonstrate a fundamental transformation taking place in capitalism today: the nature of trust is changing. Many mistakenly cite dismal polling data to argue that trust is dead. But they’re wrong. Even if you have no idea what cryptocurrency is, you’re experiencing this new paradigm of trust when you get in a Lyft or Uber, or let a stranger into your house through Airnbnb or TaskRabbit. It is not news that trust in Wall Street and Washington has been on the decline for years. But the decline in trust tracked by social scientists and pollsters is not the decline of all forms of trust. Rather, we are witnessing the death of centralized forms of trust particular to the last century, specifically those built around the experts, processes and institutions that sought to verify identity, guarantee good character and provide the reliable information necessary to have a functional marketplace. But trust did not always rely on centralized verifiers. At the time of the American Revolution, trusting relationships were largely built around social status and reputation. Well-known agents and the intense consumption of news lubricated long-distance trade, but for the most part trusting relationships were localized and personal. Nineteenth-century globalization and state-building changed all this. In the United States, the influence of eastern commercial interests stretched across North America and eventually the Pacific. The British and French empires reached into new markets using new technologies. The populations of major cities exploded. It was during this period, sociologist Richard Sennett has noted, that the stranger was born: that particular creature of modernity whose appearance and conduct is not merely foreign, but also unknown, and impossible to place. Anxiety