Naked Capitalism has the article Cryptocurrencies: Financial (In)stability and (Un)fairness.
While I think that cryptocurrencies do not make much sense and are destined to end up worthless, (Danielsson 2018a, 2018b), suppose I am wrong. The success of privately issued cryptocurrencies like Bitcoin would come at a considerable cost. It would increase financial instability and wealth inequality, while bringing no discernible benefits.
This article gives some reasons to my own feelings that cryptocurrencies don’t make much sense. I suppose it would present a political/social/economic problem if government were to completely privatize the creation of base money, crypto or not.