Abstract

Cryptomarkets function as self-regulating forms of governance, close to what Hayek would describe as a spontaneous order. At the same time, in cases like the online market Silk Road, they construct an identity that portrays their illegal activities as operating within a framework of individual rights and voluntary transactions. As has already been examined in the wider literature, the political and economic philosophy of libertarianism has been mobilized by participants in such markets in order to provide a moral theoretical background to their activities. This article examines: (1) why libertarianism indeed provides a suitable narrative for such activities and how the theoretical work of Foucault on power and resistance (and, more specifically, his notion of ‘counter-conduct’) can help us understand the contentious relationship between the state and cryptomarkets; and (2) how libertarian practices such as the ones taking place in cryptomarkets are at odds with neoliberal governmentality.