For undergraduates the moral panic is about attrition, for postgrads it is credential inflation, with students supposedly gulled into doing masters to compete for jobs that only really require an UG degree. But a learned reader suggests moral panics generally focus on what did not happen in the past not will in the future – which is less coursework masters than single competency MOOCs and micromasters that can be bundled to create a professional skills base, with accreditable proof on a blockchain.