This a work in progress attempting to answer seemingly simple and not very contradictory question. "Why can we not have ethics of blockchain applications?" We seem to have a burgeoning field of AI ethics, and even with a reasonable criticism against it, AI ethics does flourish both in industry and as research in academia. Contrast it with blockchain ethics which is hardly a mature subfield, but more of a painful (and emotional) topic. Are there good reasons to care about it? This is an empirical, philosophical, and normative question. And I argue that on all these accounts we have good reasons to care. First, I argue against radically skeptical position that blockchain ethics are impossible (even though it may seem like that). Then I explain how blockchain ethics is a distinctive area of enquiry that warrants distinctively different methodologies (so simply copying AI ethics not going to work). Finally, I identify key obstacles to blockchain ethics, namely: lack of consensus on conceptual frameworks, information asymmetries, and crowding out of morals.