Crypto Currencies: The Internet of Money
My guess is that relying on cryptos alone is asking for trouble beyond any recognition (FUBAR).
Cryptos depend on an enormous world-wide infrastructure that will not be able to serve you if even one large (switch off, backbone problem, coronal mass ejection, etc.) or even a small problem (locally no electricity, no computer or connection not available, etc.) happens. Those reasons alone should be enough to think twice.
Other reasons may include energetic and ecological ones, the ‘oops, we’ve been hacked, your currency no longer exists in your reality’ and other, new problems that will come along with time.
People are silly animals. All so-called specialists would tell you ‘not to invest in physical silver’ because it’s soooooo volatile, but would advice to buy Bitcoins. Has anyone seen anything as volatile as Bitcoins, ever, except for Weimar Republic marks?
Of course it could have been a quick money maker if one bought BC in the first years, when the gains were higher than the risks, nowadays there are more reasons to be careful. But to replace all other forms is a big NO to me.
Big shots like grandpa Berkshire Hathaway suddenly starts putting his money into physical gold and silver, something he had always been against. Putin had the RF invest in precious metals for many years now. Guess who was the idiot? IMO grampa Buffett.
Some good systems will come along soon with better ledger systems that are way faster and will cost much less energy. To have these besides the traditional currencies and methods of payment may make transactions easier, more secure and less costly. That’s what I would like to see happen.
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