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August 1, 2023,
For many, it is as confusing today as it was when it was introduced to the masses years ago.
It was supposed to be the next big thing.
Eliminate the Middle Man (the banks and governments).
That all sounds well and good, and though banks can charge excessive fees, they do have a way of protecting our money in myriads of ways that we can’t. And, in a high inflationary period, the interest rates they pay, with returns guaranteed, can be very attractive.
So, question to you.
How do you feel about cryptocurrency?
A cryptocurrency, is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
It is a decentralized system for verifying that the parties to a transaction have the money they claim to have, eliminating the need for traditional intermediaries, such as banks, when funds are being transferred between two entities.
We’ve heard and read that before, and we still don’t like it.
Who is the other verifying party? What country are they in? How many people have they robbed in the last week?
Look, if we haven’t had lunch or dinner with them recently, we don’t trust them any further than we can pick up cyber space and launch it towards the moon.
Okay, we will try and be a little more positive (cough, cough). Cryptocurrency?
You’ve got some explaining to do. Keep going.
Individual coin ownership records are stored in a digital ledger, which is a computerized database using strong cryptography to secure transaction records, control the creation of additional coins, and verify the transfer of coin ownership.
Now, here, who is “they”? Who does the verifying?
Sorry for interrupting.
Despite their name, cryptocurrencies are not considered to be currencies in the traditional sense, and while varying treatments have been applied to them, including classification as commodities, securities, and currencies, cryptocurrencies are generally viewed as a distinct asset class in practice.
And, before you give up on them, on July 6, 2023, look what Forbes Magazine had to say about them, “After a robust start of the year 2023 ,the cryptocurrency market is now witnessing an upside momentum on the back of global macroeconomic situations and cooling inflation data. The global crypto market capitalization is trading at $1.19 trillion, ascending due to high trading volumes.”
That sounds sensational.
What we sense, without sarcasm is, you have to do your homework and be committed to researching this still new frontier, and you could possibly do well cashing in on it.
On July 11, 2023, the team at investors.com add, “On Monday, London-based Standard Chartered raised its bitcoin forecast to reach $50,000 this year and expects it to bolt to a new all-time high of $120,000 by the end of 2024, Reuters reported.”
That sounds very optimistic.
Just as we are ready to allow cryptocurrency a measure of credibility, we turn to film and see a documentary like this one.
From Netflix.
Trust No One: The Hunt for the Crypto King is a Netflix original documentary film directed by Luke Sewell.
Its story follows a group of cryptocurrency investors who investigate the untimely death of their exchange’s founder, Gerry Cotten as well as the $250 million that they suspect he stole from them.
Between March 27, 2022 to April 3, 2022, the film saw over 12 million viewing hours on Netflix globally.
There you have. People are extremely interested in the subject.
One online reviewer stated, “My father began using bitcoin and crypto currency during lockdown. He was on it constantly until early hours of every morning. Earning more and more. He told his children he was doing it to increase our inheritance.
Unfortunately my dad was diagnosed with cancer and he was in a lot of pain. There were people from all over the world that were “his friends, business partners” in contact with my dad telling him to buy certain stocks and he eventually told them he was sick but was completely curable.
Unfortunately, due to post op complications, he died. When we had to go and sort all of his financial situations out, we saw he had put in over $100,000 into this and from his emails, he was trying to withdraw it before his operation, however it clearly seemed impossible. Through his emails, you could see he was panicking and was completely desperate as he couldn’t withdraw anything therefore he lost everything. None of us know how any of this works, and the title to this documentary is 100% accurate. Trust NO ONE.”
We greatly sympathize with their real life situation.
One of the many issues for us is the very one that cryptocurrency cheerleaders praise. There is no middle man. That is all well and good except it is the middle man (banks, governments) that help regulate people’s behavior.
When have you ever seen an unregulated industry where people police themselves?
Time to walk over to the bookstore.
The Book of Crypto: The Complete Guide to Understanding Bitcoin, Cryptocurrencies and Digital Assets 1st ed. 2022 Edition
By Henri Arslanian (Author)
“This book provides a thorough overview of Bitcoin, cryptocurrencies, and digital assets and their impact on the future of money and finance. It provides a 360-degree practical, concise, and engaging overview of all the topics that one interested about digital assets needs to know including how Bitcoin and Ethereum work, an overview of the most important digital assets in the market, and deep dives into the various types of digital assets including cryptocurrencies, stable coins, CBDCs, utility tokens, security tokens, NFTs, and many others. The book also covers all the essentials including DeFi, crypto mining, crypto regulations, crypto investors, crypto exchanges, and other ecosystem players as well as some of the latest global crypto trends from Web 3.0 and the Metaverse to DAOs and quantum computing.
Written by a leading industry expert and thought leader who advises some of the leading organisations in the digital assets space globally, this book is ideal for anyone looking to acquire a solid foundational knowledge base of this fast-growing field and understand its potential impact on the future of money.”
After looking at this book, crypto appears even more complicated than we thought. We have looked at several books and after reading their cover, we are still confused.
We won’t say this is our final thought.
So, we will say, it is our current thought.
For us, the jury is still out on crypto. It is still too hard to understand and yet we sense there are some who are doing well, investing in crypto. At present?
We will keep watching.
From a safe distance.
For us, the operative word in crypto is crypt.
~ ~ ~
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https://en.wikipedia.org/wiki/Cryptocurrency
https://www.forbes.com/advisor/in/investing/cryptocurrency/why-is-crypto-going-up/
https://www.investors.com/news/cryptocurrency-prices-news/
https://www.netflix.com/title/81349029
https://en.wikipedia.org/wiki/Trust_No_One:_The_Hunt_for_the_Crypto_King
https://www.fciwomenswrestling2.com
https://www.fcielitecompetitor.com/
https://fciwomenswrestling.com/
