It looks like Bitcoin is really taking it on the chin. I know some of my readers are Bitcoin enthusiasts. I only hope they were able to turn their cryptocurrency into something real before the current crash. My concerns about cryptos are their limited ability to act like real money. They are not easily converted into goods and services. Cryptocurrency mining appears to be a waste of resources to me. I know others will disagree but that’s how I feel.
As far as I can see, there are two important things to come out of crypto development. The big one is blockchain security. They are also good for money laundering and other illegal money transfers.
Now let me dump on gold just a bit. Seems like a good day to gore sacred cows. Let’s go with one issue that’s currently happening. Russia has vast gold reserves. They can’t sell it outside of the country. It’s basically useless for International trade right now.
The obituary for the US dollar has been prematurely written over and over again. It’s still the International safe haven. Just about everything is done in dollars. There are exception but they don’t get a lot of taction in real world markets. So what is the US dollar really tied to? What supports it? Probably the most powerful military in the world.
As for myself, I think I’m invested in the potato and turnip exchange. At least you can eat them and that’s no small thing these days.
-Sixbears
Normally silver is my go to investment. However , the past few years have not been normal. PM's should be sky rocketing with the declines in stock exchanges. The dollar is being artificially propped up paper PM's . Their value is going down while premiums are going through the roof to buy physical metal of any kind. Blaming shortages in supply...just like everything else is inflating rapidly.
ReplyDeleteI'm with you , on any current investment. My bet is on food in general , and we're stocking up even more . Best way to make money these daze
Just ordered some 25 year storage food as the price has come down a bit from its peak.
DeleteYup, if its food, potable water or toilet paper, it will be needed regardless of where the economy goes. And if required, will be valuable barter item.
ReplyDeleteMaybe I'm just simple but I like real physical things I'm going to use.
DeleteThere is no meaningful difference between Bitcoin...or any cryptocurrency...and the Dollar other than the fact that the criminals printing dollars can take our wealth by force to cover the debts thet create using ink on paper. If you can't hold it in your hands and defend it it really isn't nyours.
ReplyDelete