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.