I screenshot this chart yesterday afternoon:
I could be wrong, but I get the feeling that people are rumbling the fact that Bitcoin is a crock of what might, most politely, be called shit.
My worry is that real people might be hurt as a result, but the sooner the crypto era is over, the better it will be for our economies. Might we then, at long last, realise that financial engineering is a worthless activity solely designed to extort money from the gullible and innocent? I hope so.
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Why has cryptocurrency ever been allowed to exist ?
When I had chickens their shit grew some rather good vegetables, I’m not sure if Bob Flowerdew recommends using Bitcoin in the garden…………
Bob Flowerdew.
A real gardener.
Your politeness is to be commended.
🙂
I share your concern about how ‘crapto’ will cross over from the virtual world into the real; how the rich who have had their fingers burnt will come, cap in hand (cap from Harrods BTW) and ask government to bail them out. Then – cue austerity, more of.
That is my fear
Yes, real people will get hurt.
Sadly, our regulators have not really had any idea about what to do. They don’t really understand Crypto and, for fear of appearing ignorant, have made noises that have tolerated (or even encouraged) its existence. This might have left the impression with some folk that there is “official support” for these instruments and encouraged their participation.
The correct approach should have been… and still should be is a clear warning that this market has no official approval and that losses incurred (whether fraud, market collapse etc.) will not be compensated in any way. Indeed, it is not too late to make this point (again).
Banning crypto? In a world that prizes individual freedom and where technology allows “bans” to be side-stepped this is probably impossible…. so a clear “Caveat Emptor” repeated again and again is the best we can manage.
I am much inclined to agree.
If it can not be banned, then we should outlaw its use in any government contracts or public service as well as ending any political donations in crypto. However I would much rather find a way to make it completely unusable.
Any suggestions?
Yes
I call cryptocurrency curropto-currency.
Lets say it’s an accuracy amendment
🙂
I believe it would help if, as a start, we could stop crypto being called currency, something it was intended to be on inception, but never really was IRL.