CryptoCurrency is Creepy

“A cryptocurrency is an encrypted data string that denotes a unit of currency. It is monitored and organized by a peer-to-peer network called a blockchain, which also serves as a secure ledger of transactions, e.g., buying, selling, and transferring.”

There, I just presented the simplest definition of Cryptocurrency I could find. I hope it works for you. For me, it exposed more questions than understanding. Which is why we’ll spend some time on it.

You might say that I am a skeptic or even a conspirest and I won’t argue. In my defense however, if you have watched government in action over the past years, you may also be part of the club.

But why interject Cryptocurrency into a discussion of “To Save the Nation?” Here is why I think it is a worthy subtopic. Or rather, part of the problem to be made aware of.

I grew up extremely poor in my early years. Dad was gone by the time I was a towhead and, except for the token amount of money Mom received periodically from him, we lived on her $30 a week salary. What a kid learns growing up without a Dad at home to present a “Role Model”, is to be skeptical and cautious about nearly everything and everybody. Especially other people that you think are looking down on you. And so, what I learned, I earned at an early age from the blisters on my hands from pushing the lawnmower that I borrowed from Grandmother. It wasn't gas or electric, but I earned my spending money with it. Today we marvel when we find a kid who tries to work like a man. But, this is another story for another time.

As of right now, today, Cryptocurrency, (from now on it is CC

and even at that it seems crypto and currency should be two words), CC is more of a hedge against what might happen in the future that its currency value today. Let’s see if I can say that simpler. If you are worth several million dollars, putting one of them into CC would be a good idea. So far as the past has indicated, as an investment, like any other stocks in the DOW, it is continuing to drift up and making money for investors.

So, how is it bad? I didn’t say it is bad, what I said is, I am a skeptic and here is why we’re discussing it here. One day, as current trends suggest, CC will be the spending media of the US, whether we like it or not. Frankly I won’t like it, but yet, along with millions of others, I will learn how to cope with it and it will become as commonplace as paper money and bank checks are today. Ten countries have fully launched a digital currency, with China's pilots set to expand in 2023. Jamaica is the latest country to launch a CBDC, (Central Bank Digital Currency) the Jamaica (JAM-DEX) Nigeria, Africa's largest economy, launched its CBDC in October 2021. China and other countries are experimenting with CC as we speak.

Don’t be surprised if you wake up one morning and find not only is the US converting all currency to CC, but all of the known world currencies are also converting theirs to CC. Now, in theory, if all of the world were honest, benevolent and sweet hearted, this would be cool. No more travelers checks, no more changing dollars to the local foreign currency, and no more will the drug money collected in the US and sent back to the Mexican Cartel have to be converted to Pesos. And other things.

The “silver standard” lasted for centuries, and the U.S., China, India, and Great Britain are countries that had adopted it. The, Coinage Act of 1792 which created the U.S. Mint, first defined the dollar relative to silver, not gold. Later, it became Bimetal, silver or gold.

Under Pres. Roosevelt -June 5, 1933, the United States went off the gold standard.

Finally, on August 15, 1971, President Richard Nixon announced that the United States would no longer redeem currency for gold or any other precious metal, forming the final step in abandoning the gold and silver standards.

People always try and hoard precious metals when they feel insecure. Haven’t figured out yet how hoarding precious metal is going to put food on the table during hard times.

Look at your dollar bill – FEDERAL RESERVE NOTE – does that make your heart feel warm and secure.

“As the value goes up, heads start to swivel, and sceptics soften. Starting a new currency is easy. Anyone can do it. The trick is getting people to accept it because it is their use that gives the 'money' value.” — Adam B. Levine

We’ll discuss this complex, yet important subject, more later.

That’s My Opinion