So, as a programmer, I’ve been following along about NFTs (of which crypto currency is one kind). And the best, most succinct advice I’ve seen runs something like this:
If you see a problem, and think, “Oh, I could solve this with block-chain” then your SECOND thought should be to “RUN AWAY AS FAST AS YOU CAN!”
Just as much as paper money has no actual value except in the trust we have that people will exchange it for goods and services, crypto has no actual value either. And the trust that people will honor it is… propped up by ONE government (so far, I admit) that has fiscal problems in abundance. In some ways worse: The various forms of crypto “mining” are extremely energy intensive, so the global cost of crypto is a lot higher than most folks want to admit to themselves. Which is not unlike the way robber barons got rich, I admit… but that was then, and we’re living now.
I don’t pretend to be an economic….anything. I keep our home finances in good shape, that’s it. But I’m smart enough to figure out that, if the monetary systems of the developed world are structured the way they are, I’d rather get sucked into endless kitten videos than into cryptocurrency.
I still think of crypto as buying play money with real money. More importantly, how do you buy a pack of gum with it? (Juicy Fruit costs 0.000157 BTC at today’s rate. And what will it be tomorrow?)
martens almost 2 years ago
Freedom’s just another word for nothing left to lose…
Baslim the Beggar Premium Member almost 2 years ago
“To err is human, but to really foul things up you need a computer.”
https://quoteinvestigator.com/2010/12/07/foul-computer/
Baslim the Beggar Premium Member almost 2 years ago
Kal’s previous two toons are also spot on. “The Economist” is very worried about the future of Democracy.
Radish the wordsmith almost 2 years ago
Not free from the laws of gravity.
Concretionist almost 2 years ago
So, as a programmer, I’ve been following along about NFTs (of which crypto currency is one kind). And the best, most succinct advice I’ve seen runs something like this:
If you see a problem, and think, “Oh, I could solve this with block-chain” then your SECOND thought should be to “RUN AWAY AS FAST AS YOU CAN!”
Just as much as paper money has no actual value except in the trust we have that people will exchange it for goods and services, crypto has no actual value either. And the trust that people will honor it is… propped up by ONE government (so far, I admit) that has fiscal problems in abundance. In some ways worse: The various forms of crypto “mining” are extremely energy intensive, so the global cost of crypto is a lot higher than most folks want to admit to themselves. Which is not unlike the way robber barons got rich, I admit… but that was then, and we’re living now.
Rich Douglas almost 2 years ago
“Why won’t anyone pay me more than I paid for this nothing here?”
dogday Premium Member almost 2 years ago
I don’t pretend to be an economic….anything. I keep our home finances in good shape, that’s it. But I’m smart enough to figure out that, if the monetary systems of the developed world are structured the way they are, I’d rather get sucked into endless kitten videos than into cryptocurrency.
William Bednar Premium Member almost 2 years ago
Freedom from eating, freedom from sleeping in a warm bed and not on a park bench? Doesn’t sound good to me.
rossevrymn almost 2 years ago
I’ve spent years wondering what was escaping me. I never purchased any. I’ll still with making bad stock purchases.
paperphrique almost 2 years ago
I still think of crypto as buying play money with real money. More importantly, how do you buy a pack of gum with it? (Juicy Fruit costs 0.000157 BTC at today’s rate. And what will it be tomorrow?)
gammaguy almost 2 years ago
And the cryptocurrencies will be increasingly free this coming fall.
grange Premium Member almost 2 years ago
Yeah. What a surprise. Never would have predicted that. Except that one time when I first heard about it.