Just thinking about the vulnerability of our electricity grid after the ransom ware attack on the colonial pipeline. Is it smart to make all currency digital or does cash really have a place in the future?
Me thinks that digital currency is pretty far up the pyramid on Maslow’s Hierarchy of Needs.
Plus, how do you operate your digital wallet when the power grid is down?
Hand cranked generator.
Personally I like cash….more privacy, no data breach and stolen CC issues. Government and private companies can’t cut off your ability to pay for things. Banks can close your accounts I guess but digital currency doesn’t fix that either.
Cash also makes a decent mattress filler.
Bearer Bonds (if you can find them) & Krugerrands
Easier to use for criminal activities, bribes, etc.
The dollar is backed by goods and services produced in America. It’s a tangible asset. Bitcoin is a completely fictitious item that tries to legitimize itself by using computer memory to give it “weight.” It’s literally backed by nothing. Computer memory is neither a good nor a service. And it’s not a tradeable commodity either. “I’ll give you 50 megabytes for that doll…” No one does that!
And the fact that - no matter how flawed we think it is - our legal system protects property rights allowing entrepreneurs to bloom.
The smartest Bitcoin traders already parked their profits in tangible things… although air does have value.
And like the regulations or not, banks and other organizations that deal in cash are regulated and supervised by the government. FDIC and NCUI insure deposits at a certain level that works just fine for most people.
No one is watching Bitcoin.
My first investment rule is to never invest in something that I don’t understand fully, and I certainly don’t for cyber currency. The more I read about it the less confidence I have.
As I said… turn air into something tangible before it goes poof. Someone will be eventually left holding the proverbial bag.
Cash rarely loses 8% of it’s value in a day.
or 40% in 2 months
Unless it is Zimbabwean cash…
What’s “cash” ?