The Great Crypto Crash Of 2018

What’s interesting to me about the Great Crypto Crash Of 2018 …

  • everyone should realize that money is a collective fantasy. As soon as we stop believing in it, any kind of currency loses its value
  • decentralization has a complexity cost which is a natural barrier to entry
  • decentralization expands the threat envelope which is why it’s possible for crypto millionaires to become crypto paupers in seconds, thanks to simple, well-known, and existing hacks both social and technological
  • privacy in currency/payments is damaging to governmental desire for visibility, management, and taxation, so governments have a vested interest in seeing independent cryptocurrencies die
  • without an economic use imperative and dead-simple idiot-proof low-or-no-cost means of exchange, currencies don’t get widespread adoption and don’t move past the innovator and early adopter slices of the population
  • excessive hype kills whole sectors
  • obviously greedy and stupid follow-on ICOs and token generation events created by get-rich-quick types have poisoned the well
  • the world does not need 50 million currencies

Ultimately, I think all currencies that survive will be cryptocurrencies. But they’ll be nationalized or even internationalized by governmental or quasi-governmental organizations, and will be at least as easy to trade, use, and exchange as our current dollars and dinars, and most likely much easier.

 


Want weekly updates? Of course you do …



 

%d bloggers like this: