"We've strayed from my original point and that is that we, as Americans, might see crypto currency as a "solution in need of a problem". We are complacent because our native currency is accepted everywhere (the status bestowed by being the reserve currency) but this is not the experience for people in other countries.
My example of the Venezuelans forced to leave their country, literally only able to take with them what they could swim with, would be better off owning crypto instead of gold or dollars. There is a mass migration taking place, in many places around the globe, away from failed or failing states.
Someone with crypto currency could be hijacked and dropped on the other side of the planet, the government could have frozen their assets and bank accounts but with crypto they'd still be able to retrieve their money."
i agree with everything you're saying here, Grace. i've felt this way long before this conversation we're having. but what fun is it if i can't flesh out a possible area of disagreement to explore? just to be clear, i have no disagreement with what you're saying here. your comment about venezuelans is especially poignant. let's all hope that some of trump's actions have moved us a little further away from 'the problem' than we were with obama.
"What is funny to me is that when I set up the little crypto-currency fund with ahhaha, he funded his initial share with actual Benjamins that he sent me through the USPO. This was in 2013, I asked him WTF he was doing holding that much cash, why not have it in a bank. He said he took it out of the bank in 2007-8 when we were going through the financial crisis and it looked like the banks were either going to shut down or fail or we'd all be stuck waiting in a line to get $100 allowance out of an ATM like in Cyprus. He just never got around to putting it back into the bank.
How close the US came to systemic financial collapse is now largely forgotten. Its been papered over by the Fed."
it seems he thought that dollars wouldn't be totally worthless even if there's a financial collapse. i'd agree with him on that. dollars would be harder to come by than ever. but if there were permanent damage to the economy, i think that dollars would follow later. if the economy were totally destroyed, they'd become the new continentals.
btw, we're not allowed to say 'the' FED, remember? (just kidding) |
