Imaginary Money

As far as I am concerned, cryptocurrency is the province of crooks, money launderers, the richest people on the planet and the gullible. Now, I may be completely wrong and that mindset is stopping me from making tons of money. However, I may be completely wrong and that mindset is stopping me from losing lots of money.

It’s the emperor’s new clothes of finance, a system based on everyone saying they can see it. There’s no logic to the world of virtual money and into that lack of logic step people with everyone else’s worst interests at heart. Dictatorships set up cryptocurrency as does organised crime and I very much doubt that there is a person at the top of any criminal or political organisation who doesn’t want to exploit the less intelligent or less risk averse. As with any risky enterprise some will make huge amounts of money but most won’t because the system is predicated on many making huge losses.

The basis of the economy is completely baffling to me because a bitcoin whether set up by a state or a criminal organisation or a huge firm is as valuable as users decide it is. It’s a huge pyramid selling scheme where those in at the start make the money and everyone else loses. That is not a bug, it’s the basis of the whole system. I am sure many people will tell me I am wrong, as I said before, but I would rather be wrong and have control over my money rather than hand it over to corrupt politicians and organised crime.