Over the past few months I’ve taken a deep dive into cryptocurrencies beyond simply trading an asset. Earlier in 2017 my interest was in how the mechanics worked. Clunky, high transaction charges, foreign banks in very foreign countries, and zero investor protection or oversight. Hey, I never got past the poor transaction framework. As time went by and the prices went up it became clear on top of all of this – the so-called currency was nothing but ether, hot air, and no better than gold. At least gold is shinny and you can wear it. Since I don’t invest directly in gold (it has no actual value, pays no dividends, and it can be easily stolen), cryptocurrencies didn’t have any more appeal. And no, just because the price of something goes up doesn’t mean, well, anything.
Now that I’ve had time to travel to New York City, talk to people in the know and vet out how many people out there had no idea what was going on, the real issues started to come out.
Rather than keep typing, I include this interview I was quoted in by Ethan Wolff-Mann from Yahoo Finance. He’s a talented writer that isn’t quick to print things without some real research. While I love when I get a quote – keep reading the whole article as he spells out the core issue: criminals are the ones that profit. This may seem obvious once you see it, but it wasn’t in the most recent past