Quote:
Originally Posted by scarlet knight
One of my employees told me her son was into crypto. I told her it had no store of value. The Treasury can print money, corporations have profits, bonds are backed by revenues, bridge tolls, sewer, water, etc.Even gold can be sold for a price. Crypto is based on nothing.
Going to nuthin’ fast.
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The only store of value is that someone tomorrow may want to buy it from you. Don’t know if that qualifies to meet the strict definition or not, but this is why I’ll never buy any crypto. I agree with Buffet and Munger’s assessment of crypto.
I have to admit that the libertarian in me sympathies with the possibilities that crypto offers in breaking free of a fiat currency… but I think that if anyone implements that pipe dream it would be better to just go back to the gold standard.