What a wild ride we are having in the cryptosphere!
Caught a link this morning from Bloomberg (https://www.bloomberg.com/news/articles/2018-02-07/get-ready-for-most-cryptocurrencies-to-hit-zero-goldman-says) where the headline was “Get Ready for Most Cryptocurrencies to Hit Zero, Goldman Says”.
It was a string of the usual talking points. The money quote was, “Today’s digital coins lack long-term staying power because of slow transaction times, security challenges and high maintenance costs, according to Strongin.” (Some Goldman Sachs guy...)
And the whipped cream with the cherry on top of this steaming pile of propaganda was a video caption of none other than media darling and Svengali economist Nouriel Roubini of the ‘I called the housing bubble in 2008’ fame, which may be the only thing he ever accurately predicted in his entire career (And that’s not saying much because I predicted it also... And so did a lot of others...)
“So what’s your point? “, you may be wondering. Well, I saw this and it reminded me why I am involved.
Crypto currencies are automation for monetary policy and that kind of progress produces a different kind of indignation because it will supplant commentators and prognosticators like Mssrs Strongin and Roubini and many others - accountants, statististicians, clerks, bureaucrats, etc... Professions that have flourished under the prevailing monetary order.
It is one thing when the fast food business replaces low skilled persons who lack initiative with self serve technology systems. It’s another thing to replace the gatekeepers of a social order. And that’s what cryptocurrencies are probably going to do to vast numbers of banking and government related workers around the world.
This type of report caters to an American perspective on money which is very narrow. After reading it, I reminded myself that there are billions of people online worldwide in places of which many (if not most) in the USA are ignorant.
These places have very poor and corrupt governments who run their currencies into the ground. And yet, they have cellphone towers and fairly reliable internet service (or they will have..).
And so, more billions are on the way... They have a huge incentive to embrace cryptocurrencies.
And, if you look at the history of the dollar, so do people living in the developed parts of the world...