Why will Cryptocurrencies ultimately fail?

in #dtubelast year

Today on Ask Cahlen I will be answering the question, "Why will Cryptocurrencies ultimately fail?"

While I believe Cryptocurrencies are worth investing in short-term, I suspect that they will ultimately fail in the long-term due to catastrophic loss of the electrical grid they rely on.

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Dear Cahlen, thank you for your wise thoughts. I can understand your thoughts on gold and silver best, and will ask my wise friend who seems to share many of your hunches regards the impending scenarios you sense acoming whether he has considered solar flares. It would be interesting to contrast speculations from people with the same mild but sensible approach to what to do about money in the coming 10-30 years, so I will resteem this post - so that at least my friend gets to read it.

@sukhasanasister, please let me know what your friend thinks if they decide to comment on it to you. I'm glad you found the video interesting, and thank you for the resteem!

Sukhasanasister's friend here. Hello Cahlen, I agree with you on all the basics you have covered. A solar flare could temporarily wipe out our ability to transact. Since the late 70's we've had Satellite TV, 13 foot dishes back then, and the microwave signals are susceptible to interference from solar flares making them unreadable. This would present a temporary problem depending on the duration of the solar flares, but this never destroyed our equipment. Not sure if solar flares ever wiped out equipment before nor if at all possible in the future. There are plenty of other microwave devices that would be wiped out by a solar flare if strong enough, not just the communication lines.

A full node, or Bitcoin core, contains all the transactions provided the ledger is up to date. Many people do not run a full node as by this time it would gobble up about half of the storage space on a 500GB Hard drive, but enough of them are around to reconstruct the network. In case of an EMP even fiat currencies would be in deep trouble as most currencies exist digitally rather than in print, but I suspect this would be the least of our problems as an EMP could wipe out all electronics, including the onboard computers in cars these days. Antique Cars would become a sought after item as they are far easier to get going again in such an event.

The value of Gold is in part attributed to it's ability to not corrode, you can bury it for a life time and it's weight will be exactly the same as before. This corrosion resistance is also why it is used in electronics where corrosion is often the cause of many electrical gremlins. All I can add about Gold is that many Nation's reserves are stored as Gold, not as their currency. Since not even Nations are that confident to store their reserves as the currency they themselves issued, I take that as a message that perhaps we should also not be that confident.

I think all forms of currency have their weaknesses and diversification indeed the best way to hedge your bet. This works as long as there is a civilization to make use of these currencies; failing that, only food will hold it's true value.

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