I’m conflicted over the Bitcoin debacle. On the one hand, as an entrepreneurial libertarian I’m against government overreach and ever increasing regulation.
But in these cases like the recent case of F.T.X., I think we can all agree it’s become too easy to dip a hand into the cookie jar.
Apart from the obvious massive environmental impact on the electrical grid to ‘farm’ a so called computer generated ‘limited release’ currency, how does a person convinced of the merits guarantee their money is safe. I’ve been writing for years on my www.BullBearBulletin.com about losses and theft.
The field is littered with frozen assets, lost ‘wallets’, and just the general frequent impossibility of getting your money out when repatriating to the currency you used to open your account. And in extreme cases… murder!
Why should there be problems? Nature abhors a vacuum and where there’s a will, there’s a way. Like my dearly departed Dad used to say when complaining about obvious financial benefits of being an ‘insider’, “there’s a little larceny in all of us.”
Because of lack of regulation that allows anybody who understands the entire process to open an ‘exchange’ and have their way with you if they so desire. Criminality is rampant and it’s funded by you, the speculator.
Hell, even the NFL which loves their money has punted away Crypto for next week’s Super Bowl.