I have often railed against the huge hype surrounding crypto-money/cryptocurrency. But there is more to this digital money than meets the eye, so to speak.
Granted, if I had gotten involved when each Bitcoin was selling for less than a buck back in 2009 or 2010, I would have cleaned up recently by selling. Especially when the per coin rate was above $12,000 US.
But the reality in my own mind would have been I was participating in something close to a fraud. There is nothing to back up the value of any cryptocurrency that I know of. No government, no rare metals, no gems are used to help determine wealth. Not even rarity since its not actually printed like paper dollars or minted coins.
The entire system is run by algorithms that somebody invents. Of course those that invent the algorithm have an advantage. If you look at most of the known creators of any of these digital currencies, you will find they have the advantage based on their bank accounts of real money.
But those who became billionaires via crytpo fakery, have found that, on paper, they are just now millionaires. But I have taught people who listen to my radio show, how easy it is to be a legit millionaire, on paper.
It is no secret, I don’t like digital money in its current form. Its fraught with fraud and like any other “investment” those who get in early are the ones benefiting the most, at the expense of those getting in much later. Thats not real spendable money, thats a ponsy scheme.