Did you know? Now “there are over 18,000 cryptocurrencies in existence as of March 2022.” This statistic was certainly an eye-opener for me. I was thinking, maybe I should start my own – you know, cryptocurrency? I figure with that many already in existence that unfortunately my choice of names, “Fake Currency”, could be already taken? I bet if I started one and named it “Fake Currency”, Americans would still buy into it! Yes, today’s American landscape is that senseless out there. 🙂

I like how the Crypto powers-that-be introduced “stable coin” offerings. You know, these are the ones that are supposed to always stay “stable” vs. the U.S. dollar? But some have not, I guess you heard that instability entered the stable crypto world this past week when some of these offerings crashed down to just a few pennies on the dollar. And how long has the U.S. dollar been around again, 250 years? Why not just stay where your money was in the first place, ever heard of U.S. dollars? Yea, that thing, no transaction costs and no fear of getting taken for a ride [of course with the exception of the U.S. Treasury and the Federal Government as God knows these two institutions are anything but perfect].

Here are some warning signs I always felt were deal breakers for me personally to buy into one of the 18,000 known Crypto-currencies:
1) Have you noticed too that all the so-called experts in Crypto currency seem to be around 25 years old, or certainly not much past 30 years in age? That bothered me, like I wouldn’t suggest to anyone that they seek out a 30-something to manage their million dollar portfolio, not ever. But why is that? Well, the main reason is just look back at the last 25-30 years in investing. How many bear markets and all-out crashes could this youngster have witnessed? He or she must have been just a toddler during the 2000-2002 bear market, and still in elementary school by the time the stock market crash of 2008 and The Great Recession came along. The bottom-line is they don’t know “jack”, not yet anyway, maybe find someone with some gray hair instead.
2) And you notice how Crypto-currencies are/were always quoted in increments of “U.S. dollars”, why is that? All these folks do is tell us is how bad it is to hold U.S. dollars but yet they only accept U.S. dollars to buy into Crypto offerings, and then once you buy in your holdings are always quoted in U.S. dollar terms. Why is that? I feel like saying adopt your own increments of measure! Here’s another thing, I have a push mower in my garage that I no longer need, it just sits there and collects dust. Why can’t I trade that in for some of these precious virtuals? Or how about some old stereo equipment plus I’ll even throw in some old bed sheets [their like new]? Nope, they want dollars only… see the problem here?
3) Plus the very idea of trading in dollars for something we can’t touch, see or hold means you’re having to place a ton of trust in a ton of people and software packages you can never reach, see, communicate with, or influence. At least one can scream and yell at a local banker in person should that need ever arise. After all, you can’t vet that which you can never find in the first place. What could possibly go wrong here, right? Wrong! 🙂

18,000 virtual-only Crypto-currencies with a market cap now well in excess of $1 trillion U.S. dollars, and still climbing. Are you serious? I’m not certain of how this story will end, all I can say [in the definitive] is, that for me personally, I have never witnessed a bubble of this magnitude!

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