[Lekooks] Crypto

[Michael McNett, MD]

They’re worth what people are willing to believe they are. That can be sustained over a long time (as is the case with diamonds, Picassos, Lafite Rothschild, etc.), but fundamentally they have no intrinsic value (the examples at least have esthetic value). There are those who make the claim that the same is true for all currencies, but I have always thought of currency as being the net value of a country divided by the number of dollars, euros, etc. in circulation. Crypto doesn’t even have this to back it up.

While I may be wrong, I tend to see it as a fad that is ultimately going to cost a lot of people  a huge amount of money they can’t afford to lose.

The other side of this is that the Blockchain servers necessary to maintain the privacy of cryptocurrency costs a vast amount of energy which is aggravating global warming.  All for something that’s of no value. Interestingly, Kazakhstan has recently been courting crypto hosts to keep their servers there.

One more point:  the overwhelming majority of trade in cryptocurrency involves either criminal activity or wildly speculative investment. Not company I would want to keep!

But that’s just me!

Thanks,
Mike

Sent from my iPhone

> On Feb 22, 2022, at 9:51 AM, Gerald Flakas via Lekooks <lekooks at lekook.org> wrote:
> 
> 
> I have been seeing lots of ads lately for ways to "invest" in crypto-currencies.
> Could any of you explain crypto-currencies, in particular, how they are different from the Dutch tulip bulb craze in the 1600's (except that those who bought the bulbs actually got real tulips)?
> 
> Thanks,
> 
> Gerry F.
> 
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