Congratulations on making a speculative profit on an asset held 95% by black marketers, tax evaders and other speculators like yourself,
I'm not seeking your unwarranted congratulations, just wondering what the cryptocurrency market cap you cited was back in 2015 when you boasted of your prescience Regarding cryptocurrenies.
Since you couldn't trouble yourself I checked. Market cap of cryptocurrency (as measured by that site) was 4.7 billion, and now sits at 567 billion.
A year from now would you expect it to be closer to the peak (~830 billion), or that summer 2015 number?
but it’s too much of a speculative bubble for me to involve my money
I completely understand seeing what is by many appearances a mania, and steering clear.
But the utility of the medium, and the narrow range of participants, make me think this has a way to go before it finds stability.
into let alone the moral question of supporting black marketers
That's rich coming from someone who mused on this forum about spending money to lobby
for the drug war in order to ensure future business and reduce competition.
Stuff the sanctimony, it you fits poorly.
and the ethical question of supporting an item specifically devised to evade government inquiry.
Would you decry cash if someone invented it tomorrow? I think by any demonstrable measure crooks prefer USD (although I've read international organized crime like the 500 Euro note).
Bitcoin wasn't invented to 'evade government inquiry', it was invented as a medium of exchange government couldn't debase.
But the fact bitcoin doesn't rely on government is one of its strengths. If you're sitting in Venezuela do you want a fistful of Bolivars and the government's assurance that they'll purchase something tomorrow? Or would you rather have access to another medium of exchange?
This is a decent
piece from the WaPo about how the government is killing its money in Venezuela. More on effects than cause, but it's the WaPo.
And as I’ve said many times, I’m not interested but I suppose plenty of people would have cocaine futures in their portfolios.
Ironic comment considering you're hoping to profit from addiction.
Eventually these will all either become regulated or fail.
It is literally regulated by the participants. Why do you think it requires government regulation to avoid failure?
Do you think the 'regulated' decline of USD purchasing power by 98% in 100 years is a fail?
The only way they will show continued profits along these lines is if there’s a complete breakdown of world governments. And sure that may happen as well, but then there’s the moral and ethical issue of essentially betting on WW3.
It's not betting on WW3, it's betting on central banks to continue (not start, merely continue) printing money to drive asset prices. Do you expect that will stop soon? Ever?
And on the subject of morals and ethics, where do you stand on the concept of the central banks deliberately debasing their relative money supplies? Is that unethical/immoral in your view? Or is that just banker business that people shouldn't think too much about?
