The crypto craze is the biggest, fastest creation of wealth since Caveman Oogabooga stood on a beach and declared cowrie shells a currency. That was around 10 million BC.
What troubles me as an old fart is how many of my old fart buddies just don't get it. The poor old dears are missing out on all the fun.
Yes of course it will end in a huge crash. But it won't crash to nothing.
Even cowrie shells were accepted for spare change in many places until about 100 years ago.
Buying opportunity!
But you can't buy crypto if you don't understand. So I got motivated to enlighten the age-challenged en masse with this "blog".
The motivation sprang at an old fart's luncheon. It was a buffet of the Indian variety, although Warren was mentioned.
My well-connected-to-the-finance-bros buddy remarked how his big-name-market-commentator-mate pulled out of stocks beginning 2017. He thought the market would crash. So he sold everything and sat on the cash through the entire crypto ramp up.
Huh? How could any self-respecting greed-head not only fail to invest in stocks in 2017, but also be oblivious to crypto?
That inspired me to conduct a little research....
It transpires not a single person I know in my old fart world is into crypto. They don't even realize there is anything beyond bitcoin. Which they only understand from mainstream journalism.
I've yet to see a mainstream report that gets crypto tech 100% right, let alone the implications.
So here I am among a bunch of money hungry geriatrics in the global financial capital where I live. They are rich enough to easily toss in a modest (or immodest or even totally porno) investment.
Nothing prevents them from getting into crypto except fear. Fear and ignorance. Fear, ignorance and a fanatical desire to avoid the new.
That's not good enough.
That's got to stop.
Come on fellow old people. It's time for you to get into crypto too.
In coming posts we'll see why and how.
But the bottom line is... It's easy, it's fun and it promises the opportunity to win and lose vast amounts of money from the comfort of your computer.
--[ NEWS COMMENT – KODAK KRYPTO ]--
The other day we saw shares of clapped out camera king Kodak jump 30% on news of their crypto play.
That direction actually makes sense for them. Good move Kodak!
In almost every science fiction book I ever read (many), in the future there is either one currency (typically "credits") or none.
In fact, it seems likely that in the future there will be multiple currencies, each tied some kind of utility.
Kodak is ideally positioned to launch a currency tied to image use rights.
Imagine this scenario.... You take a picture with a Kodak camera. If you choose, that image goes into an image bank that anyone can access. Should anyone use your image or a derivative of it, you get paid in a token. Crypto and AI makes that possible, even inevitable.
Off topic: Actually all this could have been easily implemented 20 years ago by the giant ISPs. But they are just rent seekers and no one really expects them to innovate any more.
DISCLAIMER: Investments can go up and down. Especially crypto. And so fast that you can lose a fortune before you even realize you made it because the markets never close and presumably you need your beauty sleep. Oh BTW I may or may not have an interest in any enterprise or outright fraud mentioned here. Who knows, I may be even be pumping and dumping. Why the hell not? Currently it's all fair game in crypto. But that will probably change soon in many jurisdictions so keep reading this disclaimer coz you might actually learn something about what the regulators are up to.