Thank goodness we have had enough sense over the years to limit our exposure to crypto currencies. We have always been intrigued by the concept and understand the fundamental principles. BUT, crypto is severely lacking in structure, rules and organization.
So let me put it this way: Dear crypto, get your shit together! Or face a slow painful death.
In an inflationary environment something like Bitcoin makes sense. It also makes sense in a global world where some governments are simply bad actors. We get it. But as far as I can tell, thus far it has all failed.
I have lost a lot of confidence after the FTX fiasco and frankly many people should go to jail for what could be the largest Ponzi scheme in history.
At this point the industry would be wise to get some common sense regulation in place that gives investors and holders the confidence they need to entrust their hard earned money.
Money Viking Strong
Again, I am very proud that Money Vikings kept their wits about them. Although I am disappointed in some of our losses, they were a very small portion of overall portfolios.
No More Shitty Coins, Solve Problems
The crypto world needs two fundamental things to survive and ultimately thrive. They first need some kind of regulations that can create some transparency and organize this so called asset class. Otherwise most people and institutions will never trust it enough.
Secondly, the industry needs to focus on solving real problems. Any new coin should clearly articulate what problem it is solving. Is it inflation? Is it payment speed? Does it facilitate transactions in a particular meta verse? What is it?
What are your thoughts?
In the meantime, until I see some real progress and change, I am not putting any more into crypto. They need to grow up! I am much more satisfied with my 8-12% returns each year with a BRK-B or dividend aristocrat against the prospect of losing it all over night with no underpinning fundamentals.
3 thoughts on “Dear Crypto World – Get Your Sh%#t Together!”