I’ve been seeing the TV ad (above) with Matt Damon hawking Crypto currencies recently; the angle of the ad is that participating in cryptocurrency speculation is the (almost literal, per the ad) equivalent of the greatest adventures of discovery the world has ever known. Huzzah!
So what does Average Joe Investor make of this? Is CRYPTO the New New World or the Hindenburg of Inflated Hot Air Sales?
Anyway, I’ wanted to hear the ultimate take on the crypto craze from The Master himself, my good friend, the Financial Sombrero. So I asked him, and he was kind enough to respond. The Financial Sombrero is clever, good-hearted, and fiscally keen. He is an excellent blogger and a kind man of great self-made wealth and valuable real-life experience. He dispenses financial wisdom free of charge to all who check into his blog at:
https://financialsombrero.com/
We would all do well to visit that site, read and heed his discerning advice, and drop him a line to tell him how much we appreciate him.
Here is what the Financial Sombrero would like to advise you about Cryptocurrencies:
Here (in the video below) is a really simple blockchain explanation.Â
This topic is really big, all that I can say is you should probably start reading about these subjects, and prepare to invest a very small amount of money into this scheme/investment/future of the world. Once you’ve done this, you can decide if this is for you.Â
In the old days, lawyers made paper documents really complicated. These documents are used to create and maintain ownership of many different types of assets. Today, computer geeks using really basic code are now in charge of crypto and the blockchain. Times have changed, ladies and gents. Get on board, or get out of the way before this geektrain runs you over completely.Â
– The Financial Sombrero
OR….Cryptocurrency is, at its core, privately minted money free of any corpus, or the regulation-or backing – of any government – or any identifiable, accountable institution whatsoever? The Frankenstein offspring of a tawdry filthy drunken back alley union of a Multi Level Marketing hook-up with a Pyramid Scheme prostitute?
But why not? Because, of course, we KNOW how much we can trust unbridled and completely unaccountable Capitalists Gone Wild, luring us with shiny baubles of instant riches…
