Cryptocurrencies are a scammer’s playground. In another article, I argued that cryptocurrency fraud and scandals herald regulation, criminalization and he leads to CBDC. India’s central bank wants to skip the regulatory part and jump to making all private cryptocurrencies internationally illegal. Read the article here.
Is there a legal way to make money with cryptocurrencies? Legal and legitimate are not synonymous, so it depends on what you mean by legitimate. There are legal ways to make money with cryptocurrencies, but that doesn’t mean they are legal. Cryptocurrency is a limited supply of nothing. In contrast, a fiat currency like the dollar is an unlimited supply of nothing. Tangible assets do not legally back either currency. Still, the most important function of government is to regulate currency. Governments can impose taxes only if they control the currency. If you don’t get your taxes, everything else is moot. As they say, “Don’t steal. Governments hate competition.” For this reason, the government will ban private cryptocurrencies in the same way it does in China.
Cryptocurrency lies are the same as fiat currency lies. Lies say, “Nothing is worth it.” The word fiat is Latin and means “by degree”. Fiat currency has value because the government says it has value. Cryptocurrencies have value because companies say they have value. Neither is true wealth, as both can be zero. Because true wealth can never be zero, people keep some of their wealth in durable assets such as precious metals, collectibles, and real estate. Most people want lasting wealth, not fleeting paper or digital “wealth”. how about you Choosing between lasting wealth and a digital playground?
Suppose you win a contest. You can choose a suitcase with $100,000 worth of gold or $100,000 worth of cash. The problem is that it has not been touched for 5 years. Which would you choose? In our hypothetical situation, most people would choose gold. They say it’s easy. Inflation will reduce the purchasing power of the dollar within five years, so the price of gold will rise. So what about the money in the bank? Will it be more valuable as cash or gold in 5 years?
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