Posted 2 years ago | by Ben Armstrong
What are Cryptos – Really?
So I am a little late to the party. The Goldman report that bashed cryptos and gold created some serious waves in the community and made a few people pretty irate.
I am not one of those people.
Of course, I disagree with the report from Goldman, but I wonder why people take these Wall St. guys seriously in the era of centrally planned Western economies.
If you want to read a great piece on the subject, just click here. I don't know if I have read this guy before, but he did a nice write up on the Goldman piece.
Also, if you want to protect yourself from the information-gathering arm of the global corporate state, just click here to download Brave Browser. You might as well protect yourself from the overlords, as they certainly don't have your best interest at heart.
Cryptos are Honest Digital Money
People forget that money used to be metal.
Fiat currency is an extremely risky way to operate a financial system, and these systems never last. The only reason why the USD was able to survive the last for months is that the US military still has a lot of big sticks, and when they hit, it hurts.
Also, every other commonly used form of money (EUR, GBP, JPY) are all more or less proxies for the US FED, so you can't really operate outside of the system (at least if you are a company that is in on the scam).
The Goldman report is absurd, and also makes a few points that are just plain wrong. Fiat currency does have an interest rate, but this is a modern invention. In the era of metal money interest was paid by banks so they could lend, and risk equaled reward.
Now we have play money that can be created on a whim (on a keyboard), and then spent into the real economy. That is why the entire system is too big to fail until it does so in a spectacular fashion.
Bitcoin Pays Interest
I guess that no one told the authors of the Goldman report about staking, which will create a return on tokens. You can stake all the major tokens, and make an income from cryptos, in the same way, that you could with cash.
Well, not exactly the same. Now that most banks don't pay interest on deposits (some actually charge for large deposits), cryptos are actually easier to make passive income with, unless you are buying corporate bonds that may or may not have value in the future.
It should be pretty clear that Wall St. and the FED are a bunch of clowns that are getting by on the largest scam in human history, and when it fails, the results are going to be spectacular. Until then, you can expect more nonsense from these guys, so don't be surprised when they spew garbage that is both ridiculous, and totally inaccurate.