Warren Buffett's take on this:

https://www.youtube.com/watch?v=HVm7Pfb0ilY

Saibal

On 12-07-2022 17:26, Lawrence Crowell wrote:
Currencies are in some ways just as artificial as cryptocurrencies. In
fact, most everything humans chase after is spun up as whole cloth,
from countries, to gods, to money to belief in comrades in arms and so
forth. Most everything humanity does is ultimately fake. Money is
stuff we just "make up." Even the value of gold is something we "make
up." We might be better off if we stopped making this crap up.

 However, with currencies at least in a representative system the
average person has some impact. The crypto-currency trend has been the
culmination of Milton Friedman's strange dream of privatizing almost
everything. In that setting the average person only has as much power
in the system as what they hold. An Elon Musk or Bezos etc has vastly
more and so they not only have more power, they have more power to get
more. A world of complete private forms of currencies is one that will
lead to a sort of monetary feudalism. There will at some point be a
few people, financial institutions and banks that own it all. They
would come to be the overlords of the world.

 The collapse of the cryptocurrencies and bitcoin is something of some
relief to me. The next dark age may be forestalled a few years at
least.

 LC

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