What planet is this from … ?!

This news headline from about a week ago really stumped me. After reading and staring at it, for quite some time, I just scratched my head and wondered. Does anyone reading this blog understand one word of this Bloomberg headline? My interpretation: this is all just sophisticated gambling and game playing. If anyone tells you they are working hard in crypto, whatever that even means, then they are lying to you and to themself.

My old pal Andrew explained to me, “… these were supposed to be the crypto equivalent of US Treasury bonds, a safe store of value pegged to the US$. Except when $1 becomes worth $0.99, people lose trust in the system and panic, and it may as well be worth zero. Which is what happened.” I kinda understand this, but I still don’t get it.

I believe that crypto currency is here to stay and I also believe it is going to be in all our futures. It should be a good thing. But what is not inspiring is the youth that all too often go on about this stuff like it is the meaning of life. The secret to success is to be keep your promises and to work hard. Trust underpins everything. And this crypto world is currently sounding pretty dodgy.

“The crypto world appears to have become the domain of constant speculation and presents no underlying value. We need engineers to go back to building useful things that actually help the world.”