Crypto Currency – A Cryptic Virus for Global Financial System

Conspiracy Theory or Just A Nonsensical thrilling chess game.

As a deep tech enthusiast, 9 years ago, when crypto’s were new, I met few coders/traders of Bitcoin etc., strangely they were discussing more on how crypto miners and coders are stealing each other coins, how they can bring more in their kitty. Difficult to digest what I saw and heard, I left the whole subject after an year as I could not find any value. Now millions of people have wasted their time and money on it.

If I am not getting any real value which I can trade or exchange for several other monetary instruments, why should I even be bothered.

Even Warren Buffett has not invested a penny. And many other global big techies are keeping steer clear. I heard on some news channel interviews, people said “Crypto currencies shouldn’t have been invented”.

Its a hoax and hype to bring young people to invest money and hold your coins for future value, when there is no guarantee / warranty for the platform/currency. Any crazy hacker can hack it.

Everything digital can be hacked. No matter how many layers of security and encryptions are in place. I will say that again – any crazy hacker can hack it.

Blockchain as distributed ledger and peer network is too good for certain industrial and sector applications. Its a good database / background technology.

The problem is with ‘Crypto’ Currency. I wonder why the world is not getting that its all crypto. It is NON-REFUNDABLE transaction.

No crypto currency companies, exchanges and founders can provide 100% assurance of safety of funds and investments, its a never-pay back deal. Check with all of them. Ask them for % probability.

Its a way to squeeze in legal money from the system and insert fake digital money in the system, that can be played around as per the whims and fancies of anti-good sources.

IMF has a new blog asking for level playing field. I wonder what for…

  • Scenario 1 : Legal Tender

Seller wants to sell a house, buyer pays million $ through crypto (fake) digital currency, lets says buyer pays through its ETH, house is transferred on buyer’s name, the moment transaction is done, title is transferred, – someone breaches or hacks or steals all currency (its easy), Seller will be left with nothing. No law to support him / compensate him/ insurance cover etc. either.

  • Scenario 2 : Asset Class

If it becomes asset class, what asset is it? which can be so volatile like a sand time clock, there is no guarantee that if you hold it for long term – now here 1-3 months is also long term, Can 1-5 year hold bring appreciation – no way- less than 10% probability. Where is the level playing field here – What is my return on investment.

This world still has no control on ‘hawala payments’ system & this world will not be able to control crypto currencies. Its not possible to govern Internet. Atleast we can keep it out of the legal system.

Email: pr@payalsploy.me

Disclaimer : Just my opinion.

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