The thing about crypto that I find hard to believe that other people don't understand is that a lot of it is basically just private sector fiat currency. "We all agree that Dogecoin is worth X," its holders are saying, but there's probably nothing more behind it than whatever USD the owners sank into it....which, hopefully, is being invested in some other kind of profitable financial instrument. This is part of the reason I've stayed out of it. I know where Wells Fargo is putting my money when I invest in their stock. I know what the San Juan Basin Royalty Trust is doing with my capital. Bitcoin? Dogecoin? Not so much.
The thing about crypto that I find hard to believe that other people don't understand is that a lot of it is basically just private sector fiat currency. "We all agree that Dogecoin is worth X," its holders are saying, but there's probably nothing more behind it than whatever USD the owners sank into it....which, hopefully, is being invested in some other kind of profitable financial instrument. This is part of the reason I've stayed out of it. I know where Wells Fargo is putting my money when I invest in their stock. I know what the San Juan Basin Royalty Trust is doing with my capital. Bitcoin? Dogecoin? Not so much.