Crypto Currency – No Thanks!

I was recently asked about my position on crypto currency such as Bitcoin, and I think that deserves a fair answer.

Many have watched the fluctuations within the crypto currency field, and they see potential for some quick money. That is quite true. There is also a huge risk of losses – equally true.

My Ethical Position on Crypto Currency

Obviously, the very fact that crypto currency is largely anonymous is a problem. It is used by criminal people to HIDE income, and tax evasion and other illegal activities have no validity in my book.

Furthermore, the very fact that all crypto currency lacks national backing is a problem. Placing your pension funds in a place that does not have ANY security behind it would be foolish, to put it in the mildest of terms. It’s much like placing your money in your pillow. When the house burns down, you will be bankrupt…

But Isn’t It Part of the Future?

Well, it may very well grow into something valid, but until that happens, I don’t want any part in it. The temptation to get a quick income serves no purpose when that income would be in crypto currency, and even though you might be able to sell that income before it goes down, I don’t have the stamina to sleep comfortably with even the slightest risk of losses as we have seen with Bitcoin, first growing through the roof, then dropping to the basement.

I am, however, quite curious as to YOUR thoughts, dear reader. What is YOUR position on crypto currency? Have you been succesful, and do you know of ANY sources that isn’t linked to crime AND backed by national entities?

Wishing you all a good summer vacation around the world. 🙂

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