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RE: The collapse of fiat and rise of cryptocurrencies
My uncle and I had a discussion along these lines. He insists BTC is too risky and that metals are the only safe haven against any looming cash crisis. He's a smart guy, but he's stuck in that old paradigm. He's been following crypto since the beginning of the year only to validate himself. Gold's decline hasn't swayed him either. It's astonishing, really. No amount of data or historical evidence will sway him. He just nods and then makes the same points (BTC plummeted at the start of the year, etc.) the next time the topic comes up.
His loss in the end. Cryptocurrency is going to happen, it's just a matter of when. The technology is so much better than using fiat land this will become obvious over enough time.
He'll beg me to buy his gold with my crypto...
It's down. You should offer to buy an ounce, just to see if he'll put his money where his mouth is. Lol.
Worst case, your both a little more diversified.
It is a standard situation, you are dealing with the old generation. I remember that from historical times there was a saying that the younger ones have to learn from the older people, cause they are wise!
But thanks to Internet everything changes. The paradigm is broken.
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That's what drives me crazy about my uncle. He made one hell of a living in Pharma development. It's not like he's that 'crazy uncle' who plays with a Hamm radio at night. The man is very smart and very well educated. But... he's got that conservative gene. Therefore, the way things have always been is as they should always be.
He'll come around, I hope.
Do you think the older generation is preferably to become a real player in the blockchain or can skip them?
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For one, I think blockchain technologies will in many cases be invisible. Embedded in the infrastructure of process and operations so it won't necessarily require 'activation' on our part. Still, there will be applications that require us, as consumers, to engage with this new tech and I think the older folks are like any other 'older generation'. Some will embrace while others will choose to not participate. My mother's a perfect example. She has a smartphone, but willfully remains ignorant of the features on the device. She takes pride in her lack of know-how; and that's effectively ended her career in real estate (which was a glorified hobby anyway). Meanwhile, my father is on top of all things tech. He loves it.
I think some people just have a more difficult time making the adjustments and accepting the new paradigm than others. Age has something to do with it, sure. But there's concern for those who choose to lag behind. They may be left out of the economy entirely if they're not willing to even be curious about what's on the horizon. I'm not futurist, but I do wonder what will happen in this case.
Precious metals are great... but they're not easily divisible and trying to buy something online or making any sort of payment with it would be a real headache if not impossible.
Completely agreed. Plus, they're a liability. People are often concerned with storing them at home so they're in bank deposit boxes or owned through IOUs (for lack of the correct term) and well... Cyprus set the remarkable precedent that's not 100% either.