Crypto Thoughts
I'm seeing quite a few messages on Twitter that go something like this...
I was going to do this or that with Bitcoin but then the fees were too high so I stopped, now we've got Bitcoin Cash though everything is great and I can do all these really cool projects again. Bitcoin is great again... Yeah!
My thoughts are... This is BS why couldn't you have just altered the code to use LiteCoin instead?
From ZeroHedge: ECB Proposes End To Deposit Protection
Surely this has got to be bullish for Crypto's....
No interest on your savings and now no deposit protection...... And the point of banks is...... ?
For a long time I've speculated that if there was another banking crisis deposit protection scheme or not you would never see your money again. It would work like this...
- The bank would fail and your money would be toast, the government would not be able to afford the pay out for all the deposits.
- Instead a special bond would be issued to savers instead of their savings. This would be made sweeter by paying a high rate of interest say 8% on the bond.
- Over time the government would then inflate the currency so that the bonds would become worthless.
Don't say you weren't warned.
It is my opinion that at the moment and going forward the less you have to do with the mainstream banking industry the better. Things are going to get ugly pretty soon. Especially as crypto's start to eat their lunch.
Hope you enjoyed this short opinion piece. Please feel free to comment below.
-WetWipe
