RE:RE:RE:RE:RE:RE:RE:RE:Awesome news I agree with you in that I to applaud people who can convert literally nothing into cash. At least the other things that you mentioned like diamonds and art can be seen and touched and have some real value in the real world. And when you invest in a company's stock, you're typically investing in a product and/or service which also employs people. Again, real value in the real world
That's my point about crypto, it's literally nothing, yet the energy it consumes is real. At some point, it's no longer sustainable to invest in something that has no actual value, but is costing the World a massive amount in real energy, as buildings of supercomputers suck up electrical power to mine for what really amounts to nothing. At what point does this collapse?
As more businesses get involved in this "scam", for a lack of a better word, the worse off the rest of the World's economy is when it does collapse. It's kind of like the subprime housing crisis back in 2008 when the subprime mortgages were subjectively given arbitrary values and then renamed and packaged as some high yield investment asset and sold off to unsuspecting clients around the World. At some point somebody will ask, "What is the true value of this asset?" What happens to real businesses that sold real items for a virtual coin? Will crypto be considered too big to fail? Because for the sake of the environment it may need to fail at some point. Elon Musks' Tesla's will be competing for the same electrical energy as those crypto supercomputer miners. Like I said it's not sustainable.
It just feels like the world is back to making a similar mistake like it did with the subprime mortgages, but this time people and businesses are literally investing in nothing at a very real cost to the environment and again the World's economy. If I had the financial backing, I would probaby short the crypotocurrencies. But like you said, timing is everything!
I hope as the value of cryptos decline the larger businesses are unwinding their postitions, taking their profits and if they're smart, no longer accepting the virtual currency for their real items. Again, I don't see it being sustainable due to the amount of energy required for each transaction. Eventually, these concerns will be making the front page of newspapers and mainstream media. Any company still accepting cryptocurrency will be demonized by the environmentalists and cancel culture, which ironically, are a lot of the same people investing in the `cryptocurrencies (i.e. millennials, siicon valley types, generation "z"). A slow unwind would be preferable to a crash.
...And then it would be nice to see that money eventually make it back into the stock market... preferably into Empower! : )