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written by reader Digital Currency

By Anonymous Questions, June 21, 2016

Any thoughts on Ether or Bitcoin after the ’Big’ heist?

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stgmwsm
6 years ago

The fact that biggest exchange mtgox disappeared with Billions, is why I am wary of this “THE MOST SECURE” currency in the world.

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investor101
6 years ago
Reply to  stgmwsm

I so agree with you, it is already a big concern about our savings in banks, our brokerage accounts online…this digital age is very worrisome for me. Being older I wish we could stay in the simpler times. It is all so very confusing to me. With govt control and all the hackers what are we to do? Would like others thoughts too on this.

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Travis Johnson, Stock Gumshoe
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I’m quite skeptical about all of the ‘cryptocurrencies’ — they are tiny and not well understood and come with huge regulatory risk since world governments haven’t yet done much to try to control them. If they grow, I suspect governments will get involved and will assert their power to control the currency. If you want to bet on the decline in “fiat” currencies, I’m a lot more comfortable with gold, which carries a few thousand years of human tradition and is physical, than I am with the various new online currencies. I have experimented with bitcoin, and found that using it was very inconvenient and I felt no compelling reason for believing that it would hold its value. A currency that doesn’t either hold its value over time or make things more convenient (or both) is a failure — maybe not forever, since the technology behind bitcoin does have some potential to make international money transfers more convenient and less expensive if the banks and regulators allow it to be used (no guarantee there), but for now I don’t see much reason for it other than as a political statement.

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investor101
6 years ago

Thanks Travis for weighing in, your take is always very lucid and important to me. If you ever have the time to check out BitGold, which is like a credit card you can use backed by gold you have purchased, as I understand it to be, from GoldMoney I think….I asked HN to check it out too and I am just not sure about that currency play either. I would consider that one before the others. Just haven’t had the time to explore it further. I know the world as we know it is changing so fast, my head continues to spin as I try my best to stay abreast of things. THEN the worst thing being, just who the heck is trustworthy in the whole scheme of things!!

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