Happy to quote @LouisThomas on his thoughts about the potential risks of buying and holding cryptocurrencies.
(See his full video below!)
Louis wisely compares the risk of putting your life savings into starting a traditional business, and how stats show that 9/10 businesses fail in the first five years.
And most people don't think it is crazy to take a loan from a bank in order to start up the business!
HODLING is Less Risky
I agree with him, that holding cryptos is less risky. And part of the reason is my suspicion that the FIAT monetary economy and the legacy banking systems will not, and cannot adapt fast enough.
It is a fallacy that debt stimulated economic growth - this only grows the problem of the imaginary nature of FIAT money and keeps the masses of people broke and in debt their entire lives.
This is THE BIG FAT LIE we have been sold.
Crisis events where the banks fail and then the government bails them out with newly-printed-out-of-nowhere-cash... reveals just how extensive are flaws in the system.
CryptoCurrency Threatens The Business Model
The banks are identifying CryptoCurrencies as a threat to their business model - AND NO WONDER!! The FIAT system is based on imaginary money that has it's value washed away as the governments add to the money supply.
Cryptos Are BETTER
Cyptocurrencies are better, faster, more transparent and more trustworthy. For example, I sold bitcoin for Canadian Dollar with the exchange QuadrigaCX - and it has been over a MONTH and I am still waiting for the money transfers to arrive at my bank account in Canada.
Where as in Brazil, we can sell our bitcoin, transfer the FIAT money to the bank, and the funds arrive on the NEXT business day.
The FIAT banking systems are inconsistent, inferior and outdated.
Just as rotary dial telephones were replaced with better technology, so too will the current Banks.
The change will not be pretty as the old systems collapse. And this is why I agree with Louis Thomas, and think it is more risky to NOT hold cryptocurrencies, than to hold them.
Special thanks to Louis Thomas - on youtube his video is posted below to provide credit where credit is due.
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