I meditated this morning on the coming financial crisis.
During my brooding, I wondered, will cryptocurrencies, computer-based currencies make a difference?
When a financial crisis hits, there is a crisis of confidence in a currency. This sense of crisis and lack of confidence spreads to other currencies, with domino defaults. Holders of one currency see that country’s emperor has no clothes and realize that other emperors have no clothes.
The computer-based currencies are, as the name suggests, currencies. That means that they are subject to the problems of currencies; people may conclude that a countries currency has no clothes, and likewise, computer-based currencies have no clothes.
No, this time will not be different.