- Jun 6, 2007
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Elected members of Congress and the Whitehouse are borderline criminally negligent allowing the adoption of cryptocurrencies to spread throughout our society. Today is a big day in this danger making inroads into our country's economy because one of its major exchanges, Coinbase, is going public on the NASDAQ today -providing legitimization to this threat to our nation! Cryptocurrencies are not only a societal threat they are so harmful to society they are actually evil they equate to slavery, ethnic cleansing and narcotics trafficking, cryptocurrencies have the power to decimate our economy to cause record setting unemployment numbers and ordinary peoples savings and wealth to Depression era levels! Cryptocurrencies values are completely subjective, they have no inherent value, their value is completely based on public sentiment if panic or rejection sets in these virtual currencies could become worthless and if these currencies trajectories in our society stay on their same course they hold today the encompassing destruction of wealth would permeate our society and at minimum would send our country into at least another great recession if not depression! Everything might be all sunny and positive with these cryptocurrencies today but it is only a matter of time before there is a large scale run on these speculative products and when the free fall occurs the end state will be devastation for America!
Congress and the President need to get on the job with this issue. Legislation should be passed protecting our economy from this unstable product. Banks that are backed by the FDIC should only be able to hold enough of the cryptocurrencies to conduct business; 401 K plans and pension plans should be banned from investing in cryptocurrencies; the law should make businesses liable to their stockholders for significant drops in the company's share value over hits on these cryptocurrencies values especially when the cryptocurrency falls in value over thirty percent in a three month period and fifty percent over a one year period and the law should allow claw backs on bonuses and stock issuances for top executives when these executives buy more of these cryptocurrencies then is necessary to conduct their businesses and the cryptocurrency price takes a precipitous downturn!
The legislation should ban the creation of "any" new cryptocurrencies, a currency is an asset created and backed by a sovereign central bank. This connection of a Central Bank to the asset is critical because it provides price support for the asset, a government allowing assets to enter and permeate their economy that has no price stability quality for it is the height of incompetency of a government! The American people need to recognize that these times are like the mid 1920's and cryptocurrencies are like the government back then allowing people to buy stocks on margin putting as little down as ten percent of the stock value what the American people subsequently learned is that this margin abuse stock buying eventually led to the 1929 Stock Market Crash that threw the world and America into the Great Depression! The Big question for the American people is do they act like a smart people that have foresight and eliminate this cryptocurrency cataclysmic danger before it does its harm by getting their elected officials to contain this danger through legislation restrictions on purchases and ownership of this foolish speculative product!
Congress and the President need to get on the job with this issue. Legislation should be passed protecting our economy from this unstable product. Banks that are backed by the FDIC should only be able to hold enough of the cryptocurrencies to conduct business; 401 K plans and pension plans should be banned from investing in cryptocurrencies; the law should make businesses liable to their stockholders for significant drops in the company's share value over hits on these cryptocurrencies values especially when the cryptocurrency falls in value over thirty percent in a three month period and fifty percent over a one year period and the law should allow claw backs on bonuses and stock issuances for top executives when these executives buy more of these cryptocurrencies then is necessary to conduct their businesses and the cryptocurrency price takes a precipitous downturn!
The legislation should ban the creation of "any" new cryptocurrencies, a currency is an asset created and backed by a sovereign central bank. This connection of a Central Bank to the asset is critical because it provides price support for the asset, a government allowing assets to enter and permeate their economy that has no price stability quality for it is the height of incompetency of a government! The American people need to recognize that these times are like the mid 1920's and cryptocurrencies are like the government back then allowing people to buy stocks on margin putting as little down as ten percent of the stock value what the American people subsequently learned is that this margin abuse stock buying eventually led to the 1929 Stock Market Crash that threw the world and America into the Great Depression! The Big question for the American people is do they act like a smart people that have foresight and eliminate this cryptocurrency cataclysmic danger before it does its harm by getting their elected officials to contain this danger through legislation restrictions on purchases and ownership of this foolish speculative product!
