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Everything You Need to Know About Crypto (Spoiler - it's a scam) [1]

['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']

Date: 2025-02-01

Cryptocurrency is just issuing bearer IOU's for....whatever. Could be dollars, but usually it's absolutely nothing - think, stale M&M's. There's this tendency to get distracted by the whole blockchain thing, but that's just a system for verifying the authenticity of the IOU's. At the end of the day, all the IOU's get you are stale M&M's.

And unlike actual money, nobody is required to accept crypto as payment because it's not legal tender, until Musk and Trump et al declare it to be, at which point I'll have to assess my career options (I'm a bank examiner)

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