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e-Letters: May 10, 2022

From the April 15 Numismatic News E-Newsletter

Is cryptocurrency here to stay? Why or why not?

Yes, it will survive; however, with significant fluctuations in valuation, it will not be generally accepted in the marketplace for years to come.

Steve Cheaney
Address withheld

Don’t fall for this B.S. Like any other scam of the past, those who get in on the ground floor make the cash – then the rug is pulled and you lose! All cryptos are controlled, and all governments have back doors to them. They are not safe.

Michael Javick
Address withheld

First question: Yes, and it might be worth it to supplement the question with: Have you held any cryptocurrency? Do you still hold some?

Second question: The why question is similar to questions asked about the internet, e-commerce and the dot-com bubble.

The internet and these other aspects will persist and expand while the scammers, hucksters or misguided efforts will not succeed.

The underlying technology, the Blockchain, is already proven, and when the second generation of cryptos were developed (i.e. Ethereum, that applied programming language to the Blockchain) to facilitate the creation of smart contracts, the corresponding surrounding need for added functionality was stimulated.

The next-gen of DeFi (or decentralized finance) is on a path for expanded usage.

Dave L.
Minneapolis, Minn.

It will probably be around. As P.T. Barnum said, there’s a sucker born every minute.

Frank Pipolo
South Plainfield, N.J.

That is a question for the ages. I don’t know, maybe someone smarter than me can tell me. My questions are: What is it? What is it made of? Who controls it? What backs it? Where are all those funds invested? Does it pay dividends? What makes it so expensive? Where does the share go if a person forgets their password?

If one buys a product using Bitcoin, will a person get their money back if they don’t like the product, and will it be in Bitcoin or U.S. dollars ? If a person buys stock, there is a company behind it producing products. Gold, silver and other metals are used in industry; where is Bitcoin used? Is it a Ponzi scheme? Obviously not, it trades on the New York Stock Exchange and there are rules and regulations that must be followed.

I don’t know, enlighten me. Help!

Ted Maroulis
Norfolk, Va.

I really don’t know anything about crypto and don’t care to know. It seems bogus to me!

Frank Calmes
Address withheld