{"id":16232,"date":"2022-10-12T07:26:16","date_gmt":"2022-10-12T07:26:16","guid":{"rendered":"https:\/\/www.icebreakerexecutive.com\/?p=16232"},"modified":"2022-10-12T07:26:16","modified_gmt":"2022-10-12T07:26:16","slug":"what-is-crypto-bob-seeman","status":"publish","type":"post","link":"https:\/\/winningthinking.co.uk\/?p=16232","title":{"rendered":"What is crypto? Bob Seeman"},"content":{"rendered":"

“A cryptocurrency cannot be an asset since it has no cash flow and virtually no utility.<\/p>\n

A cryptocurrency is an accounting entry for a non-existent asset.<\/p>\n

Therefore, building a system of other digital assets that are backed \u2013 in any way \u2013 by cryptocurrency is inherently unstable.<\/p>\n

It is central to the mission of the Financial Stability Board to ignore crypto industry lobbying and to explicitly recognize the fundamental fact that cryptocurrencies are not assets. Including cryptocurrencies in the definition of \u201cdigital-asset\u201d is wholly misleading.<\/p>\n

Instead, in reality, cryptocurrency trading is simply unlicensed gambling.<\/p>\n

A trading profit for a person depends entirely on the decisions of other people regarding the price at which those other people will buy the cryptocurrency from the person.<\/p>\n

There is no objective way to value cryptocurrency such as there is with stocks \u2013 since cryptocurrency has no cash flow and virtually no utility. Unlike stock trading, cryptocurrency trading is a zero-sum game.<\/p>\n

In practice, cryptocurrency does not have utility as money, is not a store of value, nor is a hedge against inflation. There are many reasons for this lack of utility, most importantly the volatile prices.<\/p>\n

Cryptocurrency trading is, in practice, a game of chance that is similar to betting on horse racing where the odds are set by how other people decide that the horse race will end. Trading success at cryptocurrency is, similarly, entirely dependent (absent illegal market manipulation) on the decisions of others. Trading success has nothing to do with any inherent value of cryptocurrency since cryptocurrency has virtually no inherent value as it has no cash flow and virtually no utility.<\/p>\n

Cryptocurrency miners are the technical operators of a cryptocurrency network and the exchanges are the casino.<\/p>\n

Since it is a gambling game, cryptocurrency trading can and should be regulated by enforcing gambling laws against the cryptocurrency miners and exchanges.”<\/p>\n

Further detail on these points are found in my book, \u201cThe Coinmen\u201d, available on Amazon:\u00a0https:\/\/lnkd.in\/gWypmnHM<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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