It’s 10:00 p.m. — Do You Know Where Your Crypto Is?
A scary list of things we want to know, but don’t
The main virtue of the technology underpinning crypto is its transparency. The decentralized public ledger that records blockchain transactions is secure because it is immutable and public.
How ironic, then, that lack of transparency is also the greatest risk associated with cryptocurrency and its promoters.
WARNING: Read no further if you have crypto investments and want to sleep soundly at night!
What we don’t know
Not all crypto exchanges will fail. Not all exchange operators are amateurs operating with loose internal controls.
Not all tokens are worthless. Not all cryptocurrency creators are criminals running fraudulent enterprises.
However, looking at past technology and investment bubbles, we can safely predict that (1) most exchanges will fail, and (2) the large majority of tokens are worthless.
We simply don’t know which ones are which.
What we can’t be sure of
“Bitcoin is pretty likely OK,” you might be thinking. At least in the sense that it is not a worthless token created by fraudsters looking for a quick…
