Thread by @Akshat_World

There is a lot of misinformation floating around reg Cryptos, so I thought that I will create a thread and cover key points

PS: Please read this from a learning point of view. 👇👇

1. Different asset classes & assets can co-exist (eg. SGD, INR, USD are co-existing now), similarly, 'currencies' & 'cryptos' can co-exist.

Cardano need not kill Ethereum 2.0 to 'win' this race

The most likely outcome is that several asset classes will survive.

2. Let's imagine a world, where people engage 100% in cryptos. Then you'd ask: how will the govt make money via taxes if we operate only in Cryptos?

Well, you are still buying/selling/using services and products (this is taxed), so govt still makes money.

3.1 If you believe that we always need a class monitor (govt) to sit on our head and take guarantees only then our money is safe. You must understand:

(a) when governments fail, their currencies fail too -- eg. Lebanon, Zimbabwe.

3.2. (b) there have been at least a 1000 cases of blatant corruption in India, where fraudsters took 'your money' and ran away to foreign lands.

So just because something is being governed by the government, does not mean that it is being governed well.

4.1 And, hey by the way: when governments print more money, you are leaving that decision to 'print more money' to a handful of individuals-- not some holy entity.

4.2. This definitely hits you in the short-term in the form of higher prices (Worst: it hits the poor people the most; unlike us they don't even have the option of investing in the stock markets or alternate assets).

5. Who is managing Cryptos and why should we trust them.

Well you are debating between: (a) should you trust (politicians, governments) or should you trust a rule based tech network (Blockchain).

You are not trying to pick a perfect system, you are picking a better system.

6. If you think that you can't buy stuff with Cryptos.

Investors like Ray Dalio and Kevin O Leary (who initially said that Crypto is fluff) are now investing.

Firms (eg Visa) & institutional investors (eg. JP Morgan and Goldman Sachs) are engaging with Cryptos.

7. I am not saying go and invest, but at least learn about this topic fundamentally -- because like it or not, Cryptos are the biggest innovation in the current financial setup.