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The Facebook-led “Libra” is the latest entry to the cryptocurrency fad. I wonder how people continue to believe these will survive long term. The U.S. banking system has taken centuries of tweaking to get where it is. And despite the backing of at first gold, then, the full faith & credit of the U.S. Treasury, the whole system has nearly collapsed several times in our history, most notably during the Great Depression and the 2007 housing crisis. Any kind of currency that doesn’t have innate value (such as food or oil) only survives by its perception of value and the confidence of the consumer. A very select few even understand how cryptocurrencies work. Any jarring to the system that shakes the confidence of cryptocurrencies will only start a stampede to get out, similar to bank runs of old before FDIC came along. I believe the main reason these currencies continue to be promoted is because they show great potential to allow wealthy individuals to hide money, especially organized crime and drug dealers.
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