[Narrator] - *in Morgan Freeman's voice* We've all been there. Sitting next to some stranger when inevitably somehow crypto is brought up. You hold your breath, waiting to read their body language when all of the sudden you realize... You've got a crypto skeptic on your hands...
[Crypto Cynic] - Can you believe how some people choose to waste their money?
[Crypto Enthusiast] - What, you mean crypto?
[Crypto Cynic] - Yeah. Bitcoin, Doggy Coin or whatever. To think that someone will pay actual cash for fake game currency just blows my mind.
[Crypto Enthusiast] - Well, I think its a bit more nuanced than that.
[Crypto Cynic] - Oh? Wait, do you own cryptocurrencies?
[Crypto Enthusiast] - I do actually. Not the Doggy Coin you mentioned but Bitcoin and a few others.
[Crypto Cynic] - *stares judgingly* But why? You can't spend it anywhere. The Government is guaranteed to ban it. No one even knows who created it! I heard from a pretty reliable source that it was probably the CIA though.. Or possibly Russia.
[Narrator] - Ah the trifecta. Uninformed points, False definitive statements and bombastic beliefs absent of any rational.
[Crypto Enthusiast] - Whew, there's a lot to unpack there. You actually can spend many cryptos all over. Some governments have banned it, but they are the same ones that have banned Google, video games and jasmine flowers. As for the CIA or Russia creating Bitcoin, There is zero evidence of that.
[Crypto Cynic] - Exactly like they'd want!
[Crypto Enthusiast] - ..Can't argue with that. So if you don't invest in cryptocurrency, where do you put your money?
[Crypto Cynic] - HA! Right there in my savings account. Should be able to retire by the time I hit 75. Although I do play the Power Ball Lottery so hopefully I'll be blessed with an early retirement!
[Crypto Enthusiast] - *gonna ignore the lottery comment for now..* So you just save your money huh? Not worried about these rising prices and inflation eating away your cash?
[Crypto Cynic] - You act like its some money eating monster
[Crypto Enthusiast] - It basically is.
[Crypto Cynic] - How so.
[Crypto Enthusiast] - Inflation means the amount of money buying the same goods is growing larger and larger every year.
[Crypto Cynic] - And, more money to be made.
[Crypto Enthusiast] - Not quite. More money to compete with. Pretend you and I each had $1 million dollars and between us we had all the money in the world. Everyone else was broke and needed money. If we were to buy premium New York City real estate, we could each buy just about any property we wanted for very little money because you and I are the only ones that make up the demand. There are far more properties than buyers so sellers have to lower prices to entice us to buy theirs. Now pretend we still had $1 million each and 10,000 other people also had $1 million each who also wanted to buy New York City real estate. More money is trying to buy the same property so the sellers are able to raise prices because they have a higher demand and more money trying to buy the same properties. If your cash just sits in the bank, it loses more and more purchasing power every day because every year more money is created by the government which will be competing to buy the same products. By printing money, the government is stealing away what your future self will be able to afford.
[Narrator] - It was at that moment, you could see a flicker in the skeptics eye, trying to process but couldn't quite get there.
[Crypto Enthusiast] - Bitcoin was initially created in response to this economic model based on inflation or theft. Look, cryptocurrencies are complicated and many of them are scams or at least bad investments. Before you write off the entire space though, I would try to learn more about it and start with Bitcoin and what positive impact a transparent immutable open source financial protocol could do for society as a whole before making a strong judgement.
[Crypto Cynic] - ...Nah, I'm gonna focus on picking the right Power Ball numbers. I've been watching the way them ping pong balls shoot through the tubes and I think I figured out the trick to picking the next winners.
[Crypto Enthusiast] - ...👍
And scene! That's a wrap.
Moral of the story, its ok to not have an opinion on something until you have sufficient understanding of the topic.
Jumping to an uninformed opinion only limits your capacity to learn and develop an intelligent perspective.
Be the skeptic that ponders, not the cynic that dismisses.