IRS WARNS:
STEVE FORBES: What they call cryptocurrencies – I like “alternative
Your Identity is “Already in the Hands of Criminals”
currencies” better – is a high-tech cry for help. And what they have not mastered yet, even though people are turning to them, is getting stability for these currencies. You would never take on a lease with bitcoin. You’d never do a debt instrument with a bitcoin. So four and a half years ago, if you’d taken out a mortgage on your house, say $350,000, but did it in bitcoin instead of the dollar, you’d owe the bank today about $25 million to $30 million. You’d have steak one week, dog food the next, filet the week after. They have to master the stability part. When one of these things does master stability, whether it’s to the dollar, or, better yet, to gold, you’re going to have something that people are going to turn to. And that’s one reason why governments are becoming extremely hostile to cryptocurrencies: They don’t control them. And we must not forget, government did not invent money. It was invented by people in the marketplace looking for a way to make it easier to buy and sell with each other.
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