Letter: Cryptocurrencies appeal to those who want to be hip and hot

A reader believes those who invest in ‘funny money’ like cryptocurrency are not using the best judgment.

Why “decentralize” the economy? Reduce the influence of central bankers? Pierre Poilievre’s promise to fire Tiff Macklem and normalize cryptocurrencies in Canada is because he sees quantitative easing as government’s ability to print money, another form of taxation.

Bitcoin owners are young males with a high income. My demographic, octogenarians, not so much.

You are reading: Letter: Cryptocurrencies appeal to those who want to be hip and hot

Once bitten, twice shy. Money is just paper or base metals with no real intrinsic value; a government promise to reward your labour in exchange for something you want.

Bitcoin uses blockchain; other cryptocurrencies don’t. Blockchain is a database mechanism allowing transparent information sharing. Data is stored in blocks linked together in a chain and is chronologically
consistent because blocks cannot be deleted nor modified without breaking the chain.

Readmore : Mayors call on Congress to protect DACA recipients

Blockchain uses a much more complex checksum algorithm than the ninth digit in a vehicle information number. Miners (modern clerks recording transactions) use significant resources and take a long time due to the complexity of the computational algorithm.

Cryptocurrencies essentially can be minted by anyone, in any amount and sold or exchanged for prices set by the market. Unfortunately, the market minting the cryptocurrency in the first place also sets the price. Does that sound something like a Ponzi scheme? Check out FTX.

Why people invest in funny money like cryptocurrencies rather than, say, stock in Postmedia, has something to do with the need to be hip and hot.

Robert Bandurka, Humboldt

Share your views

Readmore : Winning ticket sold in Altadena for record $2.04-billion Powerball jackpot

The StarPhoenix welcomes letters to the editor. Here’s what you need to know about how to write one in a way that will increase the odds it will be published.

Letters to the Editor:

• Letters should be limited to 250 words and the shorter the letter is, the better chance it has at being published.
• Letters will be edited for length and clarity.
• Include your full name, address, phone number and home community so we can verify your identity. Only your name and community will be published. We do not publish anonymous letters or allow the use of pseudonyms.
• Include the text of the letter within the body of an email, not inside an attachment.
• Open letters addressed to someone other than the editor will not be accepted and letters should be original works, sent only to the StarPhoenix. (And let us know if you also sent it to our sister paper, the Regina Leader-Post.) Letters of provincial focus may also be published in the Leader-Post. Letters may also appear online prior to their publication in the print edition.
• To allow for a diverse group of voices, we will usually only publish one letter per month from a writer.
• We give priority to letters responding to or inspired by material published by the newspaper, so let us know if you are responding to specific content.
• Send letters to: 204 Fifth Ave. N., Saskatoon, Sask., S7K 2P1
Fax: 306-657-6437
Email: [email protected]

Some letter-writing tips:

• The best letters focus on one idea or situation and express a distinct opinion about it.
• Ensure your letter is clear, fact-based and current and try to add a new viewpoint to the discussion.
• Avoid gimmicks like all caps and the overuse of dashes, parentheses, unnecessary quotation marks and exclamation points. One exclamation point per letter is plenty!
• If you are including information or statistics that are not generally known or easily verifiable, let us know where you found them so we can confirm their authenticity (you can include a note at the bottom of the letter).
• While we welcome a wide variety of views, we will not share or promote misinformation or falsehoods.

Want to know how we decide what to cover and how editorial decisions are made at the Saskatoon StarPhoenix and Regina Leader-Post? Get the weekly Letter From the Editor newsletter from the Editor in Chief Russell Wangersky and join the discussion on what goes into covering news and delivering commentary, both in print and online. Click here to subscribe.

Want to know how we decide what to cover and how editorial decisions are made at the Saskatoon StarPhoenix and Regina Leader-Post? Get the weekly Letter From the Editor newsletter from the Editor in Chief Russell Wangersky and join the discussion on what goes into covering news and delivering commentary, both in print and online. Click here to subscribe.

Related Articles

Related Posts


This will close in 0 seconds