Well hello my grandson Louis, smart kid by the way, asked me about cryptocurrency and I decided to give it a bit more thought than I had in the past so here we go. So the question is should we use cryptocurrency? Well look let me begin by saying that I would never personally consider investing in anything of this complexity or novelty, simply because I just don't thoroughly understand it. If I did it might be different but at the moment I don't. Anyone who does so invest without all that knowledge is simply being naive and far more likely to get scammed by the way by those who really aren't talking about it. But of course the Red Loser would argue that cryptocurrencies represent the future and that the eventual transition to them is inevitable. Having said that I'll now go on to address the arguments. First of all what about those who say yes, yes we should embrace cryptocurrencies. They will eventually take over the world. Well first of all we're all using virtual currency anyway and we have been for many years. I mean I get all of my various sources of income by transfer into a bank account and virtually all of my expenditures are made with debit cards. This is virtual money. I rarely see any currency coins or anything like that. Also cryptocurrency is more secure because of the nature of the technology. Always assuming by the way that it works as well as it's claimed. To anyone says that it is not secure I would ask why my bank goes to such huge trouble to warn me about scams and makes me go through about four different securities depths before I can even look at my account balance. I suspect deep down that my bank account is probably less secure than a good virtual set up. That's quite a revolution right? And the virtual world of which cryptocurrency is a part is something being heavily pursued and invested in by the big tech companies in the name of the metaverse. It's all coming. They're serious about it. That's simply becoming the way of the world. Crypto currency is legal tender. It's just a logical example of that and an and an extension of the use of the virtual technology that is now becoming so dazzling and so effective and it seems to be working so well. And to those who would say that we should not use a virtual currency because it's abstract. It's not backed by anything real. It's just out there in the ether. I would say all the world's currencies are like that as well. Years ago many currencies were backed with corresponding amounts of gold. None are now a switzerland. I think it was the last country to go off the gold standard in the ages of music. So we're all in the same boat really. And to those who would say that you shouldn't consider using crypto currencies as a mainstream form of legal tender because it's the refuge of criminals and money launders. I would suggest you look at the way swiss banks still hide the money for criminals and also look at the number of crooked banks in every country including England. Our biggest bank is just constantly being caught behaving badly in this regard. Traditional banking arrangements cannot hold their heads very high in this regard either. So when conclusion my argument in favor of crypto currency would be that it will triumph over traditional legal tender simply because it represents the future and is supported by modern technology. Not ancient tribal customs like trading food for beads or by the reliability and probity of traditional banks or the dubious promise of national central banks. Hey look, embrace the 21st century and everything that is going on. It's all change and we might just as well get used to it and crypto currency is just one more good example. Well how about those who are dubious frightened, skeptical, who say no we should not embrace crypto currency. We should stay away from it. Well they would say look this is crazy stuff. It's a voodoo economics. It reminds me of Bernie Madoff's promises of Ponzi schemes. The famous tulip craze a couple of centuries ago even the famous South Sea bubble. The promise of making something out and nothing always turns out badly. Grow up and recognize that and protect yourself with that kind of knowledge. The fact that so many criminals are using crypto currencies to move their ill-gutt and gains around tells you right away that this is an area that you should avoid like the plague. Not only do they move their money around but they'll figure out how to move yours out of your account as well. So be sensible and stay away. This is a dangerous area. It's one that hasn't been proven. It's only just getting started and you would be well advised to forget about it. Well that's a pretty somber and pessimistic view of the whole situation. What's my take on it? Well my take is similarly kind of negative and it's modest about my own ability. Virtual currencies may well take over the world and become legal tender everywhere. But a bit further down the road. However I don't want to be one of the pioneers because I don't really understand it and it would be full hearty of me to pretend that I do so I'm just going to hang back and wait and it's just that you do so too. Well thanks a lot. I imagine most of you will probably agree with that but in any case if you do please do the usual like subscribe, comment, notify and I'll see you at the next one. Thanks a lot. Bye bye.