Head of BoE on Crypto, and how I see it

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I just read an article on The Guardian, it is also on most other British daily newspapers about Andrew Bailey's, head of the Bank of England, thoughts on cryptocurrency. The article is quite lengthy but what I got out of it is the following:

  • Crypto has no intrinsic value
  • Crypto's value is extrinsic, people put money in it as they would in a curio.
  • The Bank of England is working on its own digital currency

Ok, let's look at Crypto has no intrinsic value, well this is true, like all things that have no real life use like food, clothing, homes, better said essentials Crypto also only has the value its users or holders give to it, and this value can and will go up or down depending on the public mood, fiat also works more or less like this only it has become more generalized and as government's need it, it has its value more or less constrained by the government. We can clearly see this with the Russian Ruble, according to monetary policy it should be rubble by now, instead it is flourishing because the Russian government wants it so. The same happens with any fiat, so in reality Crypto's value has a better foundation than fiat, people decide its value, not governments.

Now its value is extrinsic, people hoard it as a novelty with the greedy ones trying to make a fast buck in, what, to bankers is just a Ponzi or maybe a Pyramid scheme. But I can also counter that, the value of anything just reflects how much that thing is wanted, example a Picasso painting is worth millions because it is a Picasso not because there aren't better painters around. People don't put money into Crypto because they think it is a novelty, they put it in because they see a promising future in Crypto. So extrinsic value or not, we again have the fact that what backs Crypto is faith in its future.

Now the Bank of England is working on its own digital money, as are most Central Banks in the World, so bankers actually see the utility of Crypto but just don't like the fact that they can't control it.

I believe in the future of Crypto, of course there will be changes to improve it, but the one thing I do hope is that it never gets to be controlled by governments, yes, Crypto is not perfect and I don't like whales controlling so much of it, but in the end Crypto is also a dream, a dream of us regular folks being able to control our financial lives without external interference.

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5 years this has been happening to me, it started here, around people that are still here. Homeland security has done nothing at all, they are not here to protect us. Dont we pay them to stop shit like this? The NSA, CIA, FBI, Police and our Government has done nothing. Just like they did with the Havana Syndrome, nothing. Patriot Act my ass. The American government is completely incompetent. The NSA should be taken over by the military and contained Immediately for investigation. I bet we can get to the sources of V2K and RNM then. https://peakd.com/gangstalking/@acousticpulses/electronic-terrorism-and-gaslighting--if-you-downvote-this-post-you-are-part-of-the-problem

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