About the significance of currencies, banking behaviour, crypto history, trading and recent developments, all in everyday language.

Dash Projects and Escrow

By | South Africa, Tom | No Comments

This is a slightly technical subject to satisfy readers of a curious bent. Dash Projects refers to the activity of individual members of the Dash community, or defined groups of members, to generally improve the public profile of Dash, ultimately the level of investment in Dash. Such activity always costs time and money which is then reimbursed from the Dash Treasury using the 10% retention of all Dash mined.

Projects are created through the submission of proposals to the MNO’s who vote on the credibility and suitability of the proposals. Those approved are then granted funding in accordance with the proposed budget. The only flaw in the process is that the MNO’s are unable to interrogate the proposal owners as to their credentials or bona fides and, therefore, the process is open to outright fraud.

The danger of fraudsters to Dash projects is the more so in Africa where some regional cultures have virtually industrialised fraud. This means that Africa is unlikely to gain approval for large, expensive projects, for fear of Dash being ripped off again by characters who simply disappear with the funds granted to them. So, in order to provide the genuine project proposers with a decent chance of having good proposals approved by the MNO’s, the “escrow” process has been created..

“Escrow” generally applies to special trust accounts created for legal purposes, usually administered by an attorney, in order to facilitate the transfer of funds between parties who do not trust one another but trust the attorney, even if modern attorneys are of questionable trustworthiness. Large African projects, would be submitted “subject to escrow”, the project funds (if granted) being held by in by a trusted party on behalf of Dash until satisfied that project milestones have been achieved. The funds are then transferred in accordance with proven progress.

Several escrow providers within the Dash community, can be used by Dash as “honest brokers” due to their proven reputation of dealings with Dash, reputation built at personal cost and far too valuable to lose. Of course, any project proposal submitted as subject to escrow would be subject to an administration fee payable to the escrow broker, a small price to pay to ensure that the growth of Dash is not hindered by any lack of credibility in imaginative and industrious proposers.

This might appear to be highly bureaucratic but it does ensure continuity in the project pipeline. It also provides proposal owners with reasonable insurance against summary dismissal of a good proposal and consequent loss of the Proposal Fee. It must be emphasised that the escrow process does not affect small projects (total budgets not exceeding Dash10-20 and submitted to Dash Boost).

Of course, the tendency would be for escrow brokers to be lax in checking real project completion before making over payments, such that they remain popular with proposal owners but the brokers must be aware that their reputation rests with the wider Dash community. It would only be healthy for all concerned if escrow were to be treated with reasonable rigour and could lead to brokers being able to offer forward cover to protect proposals against Dash volatility. And forward cover remains a subject to be addressed at a later date.

Tom Rogers

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The Enigma That Is John Reed

By | John Reed, South Africa, Tom | No Comments

As John Reed has carried out a defamatory campaign against DashingDude in particular, and Dash Africa in general, we are forced to defend ourselves, if only by relating John’s background as best as we can establish it. Then we must leave it to the Dash community to judge the credibility of John’s claims.

Both Roger Toms and Ricado Phillips have known John Reed for 15+ years, largely because John has, for much of his adult life, carried himself off as a community activist, generally for the impoverished Hangberg community. He concentrated on correcting the injustices perpetrated against the artisanal fisher folk, also on promoting the interests of the Khoi-San community of which John regarded himself a member while his credentials for such membership are dubious. Over these years he generally appeared to have no gainful employment, certainly not for any long period, but Roger regarded this as a case of “ask no questions, told no lies”!

Because of his influence within the poorer communities we regarded John as an ideal ambassador to promote Dash in those communities. At roughly the same time the opportunity with Ricardo’s kids’ football club arose, out of which we created the Dash Leopards, a community project with strong potential for national and international Dash publicity. John attached himself to the project using his old friendship with Ricardo and then the wheels slowly came off. Despite having been well-schooled by Roger, John did not create a business plan and budget for the Leopards but helped commit the club to disastrously expensive “fund-raiser” events.

John registered the Dash Leopards as a non-profit organisation and inserted himself as one of 3 directors, also as the manager with signing rights on the club’s finances. He then employed an administrator, albeit with the tacit approval of DashingDude who, although a significant club benefactor, had no real influence in the matter. Thereafter, the club’s precarious finances went into disarray, to what degree is still under investigation. What we know for certain is that much of the publicity equipment, paid for under Dash projects, was not delivered as final payments were not made to the suppliers.

As for John borrowing money in order to finance the club’s commitment to the Amsterdam Easter tournament, we can see absolutely no merit to this claim. Otherwise, why did the club fail to be represented at Amsterdam? That failure was more down to the ruinous losses made by the so-called fund-raising events: irrespective, it was certainly no fault of DashingDude and Dash in general.

John also inveigled our friend, Marcos Rodriguez-Pascal, into extending the Amsterdam trip to include a visit Barcelona: this came at the considerable personal cost of time and money for both Marcos and his friends in Barcelona. The cancellation of the trip was made without warning or apology, a simply appalling failure on the part of John Reed.

The immediate action being taken is to replace John Reed as a club director while establishing the approximate amount of club funds which has gone astray, presumably at John’s hand. At the same time we will use our best efforts to establish a stable club administration, to eliminate losses and facilitate proper planning. That will ensure the future of the Dash Leopards and allow Dash to maximise benefit from the investment already made in the club.

Tom Rogers, for DashingDude and Ricardo Phillips

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The Balloon Went Up, And Then Down

By | South Africa, Tom | No Comments

The expression of “the balloon going up” generally refers to a serious warning of impending danger. The balloon certainly went up in January of this year as far as cryptocurrency is concerned, also in respect of the health of this scribe: a series of afflictions deprived of the mental space within which to write constructive commentary. Now that the dust has settled on January’s precipitous rise, and fall, of most cryptos, and normal health has been re-established, we are able to throw a little light on the event.

All the world’s pundits referred to the roughly 200% rise in crypto values as a classic bubble, referring to the infamous “South Sea Bubble” of centuries ago, with some still insisting that they were right in classifying crypto investment as a Ponzi scheme. The latter does not dignify any comment while the South Sea Bubble is well explained as sheer craziness by Wikipedia, almost as daft as the infamous black tulip affair. Rather we should define the event as “ballooning”, the precise cause of which will probably never be known, maybe investment and withdrawal of massive underworld funds. Who knows with any degree of certainty?

It is worthwhile to question why the rise was so high and very rapid. Generally, investors are very happy to see a “profit” of a few percent per month and more than 50% annually is regarded as a “windfall”, luck never to be repeated. In this case the rise totally defied the overall trend for mature crypto currencies and, now the balloon has deflated, the trends have largely returned to those of late 2017.

One explanation doing the rounds is that the instrument responsible for the balloon phenomenon was a currency known as “Tether”, given this moniker because its value is tethered to the US$. The suspicion is that Tether was used somehow by crypto investors to leverage their funds, but this would infer that many $billions worth of Tether had been made available while the leveraging mechanism is far from obvious. Superficial research on Tether reveals that it is merely another crypto currency which, late in 2017, had a market capitalisation to rank it as No.15: how a “minor” crypto currency can be used as a lever on the multi $billions-worth of all the major cryptos remains to be explained.

There is also no explanation as to why the value of Tether, as a crypto currency itself, should be tied to the US$. What is its function in life? What we do know is that Tether is owned by a US corporation which has been unable to submit audited financials up to the end of last year. The conspiracy theorists would have it that Tether is secretly backed by a major bank, as a means of invading the crypto business which is perceived as an eventual threat to the banking system and/or fiat currencies.

If this leaves us all as still mystified maybe we should take comfort in the fact that the Governor of the South African Reserve Bank recently displayed himself as being woefully ignorant of anything to do with crypto currencies. He might not be the brightest tool in the shed of controllers of fiat currencies but surely he owes it to himself and his country to educate himself on the basics of an international phenomenon which cannot be ignored.

Tom Rogers

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The Big Bang and Other Theories!

By | South Africa, Tom | No Comments

Big Bang – The past year will become known as the year in which cryptocurrencies damn near exploded or, at least, came into the public domain in a big way.  The year-end has seen Wall Street’s approval of the blockchain as an effective and efficient management tool, as well as the arrival of the first crypto futures market: crypto is finally entering mainstream rather than being an instrument of esoteric investment.

Whether 2017 was itself the Big Bang or merely the onset of a super nova event remains to be seen, but the indications are that the financial institutions can no longer ignore the investment potential of cryptocurrencies. While many of the financial pundits continue to talk down crypto, variously as wild speculation, a bubble, or as a Ponzi scheme, a few respected commentators are warning that the world only ignores crypto at its own peril, with total market capitalisation exceeding the GDP of some significant countries. Dawie Roodt, of S. Africa’s Efficiency Group, recently warned that the banks appear to follow the crowd of non-believers and that crypto in general is now too large to ignore while, at least, the leading brands provide examples of solid fiscal management.

This is against the backdrop of the stupendous meltdown of Steinhoff International, a massive retail conglomerate created out of S. Africa: as a result of apparent fraudulent manipulations, the enterprise lost around 90% of its stock market value in a couple of days, taking with it a significant chunk of value from supposedly inviolable national pension funds. At no time has any of the leading cryptocurrencies performed in such a manner as the opportunity for misleading the investor does not exist. What you see is what you get and the value of investment is only governed by supply and demand.

Another backdrop slowly descending onto the stage is that of the Chinese already having a youth culture in which payments are made by cellphones/mobiles, thus bypassing the banking system which is reliant on simple cash flow “over the counter” for profitability. Roodt’s warning on the banks’ ignoring of growth in crypto then becomes all the more significant, with increasing amounts of investment also bypassing the banks to go into crypto. Banks then become increasingly redundant as they provide declining service to fewer customers, thus they will logically fold, collapsing into whence they came not too long ago: bankruptcy will return to its original meaning!

However, the most resounding echoes of the Big Bang concern the inherent privacy of dealings in crypto. No transaction in Dash, for example, is visible to the tax authorities of any country which means that, eventually, as fiat currencies disappear, there will be no tax collection. The logical implication of zero taxes is the inability of any government to govern as it could pay for nothing. It’s all very well not having money to pay for armed forces but public infrastructure becomes unsupportable. Maybe that is another problem for another day: in the meantime, we should sit back, invest in Dash, and watch the universal fireworks display. Are there any seats left at the Restaurant at the End of the Universe?

Tom Rogers

(with apologies to Chuck Lorré and Douglas Adams)

Down the Rabbit Hole

By | Tom | No Comments

We seem to live in an era in which the future is only bounded by our imaginations. The illusory rabbit hole was created by Lewis Carroll who was reputed to have a predilection for hallucinatory substances to expand his thought processes. And Carroll’s rabbit much later achieved infamy courtesy of an unforgettable note sung by Grace Slick, formerly of The Great Society which eventually morphed into Starship: Grace never revealed what substance was used to induce the incredible note! Whatever, we would prefer to trip into an imaginary world without pharmaceutical assistance.

Our trip starts with the very sober and real world of Dash Africa which promotes cryptocurrency into the African continent. That promotion is premised on Africa generally being ignorant of the implications of adopting crypto, either as a saving/investment vehicle or as a means of day-to-day transacting. However, no matter how attractive, the latter is simply implausible without a significant supply of currency in circulation.

It would appear that the only means of achieving crypto circulation is to first gain its uptake for saving/investment by established “institutions” which, periodically, must disinvest, to one extent or another, in order to distribute profit to their members. Unfortunately, that profit only exists in one fiat or another. The upside is that the disinvestment facilitates the entry of new players into the crypto universe by buying up the divested funds. Then our problem is that those players again retain funds rather than use them to buy goods and services from crypto-enabled vendors, still rather rare animals.

The route to the rabbit hole would, thus, appear to be dominated by a need to persuade of the power of investment in Bitcoin and its peers, irrespective of brand or “fork”. The troublesome aspect is that the investment only has potency by virtue of its exponential increase in value in terms of fiat, while the ultimate aim must be to supplant fiat, and everything that rides with it.

And so the rabbit hole comes into view, the point at which crypto is no longer solely an investment but a principal means of transacting, replacing the mega tons of paper fiat which only have value by way of enormous leaps of faith and/or lack of a credible alternative. At that time the “value” of a Bitcoin will be measured in millions of any fiat which will have become pretty much meaningless relative to the collective financial power of cryptocurrency.

As we dive into our rabbit hole another world appears, one which is no longer controlled by the banking fraternity, stock markets, and the unending demand for “economic” growth. Central governments, as we know them, disappear as they can no longer rely on taxation for financing of many useless pursuits, such as making war, providing aid to unsustainable populations, and featherbedding the criminal community. Of course, the banking industry, and everything dependent on it, also does a vanishing act: that involves an enormous slice of the world’s so-called economy, and it calls into clear focus the sustainability of the world’s population, irrespective of its rapacious consumption of the planet on which it lives.

The world’s wealth, and the sustainable means of increasing it, becomes concentrated in the hands of the relatively few financial free-thinkers who no longer believe in the traditional regime of servitude to thoroughly corrupted politicians and bankers. The free-thinkers can hardly do worse than the luminaries who participated in Madoff’s outrageous Ponzi scheme. And the Mad Hatter was probably a better bet than the Queen of Hearts!

The Governance Issue – Bitcoin in Zimbabwe

By | South Africa, Tom, Zimbabwe | No Comments


Governance is the hot topic in Africa, the continent of never-ending coups and presidents for life, that is until life comes to a sticky end as the victim of the next coup. The long-suffering Zimbabweans have had enough of a nightmarish future featuring a Mugabe dynasty and effectively deposed the dictator before his wife could grab the reins of power. At least, so far, the military coup has been without any loss of life and a semblance of civility continues, to what eventual end no one can guess.

In observing the Zimbabwean shenanigans it could not escape notice that some of our wealthier cousins north of the Limpopo (Kipling’sgreat grey-green greasy”) river immediately ran for financial cover when the army appeared on the streets of Harare. This meant going online to their cryptocurrency exchange and buying Bitcoin in large amounts, to the extent that the local value of Bitcoin increased to more than double its global value in USD.


It’s a reasonable question as to why the local “value” of an internationally traded commodity should exceed the going price by such a margin. One can only assume that the exchange found itself short of supply of Bitcoin while demand continued to rise, and the basic law or markets governed while the exchange couldn’t complain about massive profit margins. If nothing else, it’s a salutary lesson in the outcomes of panic as, once the dust settles, the purchasers of high-priced Bitcoin would find themselves holding an asset valued at the much lower global price, that is unless they have the patience to let the general value trend catch up.


All that brings us to the matter of Bitcoin’s own governance, in which a major difference of opinion caused the “fork” of the currency into the parent and Bitcoin Cash, with the original Bitcoin presently trading at over $7000 and Bitcoin Cash at around $1200, Since then another “fork” has occurred and Bitcoin Gold has appeared. All this revolved around Bitcoin’s speed of transaction, relatively slow and throttled by the capacity of the block in Bitcoin’s block chain. The latest instability in Bitcoin’s governance caused a major loss in value, which translated into a healthy rise in the value of Dash.

Meanwhile, from the safety of the sidelines, the Dash community observed Bitcoin’s internal struggles and was determined that the same would not happen to Dash. Using its consensual governance, a major project was launched to upgrade the Dash block chain’s software to prevent the Bitcoin phenomenon affecting Dash. This was promptly implemented and the stability of Dash was ensured for the foreseeable future.

Our point is that healthy governance is the core to any successful undertaking, irrespective of whether a country or a cryptocurrency. Since its outset Dash has had democracy as the foundation of its community and is governed by consensus as far as that is practicable; so far, the “fork” remains in the domain of those who cannot achieve communal agreement. Maybe, the next time a coup threatens, the Zimbabweans will buy Dash instead, better still, be invested in it as a way of life.

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Lateral thinking: The Dash South Africa Leopards

By | South Africa, Tom | No Comments

The Dash Leopards story is about lateral thinking! The average definition might be “a sideways mental process”, but that imitates a crab’s approach to progress. We prefer to use lateral thinking to create alternative approaches to achieving a target; in this case achievement of a significant profile for Dash in Africa.

Hout Bay, just south of Cape Town, is a patchwork of communities of varied origins, colours, abilities, and means, and the poorer fishing community of the Hangberg (immediately above the harbour) have created a very successful kids football team, largely because of the care taken by the coaching team who supervise the kids after school, keeping them safe and making sure that their homework is completed. The team was invited to an international tournament in Amsterdam, Holland, but the registration fee of €560 was beyond their means: yet it was raised by the Dash community in less than 24 hours.

Within a few days, Dash South Africa created branding for the team, including design of shirts for The Dash Leopards, alluding to Hout Bay’s Leopard Rock – an iconic bronze sculpture placed on a rock in the north-west corner of the bay.

The achievement of launching the Dash Leopards was quickly announced by the Dash Africa website and the news attracted the attention of other countries, interested in creating other Dash soccer teams. The popularity of the concept was then gratefully boosted by Dash Global who translated the post into four other languages, including Korean, meaning that the Dash Leopards already have a global footprint.

Within two weeks Dash Africa has transformed a plea for help into the beginnings of a global franchise with immense promotional potential for Dash. And it has the unique advantage of involving youth, who will rapidly educate their own families and friends into the world of cryptocurrency and Dash.

Tom Rogers, Hout Bay

The Cryptocurrency Universe, in Brief

By | Tom | One Comment

The cryptocurrency universe’s “Big Bang” was initiated in 2009 with the launch of Bitcoin, possibly as a reaction to the major bank failures of 2008. It only exploded around 2014, a good indication of the world’s scepticism and unwillingness to accept the principle of crypto but, by then, the creators and original investors in Bitcoin had made a goodly fortune as they had attracted a critical mass of investors for Bitcoin to be regularly traded.

The Bitcoin vision was then enhanced by a literal wave of newly launched altcoins: that wave is now almost a tsunami but, like all tsunamis, it carries with it all sorts of flotsam, some not qualifying as true crypto currencies as they do not meet the standards established by the more significant cryptos. As of July 2017 we could count around 900 cryptos of various pedigrees: the universe is, supposedly like its celestial parent, steadily expanding.

For those who want to know who’s who in the crypto zoo, Wikipedia publishes an online list of the Top 50 cryptos, classified according to their market capitisation; a term borrowed from the stock exchanges which attach a total value to a traded entity based on its share value. In the case of crypto the number of coins existing is known, together with the traded value, for each brand. Therefore, the market “cap” is easily calculated at any instant, the total for all traded cryptos being reckoned at close to $200billion at present.

The Wikipedia listing also demonstrates the extreme divergence in value of the various digital coins, from several hundred USD to a few USD cents. As the larger value coins are generally traded in part units there is need for a smaller denomination. Within Dash there is talk of the smaller coin being a “Duff”!

Over half of the total market cap is represented by the Top 5 brands, with the two branches of Bitcoin accounting for half of that value: Bitcoin “forked” into two entities during August 2017 over a major difference in governance philosophy, governance being the most significant difference between all the various crypto brands. The Top 5, in order of market cap, are:

  • Bitcoin
  • Etherium
  • Bitcoin Cash
  • Ripple
  • Dash, followed closely by Litecoin

To put it into perspective, Dash presently has a market cap of $2,5billion and is in a very healthy space, not exposed as the dominant player but still influential.

The major banks, and some central (national) banks, could not simply ignore the cryptocurrency universe as it is no longer a case of kiddies playing with a new toy in the sand box. Serious amounts of money are now involved and the growing credibility of crypto is very much at the expense of credibility of the conventional banking system, seen by many as a licence to systematically steal from the broad mass of its customers.

They are now becoming participants in the cryptocurrency universe, the Dutch central bank already having created an internal crypto in order to better understand its workings and practicalities: of the smaller currencies some are suspected to be creations of banks. However, the banking system is bogged down by conservatism and managerial inertia, largely to ensure https://dash-africa.com/the-rogers-index/that the rich get richer while broad, and rapidly reacting, democracy dominates in the cryptocurrency universe. Star Wars, anyone?

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Value in Practice

By | Tom | One Comment

Today, all values (apart from morals) known to man are established by trading, everything from iron ore to baked beans. Most of that trading occurs in the digital underworlds of the planet’s stock and commodity exchanges, even if we could liken those establishments to nothing but glorified betting shops. The exchanges are largely for punters with enormous wealth and liquidity, the latter being a term applied to the ability to convert investments into cash, otherwise into other investments, a term loosely used as it would generally apply to long-term transactions whereas many such trades are short-term, made only to profit from marginal gains.

The value, or price, of baked beans is not set by a commodity exchange but by the general public’s acceptance of a shop-keeper’s named price; if that price is consistently refused then there is no trade in baked beans and, eventually, they disappear from the shop shelves. Of course, the scenario is much different with staple food-stuffs and food riots cannot be described as trading!

In many respects crypto currencies are no different from any other “commodity” as they are all traded on a continuous basis, maybe not as easily as stocks and shares as crypto involves a specialised broker. The major difference between crypto and commodities in general is that that the historical trend in value has been upward, probably because it is rarely sold, or demand is always greater than supply. The meteoric rise in the value of Dash in August, even if that is only in fiat, can be attributed to two large purchases on the back of which some long-term investors cashed in big-time, causing trend corrections while buying continued unabated.

After it became apparent that fiat currencies are the planet’s largest confidence trick, with little underlying value, the world’s largest “restaurant” chain, McDonalds, created the “Big Mac Index”. Maybe it was a publicity stunt, now seen to have very long legs, but we have much to learn from it. The basic ingredients of a Big Mac are now largely priced globally: therefore, the selling price of a Big Mac should be much the same (in US$) around the world, apart from the costs of labour and real estate. But the Big Mac Index shows major discrepancies only attributable to inconsistencies in the relative “values” of fiat currencies, aka exchange rates, supporting the con-trick view.

So, we are forced to revert to the world’s traditional store of value, that of gold, always in rare supply and now very expensive to mine as remaining ore grades are generally low, at 2-3 grams/ton. In other words, we have to extract up to 15tons of rock from the bowels of the earth, to subject it to complex processing in order to gain an ounce of gold. This is not much different from the rigorous process of “mining” crypto, even if it involves no rock, nor regular loss of life.

Therefore, we are logically persuaded that, in order to give crypto any real value, we should state its value in terms of gold: thus, we arrived at what Dash Africa refers to as the Rogers Index, now a unique feature of the Dash Africa website. In line with modern practice, the traded values of Dash and gold are continuously tracked to arrive at a number which is the value of one Dash in grams of gold. The gram unit is used purposely, instead of ounces, in order to respect the universally metric world and to finally dump a vestige of colonialism. It also, by pure chance, produces a very meaningful Rogers Index number which will soon surpass 10.

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The Value System Part II

By | Tom | One Comment

Contrary to common perceptions, that crypto only has value to the crypto community, the process of creating the currency naturally gives it value. In addition to the investment of intellect the creative process consumes considerable electrical energy, not dissimilar to the modern mining of gold, hence the adoption of “mining” as the term used for creation of units of cryptocurrency.

Read about The Value System here.

Each unit represents a complex digital solution to a very complex algorithm, as solved by giant computing systems. And the underlying value of cryptocurrency lies in the electrical energy consumed during its creation, as measured in kWh, apart from the scarce intellect required to create the algorithms, each of which has a finite number of solutions, endowing crypto with the same property as gold, that of rarity as a distinctly finite resource.

To emphasise the point of energy consumption, one Chinese “miner” of Bitcoin was recently reported to have created his second mine, i.e. large computer system, alongside a private source of hydroelectric power such that his future energy requirements come at predictably little cost. The investment in the power station and the computer was a strong statement of faith, by a man of intellectual and financial substance, in what he had already achieved and in its future.

At the outset there was no apparent equivalence with power costs. There was also little faith in the concept of cryptocurrency and legend has it that, in the very early days of Bitcoin, a pizza, maybe two, was purchased in exchange for 10 000 Bitcoins. How the transaction took place is not part of the legend, nor is the name of the owner of the pizza parlour who, if he kept the 10 000 Bitcoin, would now be a rather wealthy man.

The rarity aspect of crypto in its value must be emphasised. The mathematical algorithms used in its creation are specifically designed to have a strictly finite number of solutions, each of which represents a single unit of cryptocurrency. Once a particular algorithm is “mined out” a new one is required, that is if the market demands that more currency be made available. What is certain is that the rarity of cryptocurrency is far more absolute than that of gold: once a gold mine is “mined out” there is still considerable gold remaining behind, and then someone, somewhere, discovers a new deposit to be mined.

At the end of the day, irrespective of other factors, value is eventually established by the tried and trusted method of trading in the market place, where the law of supply and demand controls the outcomes. Crypto is traded in a similar fashion to stocks, shares, and commodities, even if the prices of all major crypto brands tend to be very volatile: at the time of writing Dash had increased in value by 20% during one week. Volatility is typical of a market of few but very large trades and, therefore, volatility will decrease as the crypto market matures with increased participation. And, as the credibility of cryptocurrency increases, so does its value, with some investors reporting profits measured in thousands of percent over relatively short periods.

As much as the fast-growing crypto community would like otherwise, we are forced to ignore the conundrum of cryptocurrency being attributed value independent of any fiat currency, as it leads us nowhere. Maybe, one day, crypto will be valued in terms of the world’s ancient and still widely respected store of value, that of gold, but that is merely a shot in the dark. It would, indeed, be a bizarre twist of history, returning to a currency based on a gold “standard” which is what the banks rejected, not many years ago, as their unending appetite for creation of money was far outstripping the availability of gold with which to support their promissory notes which, without public faith, became worthless.

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