{"id":73497,"date":"2022-06-25T02:15:26","date_gmt":"2022-06-25T09:15:26","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=73497"},"modified":"2025-04-25T16:30:34","modified_gmt":"2025-04-25T23:30:34","slug":"black-coffee-25-june-2022","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id73497-black-coffee-25-june-2022.html","title":{"rendered":"Black Coffee: Digital Castles in the Air"},"content":{"rendered":"

\"\"It’s time to sit back, relax and enjoy a little joe …<\/em><\/p>\n

Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance.<\/p>\n

I hope everybody had a wonderful week. And with that, let’s get right to this week’s commentary, shall we?<\/p>\n

The hustler knew that all people ever wanted in the world was what they couldn’t have, and what they had already lost.<\/em><\/p><\/blockquote>\n

— Stuart Stromin, Wild Cards<\/em><\/strong><\/p>\n

Credits and Debits<\/strong><\/p>\n

Debit:<\/strong><\/span> Did you see this? The crypto universe is imploding<\/a>, with the crypto crashes occurring at an ever-accelerating pace. How bad is it? Well … bitcoin has plunged more than 70% over the last seven months, while other crypto “assets” like ethereum and dogecoin have fared even worse. Meanwhile, a so-called digital “stable” coin known as TerraUSD essentially became worthless last month, wiping out the life savings of many investors. And those aren’t the only only failures in the crypto space<\/a> – as crypto investors with the Three Arrows Crypto (3AC) fund, and the Babel Finance crypto exchange will tell you.<\/p>\n

\"\"<\/p>\n

Credit:<\/strong><\/span> Despite the claims of cryptocurrency proponents, macro analyst Bill Holter wonders how bitcoin, or “anything else that has moved 45% in seven days can ever be used as a currency? And even if you don’t<\/strong><\/em> believe that cryptocurrencies are ‘digital air’ with no intrinsic value, then you still have to worry<\/a> about the sanctity of the crypto exchanges.” The reality is, most people holding crypto are vulnerable to being blindsided by counterparty risk. Speaking of which …<\/p>\n