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Comment for Public Information Collection 86 FR 27072

  • From: Charles T Kendall

    Comment No: 65840
    Date: 6/17/2021

    Comment Text:

    Hi, does the general public know what "virtual" means? What about "ether". I suppose "honesty could be an asset, but honesty is based on one's behavior and actions. An honest person is valued. What about a currency? Is it an asset? As long as it is based on something. Isn't that why some currencies have practically no value compared to the dollar, for example? What about the dollar? What value does it have and why? Is cryptocurrency really an asset? Is it a currency? Is it comparable to the dollar?

    I don't think it is comparable to any currency. I don't think it is an asset to anyone who doesn't gamble or speculate. The central bank and government forced the general public to speculate and gamble in the stock market because banks pay less than 1% interest on savings but loan it out at double digit percentages. Just about everyone figured that putting your money in a bank account was a losing proposition since real inflation outstrips a measly <1% interest. And banks that pay virtually nothing for their money use their vast wealth to invest in the stock market. Does mortgage backed bonds ring any bells?

    Even the trillions of dollars that the government is pumping into the economy is not causing much inflation because of the huge amount of debt that is being serviced.

    I expect this is the next step. Create a national crypto currency that is regulated by the SEC to give the false impression that this virtual currency is real and an asset. Hide or forget about the enormous amount of electrical energy this system consumes and its environmental footprint. The gullible public will suck up crypto currency where ever and when ever they can. The bubble will be the biggest ever and will bring down governments and cause confusion, panic, hyperinflation, and violence. Then, China or the USA will try to recreate a government currency to replace the dollar. Can you imagine how this will affect anyone on a fixed pension? A retiree, who is fit enough, can trade in their dollars for crypto, just enough in retirement savings so they can buy a used cab and operate a taxi business, like they had to do in Russia when the ruble tanked.

    History has numerous accounts of what happens when currencies are overblown or when governments print money by the trainloads. What value does a dollar have? Is it just a "virtual" currency? Is it an "asset"? How rich do the rich have to get? Is there any limit to greed?

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