Crypto down lately. Kazakhstan is in revolt, and the internet was shut down there. I read that a major percentage of bitcoin mining (financial calculations) goes on in Kazakhstan (after China drove it out).
That made me think about the risk of crypto.
Then again, if the Internet is shutdown in the US, then all bets are off, aren't they. Where does my Fidelity account go, if I can't get to it via the internet? If I go to their nearest physical office, will they be able to let me have my savings if the Internet is down? Maybe?...I'm not so sure. Will I be able to withdraw from my local bank if the Internet goes down? Again, I'm not so sure. Seems like paper cash and precious metals will be the only thing left if the Internet fails. So, I will have those, too, but I can't put all my wealth in paper cash and precious metals.
Also, crypto is just a small piece of my portfolio.
I can't help buying at the major dips. I'm sure my wife is wondering, as she sees me making multiple purchases in the day, following each dip.
That made me think about the risk of crypto.
Then again, if the Internet is shutdown in the US, then all bets are off, aren't they. Where does my Fidelity account go, if I can't get to it via the internet? If I go to their nearest physical office, will they be able to let me have my savings if the Internet is down? Maybe?...I'm not so sure. Will I be able to withdraw from my local bank if the Internet goes down? Again, I'm not so sure. Seems like paper cash and precious metals will be the only thing left if the Internet fails. So, I will have those, too, but I can't put all my wealth in paper cash and precious metals.
Also, crypto is just a small piece of my portfolio.
I can't help buying at the major dips. I'm sure my wife is wondering, as she sees me making multiple purchases in the day, following each dip.