I'm in Munger's camp on bitcoin and cryptocurrencies. The space is full of fraudsters and the gullible. Both sides don't understand finance let alone currency. Classic case of blind leading the blind. Its hilarious when people compare this to the internet. Internet became useful first (email, websites) and the mania followed. Bitcoin/Crypto has no real use case for almost a decade and a half other than drug dealers or desperate third world citizens trying to transfer money into guess what US dollars.
What's funny is that the crypto industry complaining that US is trying to cut them off from the banking aka "off chain ramp". What an injustice that these believers can't convert their "real" currency into fiat !! Hopefully a bank or two goes down due to crypto and we'll stop this idiocy from spreading into other sectors.
