No , its not idiocy. There´s lots of smart smart people involved in crypto and yet they cannot fathom that if we have 2 days without power, they have a problem.
Consider this : People seriously pay for storage of their Crypto-coins on off-the-grid servers installed in old bunkers inside Switzerland , so they are protected if the world goes belly up.
………..Ok ? ……………
How do they want to access them or even use them in a bankrupt society (Iraq-style) with something like 2 hours of power each day?
This massive depedence upon high-tech infrastructure which will be the first to collapse under unrest has been impossible for me to explain to Crypto bugs.
Sure : You cannot eat neither cash nor gold but atleast cash and certainly gold has like several thousand of years of providence ********
My opinion is the following. And maybe I am wrong.
Crypto is a triple-scam :
1 scam : Crypto started as a nifty idea but developed into a scam luring people to invest money in something nerds could turn out by the thousands easily
2 scam: Crypto became so difficult to mine that a few big Coin-Whales made a killing selling coins to gullible investors and pocketed the cash : The smart people do not hold Crypto, they TRADE other peoples crypto for cash throught their sites. It is now a Pyramid-scheme
3 Scam : Crypto has grown so large and people have invested so much (borrowed) money into it, they have risked their savings, their house and their livelihood
so that IF crypto collapses it could possible be the pin that punctures the global stockmarkets.
I believe the FED and IMF is going to step in and support crypto to avoid a collapse. Now the Scam has turned Legal and the whales walk away Wealthy and clean in the eyes of the law.
This will truly be the biggest scam of them all.