My friend Joan Waters Dunfey sent me a stanza of a Wordsworth poem which goes like this (could Wordsworth have had a more perfect name?):
| Though nothing can bring back the hour Of splendor in the grass, of glory in the flower We will grieve not, rather find Strength in what remains behind |
Memory allows us to recollect the past; resilience allows us to go forward with lessons learned.
“The Remains of the Day” is a 1989 novel by British author Kazou Ishigur. It was made into a film, starring Anthony Hopkins and Emma Thompson. Hopkins played Stevens, the butler of long-standing to an English Lord who was a Nazi sympathizer and who hosted parties for like-minded individuals. Thompson was Miss Kenton, the housekeeper who had a deep affection for Stevens and Stevens loved her, but neither was willing to cross that line.
After the English lord died, an American purchased the estate and Stevens decided to take a motoring trip to visit Miss Kenton who had left to be married and whom he suspected had an unsuccessful marriage. As it turned out, Miss Kenton’s marriage had started poorly but had righted itself. Stevens has come to believe that his service to the English Lord was not as noble as he once thought and that his respect for the Lord was misplaced.
At the end, Stevens meets a man of similar age who reminds him that the past is the past and can’t be changed but that the future beckons and that the evening is the best part of any day.
For those who are in the “evening” of their lives, it is sometimes hard to believe that evening is the best part of the day. After all, there are hip replacements, cataract surgeries, and umpteen doctor visits. Your knees hurt and arthritis is always present. But, if you still have your wits, your “evenings” can be a peaceful and productive time. And you have a decided advantage: you have lived a long time, have seen a lot of things and a lot of people, have experienced ups and downs and , most importantly, know the truths and the lies because you have experienced each countless times. You have seen both heroes and charlatans; people to be admired and people to be scorned. In other words, your age brings a certain wisdom.
Which brings me to the subject of cryptocurrency. Why cryptocurrency? Because, like me, nobody really understands it or uses it and yet, in the memory banks of my brain, it resembles something that we have seen time and again.
Bitcoin is the best known of the cryptocurrency lot but there are literally scores of these cryptocurrencies. A simple explanation: it is “electronic” money you buy with “real” money and what you sell for “real” money. By real money, I mean things like the United States dollars which are backed by the United States government and are the “reserve” currency for most of the world. This means that central banks will convert their dollars into US Treasury Bonds because of their confidence in the United States economy and monetary system.
There is no safety net when a particular cryptocurrency nosedives to zero. It is notoriously volatile. For example, a single Bitcoin was valued at about $44K in January of 2024 but ended that year with a value of $94K, no doubt because Trump had been elected president with the full support of the cryptocurrency industry and it thought the best was yet to come.
President Trump is the “crypto” President since he has declared the United States will be the cryptocurrency center of the world. He and his sons actually have a company (he is the “Chief Crypto Advocate” of the company) and it has done very well since he has taken office, and cryptocurrency became the new shining nickel. How well? Just view The New York Times article on the Trump company.
There are those who call cryptocurrency a Ponzi scheme. I think a more appropriate characterization would be to call it a reverse Robin Hood scheme, meaning that the rich steal from the poor and keep it.
Cryptocurrency is poorly regulated, and its proponents maintain that is a fundamental strength. Transactions can be completed without anyone knowing anything about them. So, who are the winners?
The first winners are criminals who can pay for heroin, illegal guns, fentanyl, sex and other contraband transferred from one to the other and be paid with cryptocurrency and no one besides the crooks will ever know.
The second set of winners are aggressive investors who can drive up the price and then exit leaving the untutored holding the bag. The “value” of any cryptocurrency is what people will sell or pay for it. It has no intrinsic value, but only the value that sellers and buyers will assign to it at any given time. So savvy buyers can drive up the price by putting in buy orders and then cash out by selling.
Then there are the celebrities like the President who can convince foreign governments like Abu Dhabi of The United Arab Emirates to invest $2 billion in his cryptocurrency company. This investment was announced on Thursday, May 1. How far behind will be many “billion-dollar investments” from countries like Saudi Arabia and others.
And the losers? Pretty much everybody else. You really can’t use Bitcoin or any other cryptocurrency to buy a pizza, a car or even a house. If you are not particularly sophisticated with respect to financial issues, the worst thing you can do is to invest in a cryptocurrency. However, a surprising number of unsophisticated people do just that as they buy when the price is rising, but then it stops and goes backward with predictable result: they lose.
So, my conclusions are as follows:
First, a number of these cryptocurrency characters are going to end up in prison. Witness Sam Bankman-Fried who is a current resident of a New York prison after presiding over the greatest crypto currency fraud ( FTX) yet uncovered. Bankman-Fried was ordered to return over $11 billion.
Second, any number of these characters, who deserve to go to prison, won’t. Many of these perpetrators will get away with financial chicanery.
Third, have we seen this before? You bet. This is what happens when garden-variety greed overtakes good sense and good people get hurt. Remember the Savings and Loan crises? Remember the financial meltdown in 2008. This is what my memory banks were telling me. We have seen this before.
Fourth, it seems that people are waking up as the Federal Reserve, in a recent report, indicates that less people are using cryptocurrency than in prior years.
Fifth, if Trump is doing it, we know that it is questionable. Here, he is enriching himself and using his office as President to do so. I don’t remember any other President who was so morally and ethically deficient. He believes that he deserves anything he wants.
So what are the remains of this day? The powerful will always take advantage of those not in power and will always feather their own nest. But, according to most religions, they will have a very short shelf life.
The Abrahamic religions (Judaism, Christianity and Islam) posit an eternal and very unpleasant fate for those who behaved poorly in this world. Even the reincarnation religions (Buddhism and Hinduism) maintain that “karma” will determine one’s reincarnated self. That being said, I think it more than likely that Trump returns as an insect.
Here’s hoping.
Jay, your writing gets better and better with each essay. This is very good prose as well as very good thinking. As I read the essay, though, I did remember your own bitcoin experience when you needed bitcoin from some Indian medical care you thought you would try. When you decided against the procedure, you sold the Bitcoin at a profit. In your case, ignorance was irrelevant. I also think that you need to be careful as you criticize the cryptocurrency industry: you could end up in Cecot, you and your tren de agua tattoos. – Love, Tom
Thanks for quoting me, quoting Wordsworth.
I like your idea of trump being reincarnated as a beetle but I think that is letting him off easily. I would prefer him to be in Dante’s hell where a monstrous devil eats him, excretes him and continually eats him over and over. I have included web site with picture below.
Trump is most cruel and evil person. He is begining to rival Hitler.
Joan
Cryptocurrency derives from a technology that permits a long series of entries. It’s like an endless Excel spreadsheet. It works for a product from raw materials to production to inventory to sale etc.
But the concept of crypto currency is an empty box which you buy hoping to find the bigger fool. It lacks any central bank backing or credit rating. And unlike major currencies like the dollar , yen or euro , it has very limited liquidity. So when you find the bigger fool, you can only sell so much. It’s the perfect scam for the ultimate kleptocracy crook Trump.
One thing in its defense would be this. People who are residents of countries like Russia or Iran can use crypto to make payments with it if resident overseas. They often cannot transfer funds from their home account to an overseas account. I recall an Iranian living in London who had his assets in crypto because it was the only way to pay his rent etc. But this tells you there can be a lot of dubious if not dark sources of money on it. The volatility however is very high. Several years ago I heard about a teenager who bought Bitcoin in early days which had appreciated to a million dollars. I wondered if he could take his gains and run. Hope so.
Good info – I will check all the sources since everything I read in the article from The Washington Post – every Source quoted came from other moderately left leaning Publications. There was no conservative viewpoints on the list of sources. That being said, I tend to side with you on this issue. I think it comes down to conflict of interest versus innovation in America.
Here’s a conservative side:
How Conservatives Defend Trump on Cryptocurrency
Conservatives and Trump allies offer several key defenses of President Trump’s involvement with cryptocurrency and his administration’s pro-crypto policies:
1. Economic Innovation and Competitiveness
• Conservatives argue that Trump’s embrace of cryptocurrency is a strategic move to ensure the United States remains at the forefront of financial technology and innovation. They frame his policies as essential for making America “the crypto capital of the world,” which they believe will drive job creation, investment, and technological leadership, especially in competition with countries like China58.
• Trump himself has stated, “I believe crypto is crucial because if we do not engage in it, China will,” highlighting the geopolitical rationale for supporting the industry4.
2. Regulatory Clarity and Deregulation
• Supporters contend that Trump’s administration is providing much-needed regulatory clarity and rolling back what they see as excessive or unclear regulations imposed during the Biden administration. For example, Trump signed a bill to nullify an IRS rule that expanded tax reporting requirements for decentralized exchanges, which conservatives and industry advocates criticized as unworkable and stifling to innovation3.
• The appointment of deregulatory figures to key agencies is seen as a way to end “regulation by enforcement” and foster a more predictable environment for crypto businesses and investors6.
3. Financial Resilience and National Strategy
• Proponents claim that establishing a federal “Crypto Strategic Reserve”-akin to the nation’s oil or gold reserves-will provide financial resilience and could help address the national debt if managed wisely. The Bitcoin Policy Institute and other conservative think tanks argue that as Bitcoin and other cryptocurrencies mature, their volatility will decrease, making them valuable reserve assets for the country28.
• The Trump administration’s executive orders are presented as a strategic, budget-neutral way to manage digital assets seized by the government, rather than as speculative investments8.
4. Private Sector Leadership and Public-Private Partnerships
• Conservatives highlight Trump’s willingness to partner with the private sector and encourage blockchain research and development through public-private initiatives. They argue this approach will accelerate domestic innovation and keep the U.S. competitive globally6.
5. Dismissing Conflict of Interest Allegations
• Trump and his supporters assert that his crypto assets are managed in a trust by his family, and thus there are no conflicts of interest9. They point out that his crypto ventures predate his 2024 campaign and claim he has not been involved in their day-to-day management since taking office9.
• Republican lawmakers have generally not tied their reservations about crypto legislation to Trump’s personal business dealings, instead focusing on the broader impact of regulation on the industry9.
6. Critique of Democratic Opposition
• Conservatives often frame Democratic criticism as politically motivated or as an extension of broader opposition to Trump rather than substantive concerns about policy or ethics59. They argue that Democrats are using allegations of corruption to stifle innovation and maintain heavy-handed regulatory control.
In summary, conservative defenses of Trump’s crypto involvement center on economic competitiveness, regulatory reform, strategic financial planning, and a dismissal of conflict-of-interest concerns as either unfounded or politically motivated235689.
Another point – if the left is going to win the Congress in the 2026 election they’ve got to stress what the common voter cares about colon the price of eggs parentheses by the way which has come down, inflation, what to do with 15 to 20 million illegal immigrants who quote broke the law (by the way less than 1% of those illegals will go into the agricultural industry and the problem is how to fund all of their basic needs housing closing medical care, etc.
The average voter doesn’t care or know anything about cryptocurrency nor care to know anything about it – they’re not in a position to know it or care about it. So her contention (which is very naive I believe):
“Crypto should be an attractive locus for the defiance the Democratic base has been begging for. The subject is little understood but widely watched, offering plenty of opportunity for flashy hearings stuffed with sound bites. Plus, there’s room for more than words: By refusing to sign on to the stablecoin legislation or any other crypto bill that could be construed as benefiting the boss, the Democrats can show that they’ve actually prevented abuses rather than merely complained about them. ”
I think you should listen to James Carville if you want to win, and forget identity politics and issue that are not pertinent to voters (except you and me and Jay and maybe three or four other people I know😀).
Good info – I will check all the sources since everything I read in the article from The Washington Post – every Source quoted came from other moderately left leaning Publications. There was no conservative viewpoints on the list of sources. That being said, I tend to side with you on this issue. I think it comes down to conflict of interest versus innovation in America.
Here’s a conservative side:
How Conservatives Defend Trump on Cryptocurrency
Conservatives and Trump allies offer several key defenses of President Trump’s involvement with cryptocurrency and his administration’s pro-crypto policies:
1. Economic Innovation and Competitiveness
• Conservatives argue that Trump’s embrace of cryptocurrency is a strategic move to ensure the United States remains at the forefront of financial technology and innovation. They frame his policies as essential for making America “the crypto capital of the world,” which they believe will drive job creation, investment, and technological leadership, especially in competition with countries like China58.
• Trump himself has stated, “I believe crypto is crucial because if we do not engage in it, China will,” highlighting the geopolitical rationale for supporting the industry4.
2. Regulatory Clarity and Deregulation
• Supporters contend that Trump’s administration is providing much-needed regulatory clarity and rolling back what they see as excessive or unclear regulations imposed during the Biden administration. For example, Trump signed a bill to nullify an IRS rule that expanded tax reporting requirements for decentralized exchanges, which conservatives and industry advocates criticized as unworkable and stifling to innovation3.
• The appointment of deregulatory figures to key agencies is seen as a way to end “regulation by enforcement” and foster a more predictable environment for crypto businesses and investors6.
3. Financial Resilience and National Strategy
• Proponents claim that establishing a federal “Crypto Strategic Reserve”-akin to the nation’s oil or gold reserves-will provide financial resilience and could help address the national debt if managed wisely. The Bitcoin Policy Institute and other conservative think tanks argue that as Bitcoin and other cryptocurrencies mature, their volatility will decrease, making them valuable reserve assets for the country28.
• The Trump administration’s executive orders are presented as a strategic, budget-neutral way to manage digital assets seized by the government, rather than as speculative investments8.
4. Private Sector Leadership and Public-Private Partnerships
• Conservatives highlight Trump’s willingness to partner with the private sector and encourage blockchain research and development through public-private initiatives. They argue this approach will accelerate domestic innovation and keep the U.S. competitive globally6.
5. Dismissing Conflict of Interest Allegations
• Trump and his supporters assert that his crypto assets are managed in a trust by his family, and thus there are no conflicts of interest9. They point out that his crypto ventures predate his 2024 campaign and claim he has not been involved in their day-to-day management since taking office9.
• Republican lawmakers have generally not tied their reservations about crypto legislation to Trump’s personal business dealings, instead focusing on the broader impact of regulation on the industry9.
6. Critique of Democratic Opposition
• Conservatives often frame Democratic criticism as politically motivated or as an extension of broader opposition to Trump rather than substantive concerns about policy or ethics59. They argue that Democrats are using allegations of corruption to stifle innovation and maintain heavy-handed regulatory control.
In summary, conservative defenses of Trump’s crypto involvement center on economic competitiveness, regulatory reform, strategic financial planning, and a dismissal of conflict-of-interest concerns as either unfounded or politically motivated235689.
Another point – if the left is going to win the Congress in the 2026 election they’ve got to stress what the common voter cares about colon the price of eggs parentheses by the way which has come down, inflation, what to do with 15 to 20 million illegal immigrants who quote broke the law (by the way less than 1% of those illegals will go into the agricultural industry and the problem is how to fund all of their basic needs housing closing medical care, etc.
The average voter doesn’t care or know anything about cryptocurrency nor care to know anything about it – they’re not in a position to know it or care about it. So her contention (which is very naive I believe):
“Crypto should be an attractive locus for the defiance the Democratic base has been begging for. The subject is little understood but widely watched, offering plenty of opportunity for flashy hearings stuffed with sound bites. Plus, there’s room for more than words: By refusing to sign on to the stablecoin legislation or any other crypto bill that could be construed as benefiting the boss, the Democrats can show that they’ve actually prevented abuses rather than merely complained about them. ”
I think you should listen to James Carville if you want to win, and forget identity politics and issue that are not pertinent to voters (except you and me and Jay and maybe three or four other people I know😀).