Goldman Sachs manager just left after great gains in the Dogecoin currency invested through his personal account. I don't understand what that cryptocurrency account entailed. So much is mentioned and I question if the reports truly understand it as they does not explain it very well, IMHO anyway.
My very simple summary:
Current banking
Pros - subject to legal jurisdictional oversight, relatively transparent, employs a lot of people, accepted around the world in all currencies.
Cons - significant fees, some fraudulent activities, vulnerable to cyber theft
Cryptocurrency to my very limited understanding:
Pros - no fees, ? Some will gain substantially (but many will lose it seems).
Cons - no legal jurisdictional oversight, hidden transactions, unknown and unlimited risks, limited employees, could take over world financial processes with dubious manipulations and directions. Ponzi scheme?
Any info in terms that my general knowledge of finance would understand would be most appreciated.
FYI, I have no intent of investing in cryptocurrency or anything that I do not understand.