The Inscrutable Worlds of the Federal Reserve, Cryptocurrency, and NFTs

Be honest.

Do you fully understand how we're going to beat inflation by raising interest rates? 

The Federal Reserve raised its benchmark interest rate by 0.75 percentage points Wednesday.

Financial experts were divided how much the increase would help. All lot of common Americans, like myself, are wondering how raising the cost of buying homes and cars is going to deliver us from inflation?

The whole idea seems counterintuitive, but I'm no bean counter with years of arcane knowledge about how to manipulate our monetary system.

Don't even get me started about the whole cryptocurrency thing! It's insane claiming digital crypto is a secure way to make monetary transactions. It also doesn't rely on banks to verify transactions.

The thing to remember is if you buy cryptocurrency, you don't own anything tangible. To top that off grifters from celebrities to sports figures, are involved in scams to entice you to throw good money away.

Here's something you should know:

If you see a tweet (or text, email, or other message on social media) that tells you to pay with cryptocurrency... it's a scam.

NFTs are Shaking up the Art World

If you aren't familiar with what NFTs are, wonder no more. They are an emerging digital technology called tokens that are tied to assets that can be bought, sold and traded.

The art world has gone gaga over these tokens that are making artists rich. Collectors and speculators have spent millions on an array of NFT-based artwork, memes and GIFs since the fad started.

NFTs are best understood as computer files with proof of ownership and authenticity, like a deed.

Which brings me to the inevitable conclusion that unlike baseball cards, you can't hold them and frankly who's going to see your precious NFTs? 

I'm aware that there's a digital marketplace for these tokens/files, but the average person will never see your collection.

One more thing to keep in mind, like most online activities' that involve money scammers lurk behind keyboards waiting to rip you off. 

As it stands, remember, these NFTs are a passing fad for people with money to burn.