The flaw with crypto...
...is that like a lot of modern stuff it implies the existence of a huge, reliable and eternally usable technological infrastructure. Gold is old school but I can put a piece of it in my pocket, walk over to someone else and give that piece to someone else in exchange for something they have that I want. Physical currency serves the same purpose -- in fact one of the items that's suggested for our earthquake kits** is cash in smaller bills.
The cost of exchange is also important. Exchanging physical value has minimal cost. Using the banking infrastructure is also relatively cheap (although smaller traders accepting credit cards can lose up to 3% or more of a transaction's value). Crypto incurs significant costs to use it which have been disguised by the use of 'exchanges' which not only centralize the ownership of the actual tokens but also centralize it in an unreliable environment (aka "FTX").
Charlie Munger might be old but money's a lot older -- its been around for millennia in some form or another. I notice that all the bankruptcies and scams swirling around crypto are also as old as the hills.
**I live in California.
Biting the hand that feeds IT
