To all of those of Irish heritage, and to all those over the next couple of days that will share Irish heritage, have a happy and safe St Patrick’s Day.

The papers this week are again spruiking the future potential of cryptocurrencies to the market hailing them as future “means of storing and transferring value”.  To me this is just like building dams; if you build one to supply water then you keep it as full as you can so it’s got what you want all the time; on the other hand if you build it for flood mitigation then you keep it empty so that when the big rains come it has a chance to fill up, and you can then let it out at a controlled pace so as to protect the environment.

One of the significant underpinning views of why the cryptocurrencies should be so viewed is because of the “usurious rents that banks charge for the transfer of funds”.  The fact that such rents are charged, particularly in this country, has been because they could.  What we seem incapable of learning in this country is that where you rip off customers then sooner or later the customer will find an alternate cheaper solution to the problem in the long run; and when they go they rarely look back.

This point was clearly made to the taxi industry with the advent of Uber.  The taxi industry cared for all but the customer, with a big clip being allocated to investors demanding even greater returns.  Yes there are a number of owner drivers that have lost value but there are also a number of big investors that are amongst them.

The banks can change, but regrettably will probably only do so screaming and bleeding.

Retailers are also suffering similarly under the weight of excessive rents.  It has all been visible for a long time but change seems to occur faster when it’s in the businesses favour rather than the customers.

To those businesses that are smaller, they adapt day by day, change is not feared nor fobbed off.  The really good ones focus on their customer, keep them happy and charge them a fair price, always.  That way even when there is a cheaper alternative the customers still remain.  It’s about service; but regrettably in this country we have gone without this for some considerable time.

Look after the customer, they will look after your business and your business will provide you value.  The true value of the future will be cash flow and return not some myth that someone tells you will be worth a fortune.  Now what monthly return does Bitcoin give quarterly again?