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Here’s Why Shiba Inu May Be the ‘Safest’ Cryptocurrency of Them All

InvestorPlace - Stock Market News, Stock Advice & Trading Tips One of the reasons why cryptos are dangerous is because of false promises. Fortunately, Shiba Inu makes no pious claims....

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This story originally appeared on InvestorPlace

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

Investorplace.com - InvestorPlace

When Shiba Inu (CCC:SHIB-USD) became a thing — or at least enough of a thing to attract mainstream attention — I was quick to deride this meme cryptocurrency. And why not? Meme trades have a controversial reputation to say the least. And the fundamentals behind SHIB-USD are laughably slim.

Condescending Shiba Inu.
Source: Jolanta Beinarovica/Shutterstock.com

However, in recent weeks, I have realized the error of my ways. Now, let’s not get too crazy here: I still think Shiba Inu is wildly risky. And the fundamentals? What fundamentals!? As far as I know, the creative team behind SHIB probably watch an illegal amount of Sailor Moon. I don’t know if SHIB is supposed to be taken seriously or ironically.

Whatever the case, I’m fully onboard with Shiba Inu. As I mentioned in the headline, I genuinely believe that SHIB could be one of the “safest” cryptos available. Of course, it comes with an important caveat, which I will explain.

Investing in a so-called legitimate crypto is much like buying an SUV with all-wheel drive. While AWD is a lifesaver (literally and figuratively) in cold-weather climates, the technology also poses a problem: it facilitates a false sense of security.

Too often, newbies to AWD-enabled vehicles get the idea that they can slosh around wet and icy conditions without consequences. However, that’s a reckless misunderstanding of the technology. While AWD helps a car get moving in rough conditions, it provides next to no advantage in terms of stopping or turning.

Unfortunately, some people learn the hard way and discover that merely having AWD doesn’t make one the next Max Verstappen. But imagine that you were instead driving a rear-wheel drive V10 sports car in the snow.

I bet you wouldn’t drive like an idiot. You inherently understand the consequences.

Shiba Inu is Recklessly, Dangerously Safe

Similarly, consider why detectives don’t always wear bulletproof vests. As a March 2019 New York Times article discussed, a common explanation is that such vests are bulky and cumbersome, leading to discomfort for the wearer, especially during hot weather.

But another reason not often mentioned is psychological. By wearing a bulletproof vest, an officer may take risks that they normally wouldn’t. In other words, making an action safer counterintuitively can make it more dangerous, which applies to Shiba Inu investing.

In discussions about SHIB or penny stocks or any other speculative investment, I along with my InvestorPlace colleagues make multiple disclosures about how risky the venture is. And I want to reiterate, in case anybody has any strange ideas, Shiba Inu isn’t just risky — it’s wildly risky.

However, the reason why I say it might be the safest crypto is because nothing epitomizes the risk of a decentralized digital asset than the creators themselves sending off clear signals of its perilous nature. Frankly, when I read how CoinMarketCap describes Shiba Inu, I wondered about mental stability issues.

A sensitive topic I know but come on. “Once upon a time, there was a very special dog. That dog was a shiba inu?”

The point is, when you read something like that, you know exactly what you’re getting into, which is scatology. Moreover, assuming that you’re a rational actor, you know that you’re depending almost 100% on the greater fool theory; that is, you’re simply buying Shiba Inu hoping that somebody else will buy it off you at a (much) higher price.

Just like handing you the keys to a race car in the snow, assuming you care about your life, you’re not going to drive like a crazy person. In a way, the free market is what makes SHIB “safe.”

SHIB’s Honest, Too

In addition to it being “safe” (again, based on the caveat explained above), Shiba Inu is also an honest cryptocurrency. After reading endless literature about how blockchain is going to cure cancer and solve world hunger, I eventually got tired of the nonsense.

It’s like being in one of those megachurches where the only reason why young people are going there is to hook up, but nobody has the abdominal fortitude to speak the honest truth.

Well, Shiba Inu is that megachurch that is completely upfront with you from the get-go. You are not tied to any doctrinal obligations like a normal church because SHIB’s only principle is to make money. And to be a true disciple, you merely need to bring in new adherents to whom you can dump your holdings.

Sure, it’s cynical and you might even find this ethos objectionable. But I’d rather you be a dirtbag and be upfront about it rather than proclaim saintliness and stab me in the back. That’s the beauty of Shiba Inu. It’s a ticket to perdition but at least you’ll be richer for it… maybe.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare.

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The post Here’s Why Shiba Inu May Be the ‘Safest’ Cryptocurrency of Them All appeared first on InvestorPlace.