February 21, 2022, 8:04 am. Rather like italicising. Everything is awesome, we cannot fail, it is great! You can even have a social media/blogging site based on a blockchain, like steem/steemit. ), Im in the same boat. How many here have switched from Mortgage Fast Pay to Money Market? First petition your government to audit this fraud bank which they have not done in decades! Blog readers. The other argument for Bitcoins value is that there will only ever be 21 million of them, and they will eventually replace all other world currencies, or at least become the new gold, so the fundamental value is either the entire worlds GDP or at least the total value of all gold, divided by 21 million. Not just stupid, insane. Plus $20 to run the transaction. I just wish it had come out before the holidays so I could have just pointed family members to it instead of attempting (unsuccessfully!) So, they sell it at a discount instead of losing revenue. (like ATMs were supposed to replace Tellers years ago *eye roll*) And Bitcoin is replacing the banking system? We clearly see them in Africa, Middle East and Latin America. Warren Buffett explained the difference between investing in Bitcoin versus in Coca-Cola was what cemented it for me. Nothing is promised. Bitcoin could also be the TCP/IP and will probably be the world standard in 10 years! I can have a stash of cash that is inflation proof just in case the government decides to wildly inflate the currency. Tim Beck Its not an investment. And of course, the purpose of this whole aside is that I want to establish credibility with you, so you will give this article some consideration. Apparently the friend had doubled his money. Human Kind has never had the opportunity to truly own their money ever, and Bitcoin and Cryptocurrencies are the first time we even have that opportunity. So in order to have immutability, we need decentralization. LennStar Eenvoudig leven . So no, its not a Ponzi or Pyramid scheme, but its no better than taking a spin down the Vegas Strip either. E.g. Air and the US Dollar. I have to disagree with one of your points here: in a worst-case scenario, if you have enough gold, you may be able to beat it between some rocks to make a serviceable frying pan. January 19, 2018, 6:45 pm. That is what people said 1999/2000 for the dotcom bubble. Mostly: Its shiny and pretty and makes great jewelry and chicks dig it. Its not as simple as you make it personally. Dont know if youve seen JP Searss satire of Bitcoin but I think you might appreciate it. So I did learn a bit about locking and unlocking information, hacking, and ensuring that independent brains (whether they are two adjacent CPUs on a circuit board or two companies negotiating across the Pacific) can trust each other and coordinate their actions in lockstep. Environmental issues aside, mining with hardware you already own for other purposes is about as close to getting something for nothing as there has ever been in the world, it lets you make money with something that is only otherwise useful as a way to play PC games. They said they are going to ban it, but there was such public outcry the government just backed off and now says they are still discussing the matter! Gold has always been considered a commodity of high value. The poorest in Sub-Saharan Africa earns the same money that you sitting in Manhattan, NY do. People who have been trading 100s to buy illegal goods must be making out. The $16,728 Social Security bonus most retirees completely overlook. The response was amazing and, unfortunately, there were simply to many to include them all. Something a step up from bitcoin t-shirts but nothing too risky. in my opinion. The only reason the dollar is working as money is because it started out with gold backing and then they gradually removed the backing. Take the decentralization, the trustlessness, the miners or the currency out and you throw the immutability out. Many are trying to perfect it but until there is a clear winner, different ones will emerge. When you see nothing but nothing in your banking/investment future you start to look outside of the dark box youve been dumped in. Anytime someone says they are investing in Bitcoin, I have to laugh. But I think you meant to write apologize on behalf of half of humanity. The other half of humanity has no internet access at all (internet access just eclipsed 50% of the worlds population this past year), and thus they should not bear any responsibility for the cryptocurrency craze. Also withdrawing profits consistently so that if a crash comes you are ahead of the game and only playing with the markets money by withdrawing at minimum what you already invested. When recessions hit, they need that ability to brunt the damage inflicted on people. Bitcoin is not stupid per se. An example for this would be Ripple (like you mentioned above) which is working closely with banks to make international transactions better. Everything thats happening in the crypto space is just so normal as you would expect investors struggling to get the price right for something beyond the control of regulation. What is stupid is dogmas and cults lead by undocumented know-it-all type of guys. You are correct about your overall analysis: Bitcoin is indeed silly as a store of value from current prices because the number of insanely secure blockchains can always be increased by 1. Facebook is probably the 4th or 5th legitimate social media platform. Well then Biglaw Investor, youd better stop using websites or stop supporting any company that does big data research, because thats consuming considerably more electricity and its not fundamentally vital to us existing. 26 Replies 18313 Views March 27, 2020, 01:47:17 PM by talltexan: How do you press your kids to learn money habits? One of my coworkers at MMM-HQ works for nVidia, and part of his job is hunting down mining thieves who comandeer virtual servers (cloud computing) to mine coins on their behalf. Yeah, I had watched/listened to lots of Andreas stuff as part of the research for this. Im not saying to build a bunker or anything but just diversify your portfolio for different economic times. A lot of stocks never pay dividends though. Yeah we could all gamble our way to FIRE, this week bitcoin, next week slot machines, poker, etc. They dont tend to go longer than that. The reason Bitcoin has been driven so high is because its a limited supply. It will NEVER happen. 2) Volatility the market cap of Bitcoin and other cryptocurrencies is small compared to that of fiat currencies. Blockchain technology may do that too. Even in a police state like China their actions have failed! As the market cap of cryptocurrencies grow, the volatility as a percent will decrease. If youre one of these credible people, please do so in the comments or in a blog post on Medium that we can all read. It a high-tech form of protest. Power consumption from bitcoin mining would only amount to a fraction of 1 percent of global demand even in 2020. Fired & Free That in turn creates tax revenue, prosperity in a worrying economy for peoples investment portfolios, etc. Worth at least an extra couple bitcoins there. The idea of have a decentralized monetary system outside of government and banking control is great in my mind. I keep thinking of that movie where the actor says Explain it to me like Im a 2 year old.. Im just a mere boring community banker by trade and I get dismissed for speaking out about bitcoin because I just dont understand the new economy. You could just hold a fraction and still see it grow with time, much faster than most other investment avenues available today. You invested in GBTC? frugalnacho He or she still determines the current market price. Calling this a waste of human energy is NUTS. On the other hand, paying a ridiculously high speculative price based only on what others *might* be willing to pay in the futurebased on little historical or reasonable evidencecertainly is insane. The price went on a historic and seemingly unstoppable run all the way to $150 per barrel in 2008. Big banks get crushed, millions of americans were underwater on their homes and forces to foreclose and then they get a bailout from the US of A paid for by yours truly, the average american tax payer. Congratulations on your earnings. January 3, 2018, 12:48 pm. So what Im saying isdont dismiss it based on where you see todays generation using todays rudimentary blockchain with todays technology and society. by jlcollinsnh 18 Comments. So, we usually get $100 to $200 worth of stuff all at once. I totally agree with you on bitcoin. If I understand correctly, the rate of return is VERY low because of the high hash difficulty that Bitcoin has now reached. Consensus over its value. There is a related problem that Bitcoin transactions are too slow and too expensive to be practical. Do not let your own brain trick you for easy solutions! But yes, I would not invest in crypto currency. But in reality, both stocks AND bonds are in a bubble. Noticed this ad on the corner of a website recently because we ALL need daily updates on an obscure piece of niche software technology! Take risks, but keep educated and with good money management. However, Bitcoin is one of the least performing major cryptocurrencies, so lets not talk about fucking Bitcoin all the time just because the price of one unit is in the thousands. Great text. So just relax, lean into it, and grow rich with me. I made 400% and pulled them out. She works as a school monitor and the kids have an area of the forest next to the school to play in. If they talk about investing in BTC or any crypto CURRENCY, I say, well, I think Ill invest in Mexican Pesos. Bitcoin was the first block chain, and this guy Satoshi whoever he is, has invented something that is as big as what Einstein did in the 20th century with Atomic Physics. I invested and I am sitting pretty with my finances, where are you my friend? US is just one country in this big bad world, and not vice versa! While I was in Kenya, the central bank had capped rates at 14%. I can trade with anyone in the world for a low price (not necessarily with bitcoin as the price has gotten expensive but with other currencies). TomTX, nothing was answered. Latest being the retail apocalypse. Read Warren Buffets books. Episode 496: Why Bitcoin is Stupid - Part 1 by Mr. Money Mustache. It is, above all else, pure wealth, other substances, and activities may be valued in gold bullion. Ive been watching this situation for a few years, and assuming it would just blow over so we wouldnt have to talk about it here in this place where we are supposed to be busy improving our lives. A boy named Sue Why Bitcoin and not another coin? You sound like I poop-obsessed wing nut. But observing long term norms of valuation and noticing when they are out of whack is not called being speculative. Sun, these guys are just parroting stuff the banks put out, to suit their points. No doubt we are in a crypto mania now, but the concept of a global digital currency has been coming since Biblical times. (And very badly compared to other cryptocurrencies.). In your example, the 1992 internet might be comparable to Blockchain time will ultimately tell. Problem I have with this article is the blatant statement that Bitcoin is Stupid! Personally I fail to see the reference between Failhypecoins and retails challenges with shopping online. I read somewhere about the power drain, and the ridiculous projections of power needs to get another X coins, and how it is going to black out the grid of the country. While cryptos are new, they also dont meet the needs of traditional cash flow analysis but for a new asset class but just because its new doesnt mean its a bad idea. 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