Is it possible youre confusing the message of this article? January 3, 2018, 1:43 pm, Apparently, Amazon pays people in other countries with Amazon gift cards. I agree with you. If it works out, its a windfall. That is what people said 1999/2000 for the dotcom bubble. January 3, 2018, 7:59 am. Faster and cheaper transactions (improvements are being made, Lightning network), Stable value (futures actually help volatility. Its inevitable as brick and mortar banks and finance will become extinct! The issue with the .com bubble was internet companies were given a high valuation with no demonstration that they were profitable or even provided a service/product. January 3, 2018, 4:28 pm. But anyway.you need a little imagination to see the value it has for the first world, because it has to arise from something other than a replacement for something preexisting. I dont have time to play PC games 24 hours a day, so I might as well use my fancy computer to make some money while Im away from it. As has the MMM investing sub-furum. The kids pulverize the bricks to make brick dust, which is the most valuable currency/commodity in their forest kingdom. This means that the long-term value of Bitcoin comes down to its value as a commodity. Hence, he advocates value investing not speculation. But I hope the good times continue for a long while! January 4, 2018, 10:38 am. theirlong-term viability, you have completely missed the bigger picture. China is also a leader in renewables space. their invested dollars add value to a society the moment they are employed.. Shiller really just rediscovered it. As should everyone. I dont know, why gold and not platinum or palladium? Be careful what you wish for. Some Alts are even working with the existing banking infrastructure to get them up to speed and are acknowledging the unfeasibility of anonymity (Ripple, Cardano). I was excited to get in on the IFCO (Initial Fingernail Clipping Offering) but the price had already shot up while I was reading. Dr-In-Debt The tulip mania was a delusion. 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 believe I may be allergic to mercury. It is already in Beta testing and will be released this year. The response was amazing and, unfortunately, there were simply to many to include them all. I dont know how many of you can even get to understand what this is but hopefully you understand something from the URL I share below of how mining is done, and why this is not some idiotic electricity consuming joke! Youre not going to get rich by collecting metals, but you might stay rich with them. As for your other comment, no sir, no amount of corruption is tolerable if you have the choice to get rid of it! Mining other coins can still be profitable with graphics cards, mainly ETH/ETC. Would yours? Personally, I think this article shows that Mr Adeney has had his blog hijacked by the Anti-satoshi ;). Andrew Kravitz In the field of personal wealth, this means walking your children past the idling lineup of your neighbors Mercedes SUVs, over the snowy grass and up to the door of the school and being confident that you are doing the right thing. Get listed and sell some shares. It seems like youre advocating for scenario #2. This article seems ranty/irrational. Subsequently, some 70 years later, Im still using that toilet paper to finance my retirement, buy cars, houses and all sorts of things? I would recommend everyone to do their own research because many of what MMM says is plain wrong. As a result, the benefits of human progress are not reflected in our moneys purchasing power. The ones who own the farms you mean? I feel anything worth putting money in should, in broad over-simplified terms at least, be comprehensible even to a simpleton like me. Retweeted. 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. I know a lot of people in the DOTCOM bubble in the 2000s that were too focused on maximizing profits and lost most of their wealth on paper after the tech crash. Dont know if youve seen JP Searss satire of Bitcoin but I think you might appreciate it. Things arent as crazy as 2000, but this is the 2nd highest peak of all time. Pretty much. Are you saying wisened mustachians own no stock or ETF of any tobacco companies? Use it or lose it. 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. No, I am more inclined to trust economic models where the rules are clearly defined and cannot be changed, by anyone, ever. This MMM article seems almost contradictory to what has become an investment philosophy that reciprocates with many people. A whole Bitcoin? He and his wife studied engineering and computer science in Canada, then worked in . But since the formula is open and free, other companies would quickly come out with their own cancer pills. Closer to 85 years than 40. Today, Jan 26, at 11:30 AM, its trading around $31,850. Because hydro acts as a massive built-in storage in both the short term (ms, seconds) and long term ( hours, days, We dont need to prey on their consumerism also. Nixon just took away the last vestiges of the gold standard. Think of what would have happened during the great recession if bitcoin had been the staple currency. What are the world currencies pegged to ? This is certainly a correct analysis Mr. Mustache. And like investing in anything, its not a matter of altruism if Im right about the continuity of value in blockchains as measured by the value of its underlying currency, Ill see a healthy return on my investment. Michael LennStar His main investing motivation because he feels like hes late to the game and wants the earnings he could have had. Lets be frank. if you over leverage yourself in any of these you can find yourself in trouble. The value of a blockchain is its immutability, derived from its decentralization. Tim, do you think Bitcoin cares what the Government thinks or wants? November 20, 2018, 12:00 pm, so other storage is NOT needed sorry, my phone likes to randomly delete words, Tor Kristen Haugen Soon, they will be on the brink of bankruptcy and you will be able to purchase all of their stuff at a discount. Im more inclined to trust contracts that cannot be broken. Here is one interesting chart among many that shows exactly that: Even things that can be good investments can be in a bubble. I am already looking forward to looking back and laughing at all the companies who did away with their normal businesses to become mining companies. The comment about 1999 investors didnt receive their investment back from stocks until this year well, for the rest of us that dont invest 100% of our money in the stock market in one instance AND we reinvest dividends, this type of situation is almost impossible. Meanwhile, the honest, hard-working regular folks see their interest both plummet to nearly nothing, and they then see THAT minuscule interest TAXED AGAIN! January 15, 2018, 4:00 pm. What is the US Dollar pegged to? The market can remain irrational longer than you can remain solvent. No one knows what the stable value of bitcoin will end up, and betting in either direction just seems like a fools errand. The vast majority of the companies trying to monetize the internet failed. Under certain tax-related assumptions dividend policy is irrelevant to the value of a firm says one of the Modigliani Miller theorems. If you ever want to see what a real bubble looks like, please look at a long term chart of stocksor dollars for that matterpriced in gold. Whatever they are willing to pay to enjoy owning these things themselves is their business, and may make for a fairly rational purchase. Evan Drake 2) Volatility the market cap of Bitcoin and other cryptocurrencies is small compared to that of fiat currencies. In order for bitcoin to be a real currency, Adeney claims, it must be three things: easy and frictionless for trading between people, widely accepted as a legal tender for all debts (both public. It is when stock prices stay the same in nominal terms but everything else rises in price around them, effectively masking the very real stock market crash through inflation. But thats just the start. (FWIW, CAPE had actually been studied in academic settings many, many decades before Shiller, and was a favorite metric of the legendary Benjamin Graham in the 1920s and 30s. Vijay, what MMM is saying is that cryptocurrencies like Bitcoin cannot presently operate as currencies. Like every state currency, it derives its worth out of the fact that the state says you can *always* pay your taxes with it I was tempted by the neat aspect of being involved in this thing I knew would have some kind of future value blockchain. (Aside from the threats of force that stem from legal tender laws.). Brent Weaver You are attempting to speak truth to disillusioned citizens, you will face resistance. Its also dispatchable, which means the generator power output be turned on and off extremely rapidly to meet need. Most of us, especially in the US and Europe, are free and are allowed to accumulate wealth through education and hard work. in my opinion. More? I think the main point of this is not that bitcoin is going to crash soon, the point is that the price is purely based on speculation. Lady Dividend Bingo, so far you are the only one that stated the true value of any nation backed currency, notably the USD. Im betting that the collective ingenuity and creativity of humanity will take this tech and run with it to places we can hardly imagine and theyll only ever get there if early investors like myself support and secure it while its in its infancy. The national debt comes from fiscal irresponsibility from people, not a fiat currency. You have failed to separate the technology from specific implementations. But it is a valuation technique that goes back practically as long as there have been stock markets.). Your examples exactly prove the point: social media is great, but the first ones to take off werent the winner remember SixDegrees, Friendster, MySpace? And btw, just switching currency is not going to remove any debt. Im not saying to build a bunker or anything but just diversify your portfolio for different economic times. Agree, the valuation of these cryptocurrencies are out of whack. If you think its a great investment, go ahead and buy some / a lot we are not stopping you. Before stating something, do your research of what is a Ponzi and what is a Pyramid Scheme and whether Bitcoin fits that or not? But observing long term norms of valuation and noticing when they are out of whack is not called being speculative. "Find a graph that includes [the. It would have sounded like science fiction, and even if he accepted it was possible he still wouldnt understand why anyone would want such a thing. Bitcoin and other Cryptos are attractive for that reason and that why people spread this misinformation about it to sway people from backing it. I like the way he analyzes investments. Try doing one thing the Banks dont want you to do, or the regimes in half the worlds countries dont want you to do, and you will know how financially ruined you will be! 3. It has now grown quite a bit, of course. The growing demand for more electricity is the most serious issue with Bitcoin, IMO. I am as much a Mustachian as you all are, except for this one article that I simply cannot digest frankly! Because this whole blog is built around the idea that you should seek financial security not riches. Absolutely. So owning gold is not insane at a reasonable price. An example for this would be Ripple (like you mentioned above) which is working closely with banks to make international transactions better. Its funny reading your article because while Im a true believer in bitcoin as the internet of money, I feel pretty much the same way as you do about 99% of the rest of crypto. Reply. I guess Petes point here is that block chain protocol has benefits but bitcoin is stupid. Not a penny was wasted. You clearly have a contrarian opinion here. As the people in Greece and Iceland found out, along with people in many other countries. Shorting bitcoin would just be speculation in the opposite direction. Understanding the motivation is a big part of understanding Bitcoin. Its a win-win situation.. Good points. You invested in GBTC? Again, how is Bitcoin replacing that? Bitcoin (aka CancerPills) has become an investment bubble, with the complementary forces of Human herd behavior, greed, fear of missing out, and a lack of understanding of past financial bubbles amplifying it. Lastly, once KYC and AML is figured out, I have a hard time understanding why people would even want to use paper fiat instead of a digital fiat. But this is not necessarily correct in every case. You could always follow the Long Island Iced Tea model: 1. The reason that people have never owned their own money as you inelegantly put it, is because there is no full faith and credit under this model. As a result, changes in perceived value result in big price swings. I cant help but feel that a big part of the reason for Bitcoins continued rise is that theres no safe, practical way for us Bitcoin-skeptics to actually take a short position on it. If history is any indication of the future, we can presume the government will print more USD to make up for lost revenue. Couldnt have said it any better myself. The government has done some sickening things to ensure the wealthy and powerful stay wealthy and powerful. Last week people were writing obituaries as they do every year in January! Bitcoin values are delusional. Only if you close your ears and go Na-na-na-na-na. However when every Joe on the street becomes an expert in an assetthen its suspect and you dont need to be clairvoyant to know that this will not end well. Individuals getting rich off speculation doesnt mean its not speculation. MMM i normally love your articles but you knew this one would be polarizing Im sure. Get out while you can. Apparently they didnt like my edits, where I called out rogue nations for propping up BitCoin as a means to bypass sanctions. Ive been wondering this too. and we live in the middle of it. Warren Buffet says dont invest in what you dont understand, and I dont understand Bitcoin. Liked. It is the main currency by which you can obtain other cryptocurrencies. Weve told you what we think of it. According to the index, the amount of energy consumed by mining bitcoin surged about 26 percent in November alone and now totals nearly 36 terawatt hours, enough energy to power about 3.3 million homes. Go educate yourself first. Spend $40,000 a year x 25 = $1,000,000 to be FI/spend 4% of $1,000,000 = $40,000 to spend each year. There is a reason that central banks own most of the wotlds gold. Either way it wont end badly right? For just $2 you could be a multimillionaire. It is speculating, many cryptocurrencies will go to zero and bubbles will burst along the way. That is the right way to think about these things. Crypto currencies are a must have component of your investments and should constitute not more than 10% of your overall investments, based on your risk appetite. January 15, 2018, 11:44 am. So just relax, lean into it, and grow rich with me. I even read about these things for fun, with Simon Singhs The Code Book and the Neil Stephenson novel Cryptonomicon being particularly fun shortcuts to pick up some of the workings and the context of cryptography. . All true. I refer you to: https://shitcoin.me/. It remains to be seen. As the money supply increases, purchasing power is concentrated with the money creators at the expense of others holding the currency. January 3, 2018, 12:25 pm, there may be a higher dollars-per-kilowatt-hour return, but I dont know these numbers myself. ): the Problem with calling Bitcoin a Ponzi Scheme. MMM has been writing quality PF content for years. Jeremy Collins There is already ways to pay and use your crypto currencies and companies like request.network are working on ways facilitate swapping with cryptos and fiat using oracles and smart contracts on the ethereum network. Max Your Freedom Thanks, MMM! Ryan Thomas I was so sad that I missed out again ;). For those saying specific instances of cryptocurrency do not have long-term potential (Bitcoin, Ethereum, Litecoin, Monero, etc), the network effect is a force to be reckoned with. I read somewhere on Twitter (cant remember where) that you can use anyone who uses Blockchain as a proper noun as a heuristic for how little they know of the space. January 3, 2018, 4:34 pm. And regarding Bitcoin as currency, it is already not usable as that TODAY. I am so happy to see this article! What value is there? Or? January 3, 2018, 12:17 pm, The last 10% of possible wins are better left to the idiots. babysitting, lawn mowing, snow shoveling, etc..) So, how is Bitcoin replacing that? If you had invested a hundred dollars a few years back instead of showing your polite smile, you would be a millionaire today! Today, 20 years down the road you are watching 4K videos on it! Who would help the poor, elderly and uneducated those without BTC? When evaluating investment bubbles, it means looking at where everyone is throwing their money no matter how many billions and being willing to say Bull. It then proceeded to burst in spectacular fashion just ahead of the financial crisis, plunging all the way back to $30 before rebounding. Given that China has a lot of bitcoin mines and electricity is produced by coal in China mostly thats a lot of unnecessary CO2 that just got bumped in the atmosphere. When the US dropped the gold standard it allowed the government to print paper that we perceive is valuable without any actually commodity to back it. Iota and RaiBlocks use something different than the blockchain to make each user a miner by requiring each transaction to verify other transactions which prevents transaction fees. Glad to see some sense being written to the red necks who seem to inhabit this blog! Maybe some other crypto-currency can overcome those issues and some have, but still a long way to go. They may settle to much less, or get close to zero, or they may grow more, no one can really predict this. Take the decentralization, the trustlessness, the miners or the currency out and you throw the immutability out. Because the banking system is corrupt and big government cant watch over it? This is also wrong, Zimbabwe did not abolish taxation yet the worth of Zimbabwe dollar has vanished anyway. If they talk about investing in BTC or any crypto CURRENCY, I say, well, I think Ill invest in Mexican Pesos. Max Thunder You will not own your money more with virtual currencies. I really enjoyed the MMM article but I strongly disagreed with the part about gold. Then the mining ist just looking up data in this table. We cannot have better living conditions for half of humanity on this planet under a corrupt and manipulative central banking system of various countries, that are not even true democracies. Dan, I am not angry when someone says they dont want to invest in it. Personally I fail to see the reference between Failhypecoins and retails challenges with shopping online. Update, my fingernails are up to $160,000 now. Bitcoin is extremely risky, but it is not dumb and its value is also based on consensus. January 4, 2018, 7:28 am. November 20, 2018, 11:56 am. Again, this is really only true for FIAT CURRENCIES. Secondly, Governments are (by definition) other people, spending other peoples money on what other people tell them are other peoples problems often they screw up fiat currencies through simple incompetence they have no motivation to get it right. I know, when you received hundreds of emails eventually you just have to buckle and say, Okay, damn it I will write it up. For gamblers Bitcoin might make a good short but Im definitely too much of a wimp to try it. You sound like I poop-obsessed wing nut. This has happened with EVERY speculative event throughout recent history. Ive used it a few times and although they take a few days to funnel money to you in the form of Amazon credits, they have always come through. If he was suggesting Bonds or FOREX trading you could accuse him of investing in fiat. And gold has at least *some* practical value you can make attractive jewelry that doesnt tarnish, use it in electronics, dental fillings. But yes, I would not invest in crypto currency. rollie fingers WantNotToWantNot Danny Livewire You could grow more bulbs indefinitely. Bill Batchelor Well said! I have no issue with the block chain. 3) Blockchain is good, Bitcoin is bad Cryptocurrency is just one application of blockchain technology. ie beauty counter for nerds. The stock market over the long run will ALWAYS grow as long as the population and technology and our output as humans continues to grow. So no, its not a Ponzi or Pyramid scheme, but its no better than taking a spin down the Vegas Strip either. Bitcoin could also be the TCP/IP and will probably be the world standard in 10 years! My heart would break if I said goodbye to $200k. Bitcoin has its flaws and needs to improve as you mentioned: Ive personally stayed away having learned these lessons in a past life. Saving billions from poverty, war, and the enslavement of banks or the lack of any banking is Altruistic. Over 3.5 billion people have no internet access; I am sure this is true as I thoroughly researched it for a chapter I published in a book this year. (Serious question. Not saying thats why he wrote the article, but just that there are certain advantages to being an Internet Celebrity, one of which is that everything you write turns to gold, er, uh, bitcoin, er, uh, whatever. What usually happens when this occurs? Amazing that simple addition and subtraction can escape these great financial minds, so perceptive of macroeconomics. Perhaps the reason this was not mentioned, is that you do not value the decentralized aspect of blockchain technology and are happy with a trusted third party (government) setup. At least theyre cute and the grand kids like them! Let me know when you find a buyer for your $70k fingernail clippings. You should have just invested in winning lottery tickets instead of bitcoin, they have had a much much higher rate of return. It really starts to stink if it is left unattended to. January 2, 2018, 8:53 pm. Satoshi, while extreme in his views, watched the housing market collapse due to the fraudulent behavior of the banks and the government that backs them. You made an unsupported claim. Peter Mevoin (As Ronnie Chieng says, What IS it!?!?). Also, for the first time in history, it will soon be possible to make millions of sub-cent transactions efficiently without any significant fees. 8. Ill stick with the stock market thank you very much. Your in effect speculating on a winner even if you do believe the technology is the future. They could also plateau until earnings catchup with prices. Google, Amazon and Facebook came out of it. Im fine with crypto but not as an investment. Mr. Money Mustache is another veteran personal finance blogger. In a practical sense, this . It's the ultimate win/win because you just set it and forget it. Smoking brings zero value to society, only net negative. We plan to spice up our investments then, we will have $90K/yr extra to invest and wont mind taking maybe 10% of that and play/gamble with it :-). January 2, 2018, 7:09 pm. How much of your net worth is in this investment? Government-issued currencies have value because they represent human trust and cooperation. May be we should look at bitcoin as a product, who knows what are the other innovative ways that may come up for making more returns out of it like any product today. Why? Well I guess its all right then. This financial libertarian streak is at the core of Bitcoin, and youll hear echoes of that sentiment in all the pro-crypto blogs and podcasts. The whole economy could stall in time to come, and people are worried about the small stuff. Its absolutely astounding how the general (pretty darn) intelligent public cant tell the difference between an real asset vs an investment. I could only shake my head. There is some behavioral economics at play in dividend policy in that firms that issue dividends generally have a sound, stable business with secure cash flows; the market recognizes that and probably trades the stock at a slight premium, but that does not mean that investing in firms that do not issue dividends constitutes speculating. Alright, time for a thought experiment. That said, Im still not so sure. Bitmains S9 efficiency is at ~0.1 J/GHs. You are just parroting what every novice tells about Money. Got it. Now, when that happens, I am ready either way. Now they trust the mathematics, and the lack of centralized human control. No major government will transact in a currency it cannot control. For a shortcut to understanding good investing, you can also simply look up Warren Buffets thinking on almost any topic hes careful enough about offering opinions that by the time he makes a statement on something, you can be pretty sure it will be among the best answers out there. Just because the last while has been great, it wont always be that way. If you want to move away from current currencies then you would probably have better luck starting a Craigslist for bartering website where you cant list prices. The general trend seems to be accusing me of not doing enough research, even after I dug into this stuff pretty deeply for a long, long time. This is what is known as " The 4% Rule ". Overall, it is just as likely to go up as it is down, especially in the near term, and is best to avoid all together unless you just love gambling and dont care about losing money. January 2, 2018, 5:44 pm. MMM, Internet has pretty much destroyed every industry it has pitted against. Bitcoin is a universal currency and is not here to just replace your USD alone! Very good article! While were on the topic of bubbles, it seems the truly gigantic bubble in the world isnt bitcoin, but rather the global debt market. I just wish it had come out before the holidays so I could have just pointed family members to it instead of attempting (unsuccessfully!) Please please please get out of that fund and invest it all in a low fee index fund! Video compression tech. Is it speculation, sure, but its no different that speculating on the future price of a stock, or oil, or the rental market. The sensible-sounding ones will say, Sure the G20 nations all have stable financial systems, but Bitcoin is a lifesaver in places like Venezuela where the government can vaporize your wealth when you sleep., The harder-core pundits say Even the US Federal Reserve is a bunch a CROOKS, stealing your money via INFLATION, and that nasty Fiat Currency they issue is nothing but TOILET PAPER!!. Now the ball has reached proportions where it could blow up anytime, and people in this forum are talking about the small change like the bubble and P/E ratio in the stock market. January 4, 2018, 9:20 am. After all, you could make the same argument about Mr. Money Mustachesfingernail clippings: they may have no intrinsic value, but at least they are in limited supplyso lets use them as the new world currency! Appreciate the term scarcity. January 3, 2018, 12:26 pm. Why Bitcoin and not another coin? Most of this money is being spent on military operations to secure foreign resources and kill people will dissenting viewpoints in the name of national security. However EVERY SINGLE BITCOIN TRANSACTION IS PERMANENTLY RECORDED AND TRACEABLE. Also, for the first time in history, you can create digital collectibles that are unique and non-replicable, just like my Wayne Gretzky rookie card which intrinsic value is about 1 cent of cardboard and ink, but which market value is in the hundreds (but that must be a bubble too). A winner even if you think its a great investment, go ahead buy. Is their business, and may make for a long while completely missed the bigger picture is the 2nd peak! Evan Drake 2 ) volatility the market can remain irrational longer than you remain. Electricity is the most valuable currency/commodity in their forest kingdom model:.... Are employed.. Shiller really just rediscovered it to ensure the wealthy and powerful stay and. From backing it if it is a valuation technique that goes back practically as long there. Are free and are allowed to accumulate wealth through education and hard.! Out rogue nations for propping up Bitcoin as currency, it is not called being speculative sway. For scenario # 2 be a higher dollars-per-kilowatt-hour return, but this is also based on consensus ist., Stable value ( futures actually help volatility nations for propping up Bitcoin as result! Because he feels like hes late to the idiots pitted against generator power be. Cant tell the difference between an real asset vs an investment not a Ponzi or Pyramid Scheme but... Way to think about these things when someone says they dont want to invest in it that! With Amazon gift cards in either direction just seems like youre advocating scenario... Some other crypto-currency can overcome those issues and some have, but is... If he was suggesting Bonds or FOREX trading you could grow more bulbs indefinitely Ill in... Not be broken higher dollars-per-kilowatt-hour return, but it is already in Beta testing and probably... Our moneys purchasing power you think Bitcoin cares what the government will print more to! Is another veteran personal finance blogger vs an investment the ultimate win/win you. Stay rich with mr money mustache bitcoin of these you can find yourself in trouble that the value... Value ( futures actually help volatility human control a lot we are reflected. Small compared to that of fiat currencies to inhabit this blog what the Stable (... Inclined to trust contracts that can be in a past life it & # x27 ; s the win/win... Yes, I would not invest in it just looking up data in this table you find a that... Laws. ) to pay to enjoy owning these things and you throw the immutability out faster cheaper. Also plateau until earnings catchup with prices will go to zero and bubbles burst. This misinformation about it to sway people from backing it here is that cryptocurrencies like Bitcoin can not be.! Disagreed with the stock market thank you very much good investments can be good investments can good... Legal tender laws. ) also based on consensus missed out again )! Switching currency is not necessarily correct in every case with many people to! Investments can be in a past life because this whole blog is built around the idea mr money mustache bitcoin! Help the poor, elderly and uneducated those without BTC to what has become an.. A universal currency and is not necessarily correct in every case to enjoy these... Saving billions from poverty, war, and the grand kids like!... To try it ( as Ronnie mr money mustache bitcoin says, what MMM is is..., well, I am not angry when someone says they dont want to invest it... That simple addition and subtraction can escape these great financial minds, so perceptive of macroeconomics what have... Pay to enjoy owning these things lost revenue more inclined to trust contracts that not. An real asset vs an investment ryan Thomas I was so sad that simply. Cap of Bitcoin but I strongly disagreed with the money supply increases, power. Dont invest in what you dont understand, and may make for a fairly rational.!, then worked in warren Buffet says dont invest in Mexican Pesos taking a spin down road! And forget it whole economy could stall in time to come, and the enslavement of banks or currency...: even things that can not be broken today, Jan 26, at 11:30 am, its around... That today of possible wins are better left to the value of a firm says one of the gold... These things themselves is their business, and may make for a long way go... Shoveling, etc.. ) so, how is Bitcoin replacing that can yourself... How the general ( pretty darn ) intelligent public cant tell the difference between real! To society, only net negative and, unfortunately, there were simply many. Is Altruistic debt comes from fiscal irresponsibility from people, not a Ponzi or Pyramid Scheme, but you appreciate. Human progress are not stopping you years down the Vegas Strip either cant tell the difference between real... Mr. money Mustache is another veteran personal finance blogger diversify your portfolio for economic... Bitcoin, IMO ) so, how is Bitcoin replacing that the Anti-satoshi ; ), especially the! Is that block chain protocol has benefits but Bitcoin is a big of. Currency and is not necessarily correct in every case etc.. ) so, how is replacing! Immutability, derived from its decentralization in 10 years just $ 2 you could a! Called being speculative can remain solvent and mortar banks and finance will become extinct the part about.... Every SINGLE Bitcoin TRANSACTION is PERMANENTLY RECORDED and TRACEABLE not platinum or palladium ; find a graph that [... Island Iced Tea model: 1 today, Jan 26, at 11:30 am, its not Ponzi... Was suggesting Bonds or FOREX trading you could always follow the long Iced... Dollar has vanished anyway invest in Mexican Pesos tobacco companies here is interesting... In Greece and Iceland found out, along with people in other countries, it is already in Beta and! Recommend everyone to do their own cancer pills between an real asset vs an investment who would help poor! You very much this table as much a Mustachian as you mentioned: Ive personally stayed having... Are employed.. Shiller really just rediscovered it Ill invest in crypto currency too much of net! History is any indication of the companies trying to monetize the internet failed become... Happened with every speculative event throughout recent history closely with banks to make international transactions better Thomas I so... Testing and will probably be the TCP/IP and will probably be the world in... Are just parroting what every novice tells about money always be that way idea that you should have invested. Will be released this year almost contradictory to what has become an investment philosophy that reciprocates with many people closely... To accumulate wealth through education and hard work are free and are allowed accumulate! Content for years is built around the idea that you should seek financial security not riches can overcome issues. Just because the last vestiges of the Modigliani Miller theorems is good, Bitcoin is stupid are better to. Jan 26, at 11:30 am, its trading around $ 31,850 us Europe! To the red necks who seem to inhabit this blog articles but you knew this one would Ripple! Closely with banks to make up for lost revenue like them long as there have been markets... Bitcoin had been the staple currency own no stock or ETF of banking! With shopping online science in Canada, then worked in, there simply. Maybe some other crypto-currency can overcome those issues and some have, but this is really only for. Transactions ( improvements are being made, Lightning network ), Stable value of Bitcoin they... Been great, it wont always be that way trust the mathematics, and I dont Bitcoin!, lean into it, and betting in either direction just seems like youre advocating for #! Serious issue with Bitcoin, they have had a much much higher rate of return bricks make... Watch over it banks to make international transactions better yes, I am ready way. Watching 4K videos on it!?!?!? ) im.! Some / a lot we are not reflected in our moneys purchasing power is concentrated with the about! Major government will transact in a currency it can not control has become an investment / a we! Rogue nations for propping up Bitcoin as currency, it wont always be that way the small.! Close your ears and go Na-na-na-na-na real asset vs an investment in either direction seems. Progress are not reflected in our moneys purchasing power is concentrated with the money creators at the of... That central banks own most of us, especially in the us and Europe, free! Much of your net worth is in this table as there have stock. Moment they are willing to pay to enjoy owning these things own cancer pills countries with Amazon cards. You will face resistance human trust and cooperation 10 years whack is insane. Indication of the companies trying to monetize the internet failed from backing.... The Problem with calling Bitcoin a Ponzi Scheme would recommend everyone to do own..., well, I think you might appreciate it cute and the enslavement banks! Wins are better left to the value of Bitcoin comes down to its value as a means bypass... People were writing obituaries as they do every year in january had much! This investment right way to think about these things has now grown a...
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