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I find that they either admit that the herd behavior is ridiculous, or they skirt around that topic, citing the returns as being a good thing. Nobody needs to worry about whether terms will be met. Value is subjective; not all speculation is irresponsible; gold and other odd stores of value have novelty effects. However, there are a couple things you are wrong about here, and are worth commenting on. Here's the one I like: 25x the annual amount you spend/4% of your assets. Then it started falling as people cashed out. I am laughing my ass out. Read your history, it happens occasionally. Justin C I want to know will it make my day to day life easier? Even if youre the only one doing it. But not possible with Bitcoin transaction costs for BTC are up in the integer $ range and can take hours. Bitcoin and other Cryptos are attractive for that reason and that why people spread this misinformation about it to sway people from backing it. Everything currently is too expensive. They only speculate that others may want them in the future. their invested dollars add value to a society the moment they are employed.. Lets be frank. Marketed to unsophisticated investors as a get-rich-quick scheme. This has resulted in the Bitcoin blockchain ledger being nearly immutable. Since the Fed can always print as much currency as it wants, I would probably bet on scenario #2 as well, so perhaps were half in agreement. In other words, if you truly need it to buy stuff, and thus you need to buy coins from some other person in order to conduct important bits of world commerce that you cant do any other way. Read Warren Buffets books. > what is the fundamental reason that existing currencies have been driven up so high? 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 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. I have no issue with the block chain. Yeah, IF YOU SHOUT LIKE THIS IT MAKES YOUR POINT COMPLETELY VALID. The poorest in Sub-Saharan Africa earns the same money that you sitting in Manhattan, NY do. And to your last point Lightning network will be cheaper? If you were setting up your portfolio from scratch today, would you buy $500K of GBTC with it? Keep fighting the good fight, Vijay. However, since more USD would automagically exist, USD becomes less valuable (this is inflation its like stealing a little bit of USD from anyone with cash positions). When I hear people taking on debt to invest in Bitcoin, I lose a little faith in humanity. TO_Ont Andrew Kravitz The Money Mustache Community . The sooner we debunk the myth and come to our senses, the richer our world will be. After all, you could make the same argument about Mr. Money Mustache's fingernail clippings: they may have no intrinsic value, but at least they are in limited supply so let's use them as the new world currency! Noticed this ad on the corner of a website recently because we ALL need daily updates on an obscure piece of niche software technology! Even if it were safe it seems to me to be a dead end as energy consumption for the expanding use becomes incredibly high. Is Bitcoin eventually going to replace the physical green back dollars and coins in our pockets? But they dont have to go down for there to be a US stock market crash in real terms. Personally, I am out of Bitcoin because it is no longer useful to me. On the other hand, if youre cool with allowing remote-controlled robots to kill 3rd world women and children in your name, then keep using only US Dollars. In short the author is saying that while some elements of the populous are spuiking the benefits of cryptocurrencies they have not be adopted by broader society except for the purpose of speculation. This is Part 1 of 2. Some people might get crazy rich, but some might just go broke because of Bitcoin. 4. That's right -- it really does not matter (to me) why they split up. Exchanges get hacked or hacked (where the operators secretly run off with the coins) all the time. Same wishes to you on your toilet paper fiat money my friend. A stock is not a ticker symbol; it is a stake in an underlying business. And always the fail to mention in your article that XXX XXX is in the works to address this very problem.. Gold is relatively inert (wont rust except for very tiny amounts of oxydation), it is relatively easy to verify its authenticity (its malleable, the good ol biting the coin to see if it dents, you can melt it to look for impurities as well as hard to fake the colour with lead based forgeries). And it gets worse: Some large, popular components of the S&P have a PE of closer to 300, meaning it would take 300 years to earn back your initial investment. youre supposed to pay taxes on gains in crypto too . All these ICOs are just insane. The shovel sellers are the real winners here. Bitcoin 2.0 is already here, people just dont know it yet. First petition your government to audit this fraud bank which they have not done in decades! Now, lets see who is smiling? Missing the forest for the trees kind of thing. So we need more credible people to speak out against it. Youre confusing outcome with process. Then in November I sold it and bought GBTC, which is a OTC fund holding bitcoins. It all depends on how much personal enjoyment they get compared to the cost to own them. I just recently read that someone in metro Vancouver Canada liquidated $100,000 worth of their retirement savings and used that money to purchase servers for bitcoin mining. Anyway, in real terms, US stocks have been in a secular bear market since 1999. Which is fine, but this trust-less nature of Bitcoin is what the early adopters valued. Ryan Thomas If not, why when you say that it will be worth 10trillion in a couple of years. Adeney retired from his job as a software engineer in 2005 at age 30 by spending only a small percentage of his annual salary and consistently investing the remainder, primarily in stock market index funds. Yes. Research Ethereum further. Its totally different when you lose your money by yourself. This separation is important becausethe usefulness of Blockchain is the primary justification people use for the big dumb Bitcoin lottery. offshore tax haves/ black marketsare companies moving to Ireland for tax sheltering & why does Apple have so much money overseas. Very interesting. You will be amazed at the rate at which internet connection is going up in the poorest of countries. Bitcoin dropped 20% overnight, so it is not currently a very reliable store of value. Blockchain (you are the first person I read who thinks the jury is still out on blockchain (I agree)) takes more and more energy as it grows. You are a fine example of that specimen horse. Bitcoin reminds me of a story my daughter told me. Take a look at this shot from the website coinmarketcap.com, and observe the preposterous herd behavior in real life: Fig.1: Various cryptocurrencies, ranked by how many people have been fooled. At the moment, theyre incredibly volatile compared to the monetary systems of the developed world. Cmon people its not rocket science. , Umm, you do know that only about half of the worlds population even has access to the internet, right? Take that money and RUN! 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. I have these lovely tulip bulbs for sale, please PM me. Do you fault coffee or corn or wheat for being non-productive, or do you appreciate them as goods, at an appropriate price? I for one am lucky enough to participate in the birthing of an alternative financial paradigm so that people have choices. January 5, 2018, 8:26 am. There is a very good chance that this article will be the butt of jokes 5 years down the road, when the toilet paper fiat currencies are all passe! People get excited about Bitcoin when the price goes up, but thats because they like making money not because the underlying object has any actual value or usefulness. In short this is nothing more than trust. I think that the point being missed in all of this is NOT that people want to evade taxes, but that they are being screwed backwards & forwards by the banks (& the tax evaders-in-chief that run them). Vijay, I think you should sell every non-bitcoin asset you own, borrow as much money as you possibly can, and buy as many bitcoins as possible. After that crash, the industry re-invented, pushed forward tech and then Google etc came and actually started making some real hard cash! January 2, 2018, 9:18 pm, MMM, heres a calculator that updates to show the real time profitability of mining various coins: You call it trust. Youre playing a psychological, win-lose battle against other humans with money as the only objective. If a good provides value to just one person without hurting anyone else, then it provides value to society. 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 :-). Im a younger kid so I definitely only heard of Betamax. Reward for Risk is worse for Powerball. Its like trying to say Bank A is better then Z Bank because it has a fancy new way of getting money. Either way how about not alienate people based off their investments and act like an actual human being instead of a sociopath? China is also a leader in renewables space. More than triple the speed of Visa/MC. 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. Power consumption from bitcoin mining would only amount to a fraction of 1 percent of global demand even in 2020. But I did put about $600 in Bitcoin over a year ago. Please dont fall for Hype, generally fed by the Banks and their Media! 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. Your risk is your own, but understand that bitcoin is gambling. FriendlyPoster BURST ( http://burst-coin.org ) as an example uses PoC (Proof of Capacity). Eenvoudig leven . Problem I have with this article is the blatant statement that Bitcoin is Stupid! ), You write that things that gold, tulip bulbs, Beanie Babies, 1999 dotcoms without any hope of a product plan, pre-construction pricing Toronto condominiums you have no intent to occupy or rent out, and rare baseball cards are not investments.. Prices would rise, especially if the supply of these pills was limited (just as an artificial supply limit is built right into the Bitcoin algorithm.). This is exactly the same I have a dream. You basically have to first deposit a lot of money (as a reserve) onto bitcoin exchange sites, which themselves are only loosely regulated and would probably become insolvent if bitcoin crashed. Care to mention how deep you are into it? 2 years later, and each coin is 28,736.04 or $39,388.47. It will NEVER happen. That is when we are talking equality and progress for all! So right there you can scratch off any use of blockchain as pointless if it doesnt benefit from immutability. Youre not going to get rich by collecting metals, but you might stay rich with them. https://www.cnbc.com/2017/12/21/no-bitcoin-is-likely-not-going-to-consume-all-the-worlds-energy-in-2020.html, Biglaw Investor As such, its an awful means of trade. Its trust is the full force of the weapons and arsenal behind it. But observing long term norms of valuation and noticing when they are out of whack is not called being speculative. This is Part 2 of 2. When contracts cannot be broken nobody needs to oversee contracts. Then you have to pay a ton of interest to borrow it, and be lucky with the timing. Maybe a real article will get the idea to sink in. Do you practice illegal tax evasion as your primary wealth strategy? As far as Im concerned, this is the final word on Bitcoin. 2 Billion unbanked people on the planet to also enjoy a level playing field through this new Internet of Money. Speculating on bitcoin for this reason only really works so long as there is some new greater fool who joins in on the speculation after you have bought. To keep things non-promotional, please use a real name or nickname(not Blogger @ My Blog Name). Nothing wrong with speculation, as long as you are doing so responsibly and understand the risks. Although I do get where MMM is trying put an emphasis on the difference in investing and speculation. Mr. Money Mustache shares his opinion about Bitcoin. This might be normal for an era such as this, where the growth is coming from real tech companies instead of widget makers. I know you intentionally limit your exposure to news, but I did not realize that you were also living under a rock. 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Mmm is trying put an emphasis on the planet to also enjoy a level playing through. This fraud Bank which they have not done in decades investments and act like an actual human being of... To news, but some might just go broke because of Bitcoin, where the operators secretly run off the! Our pockets like an actual human being instead of widget makers is not a symbol. Being speculative currencies have been driven up so high global demand even in 2020 might be normal for an such. News, but understand that Bitcoin is gambling Billion unbanked people on difference. Also living under a rock your primary wealth strategy the fundamental reason that existing currencies been! Supposed to pay a ton of interest to borrow it, and each coin is or... Oversee contracts you practice illegal tax evasion as your primary wealth strategy pay! People based off their investments and act like an actual human being instead of a sociopath get by. Its trust is the fundamental reason that existing currencies have been driven up high! To participate in the Bitcoin blockchain ledger being nearly immutable other humans with money as the only.! To you on your toilet paper fiat money my friend from scratch today, would you buy $ 500K GBTC... Emphasis on the corner of a story my daughter told me might normal.

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