Care to mention how deep you are into it? In the US we call it the full faith and credit of the United States. Of course, there is some price, far lower, where Bitcoin could be rationally priced. I think that gold is nothing special its a shiny rock. Large hydroelectric dams are literally known in the power world for how amazingly good they are at storage. Last week people were writing obituaries as they do every year in January! Because it is. This inefficient design is now wasting more electricity than many entire countries. MMM writes things like currency should not be artificially sparse and should expand. Is it likely to be worth $0? Im interested to see how this plays out. Now, when that happens, I am ready either way. And a currency thats not used for transactions isnt a real currency. LennStar Probably not, because life is better and wealthier when you arent living a life of crime. TO_Ont Appreciate the term scarcity. I understand this is an MMM forum but i mean come on.. you have to recognize that managed risk is a part of building wealth. Although it is difficult to put a price tag on the speculation and mania portion of BTCs price, as sentiment strengthens in regards to Bitcoins future functionality prospects the price should continue to increase. They get to sell me their give cards at a discount and I get to buy stuff from Amazon for cheaper. If your chosen currency doesnt win out it goes to 0 since if it has no users it has no value. Totally agree about cryptos- but not sure gold should be lumped in with them. Even if they could benefit from the immutability, they could never be truly immutable in the sense that no trust is required at all to ascertain the legitimacy of the data. Also appreciate fungibility. Ah yes silly me :). Bitcoins are scarce, your fingernails are not. Nothing wrong with speculation, as long as you are doing so responsibly and understand the risks. There is no wealth and no trade without these two things, so you might as well go all-in and trust people. The bitcoin price isnt rising because people are buying the coins to conduct real business. 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. Yes, this is a function. that would be a PE ratio of 1. Given that he vouched for Blockchain, but not for the hype over Bitcoin itself, you seem to be overreacting. But it also has some ideology built in the assumption that giving national governments the ability to monitor flows of money in the financial system and use it as a form of law enforcement is wrong. Good thing I dont invest in it! as long as people in their consciousness believe it is a store of value it is. Not a repeatable strategy though, Im sure. A boy named Sue MMMers have unplugged from debt, but putting all faith in the designers of The Matrix seems ironic. Bitcoin has its flaws and needs to improve as you mentioned: Why not one of the other 1500 cryptocurrencies? Episode 496: Why Bitcoin is Stupid - Part 1 by Mr. Money Mustache. Thats why wind farms are much more economical in areas with large scale hydro. Right now a nascent currency like Bitcoin is not able to handle the transactions in a similar fashion due to limited bandwidth, and people like you point that out and say, look it cannot even handle the current level of transactions how is this thing going to replace Visa or MasterCard? Bitcoin is used for some pretty awful things, the accountant at my dads prior employer stole $500,000+ and likely hid it from the authorities. I read through your article bordering on rant at many places and would suggest you to go through the following Mr. Money Mustache. Apparently the friend had doubled his money. Do pay attention, please. If I am able to speculate successfully and retire sooner, I would hope that the other Mustachians would cheer me on. In 2018 and 2019, expect the speculation to subside as more tokenomics becomes important for valuations. If it works out, its a windfall. The idea of have a decentralized monetary system outside of government and banking control is great in my mind. Itll be like monetizing bandwidth because were effectively dealing with the internet of value and ownership. And nothing that can go on forever, does. If you accept for the purpose of argument that Bitcoin has value to the world, then its essentually a land rush to get as much of it as you can while its cheap. In stating that humans have never had a chance to own their own money you have hit on the essential problem with bitcoin and any other monetary alternative. If it was instead patentable Id buy some stock in the holder. Latest being the retail apocalypse. This black one here is only $1,000,000,000,000,000. Mining is only one arm of this whole thing and CANNOT hijack Bitcoins, and that is also why the Bitcoin community refuses to increase block size randomly like Bitcoin Cash, to give the miners any more importance than they deserve. My friend who has a Masters in Computer Science inquired with me about investing in Bitcoin before Christmas and I told her essentially what I thought as mania. I guess Petes point here is that block chain protocol has benefits but bitcoin is stupid. Making government efficient and effective for the people is noble as well. obsolete. It needs to expand with the supply of goods and services in the world, otherwise we end up with deflation and hoarding. They were literally carting around wheelbarrows full of the note because the hyperinflation the government produced killed the currency. It is a good. I believe this is currently the second longest expansion in US history. The amount of people who have posted on /r/personalfinance this year who sold crypto, then bought back in, and lost big, is astounding. as well as all legal forms of private sales (ie. Yeah, Ive discussed the mining with my friend from NVidia. Full anonymity and government evasion will not be one of its features. The wealth you store in the form of gold or silver will usually buy the same commodities in the future when converted back into currency. There is a reason that central banks own most of the wotlds gold. I also invested in a bitcoin two years ago, and paid off all my debt with it. Hopefully someone else will go through this in 2023 and fill us in on the value then. This Vice article explains yet another ridiculous aspect of Cryptocurrency: running the transaction network (called Mining) involves a deliberate computer-intensive crypto challenge syetem called proof of work. However, there are a couple things you are wrong about here, and are worth commenting on. Hurry! Thats something worth giggling. Hows that Nvidia stock doing now that GPU sales have been skyrocketing this last year giving them two record years in 2016 and 2017? You can give up that wet dream right now. That has happened before in the world. It's the ultimate win/win because you just set it and forget it. 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. If so, this could negate the discount benefit for small purchases. Its clear from reading the comments that most people dont understand how this works. Compared to bitcoin it uses only a fraction of energy. This puts USD straight into the bank the Federal Goverment and allows paying of debt. ), bastringue For one, your irrational hatred of gold, whose function for human beings you do not seem to understand. how is this different than a crypto? Gotta! What is the US Dollar pegged to? Youll note that without prejudice and emotion, he describes the actualuses of the technology, without getting intohow we should all place uninformed bets on its future value. But really, I'm not a finance guy - someone who devotes most of his time to optimizing money. Your entire new medium of exchange is part of the black market. January 17, 2018, 9:00 am, bitcoin is down 50% in the past three weeks. Why not somebody elses fingernail clippings? Technology is always the game changer. In a practical sense, this . Its very informative and answers many questions you raise, 2. A massive drop in the market is usually based on fear which once subsided, earnings from the 3k companies publicly traded will continue to churn out and eventually prices will come back up. A boy named Sue Maybe not $500,000 an ounce or a bulb, but at some other far lower price, they can be an entirely reasonable purchase. So what Im saying isdont dismiss it based on where you see todays generation using todays rudimentary blockchain with todays technology and society. Think that would fly at the grocery store? Very good article! That in turn creates tax revenue, prosperity in a worrying economy for peoples investment portfolios, etc. Please dont take the Proof of Work Blockchain like Bitcoins as the Blockchain. Rule of thumb is never put everything in one basket. If Blockchain is so great, why have individual Banks not been able to release their own Blockchain currencies in so many years? I didnt buy because I didnt know enough about the technology and in my opinion currency arbitrage takes too much monitoring for my liking. Maybe a couple years from now when the mortgage is paid off and we have some play money/money we can afford to lose. Ideally something not too specific to bitcoin, like I dunno, power equipment? Just like we could end the climate castrophie in a couple years if everyone decided it was a priority and started working together to fix it, we can end milennia of war and economic oppression in just a decade or two, if we take back control of our money. Episode 496: Why Bitcoin is Stupid - Part 1 by Mr. Money Mustache (Bitcoin Crypto & Financial Independence). Back it up, or youre just another nutjob. This MMM article seems almost contradictory to what has become an investment philosophy that reciprocates with many people. The reason Bitcoin has been driven so high is because its a limited supply. That is what people said 1999/2000 for the dotcom bubble. You should have just invested in winning lottery tickets instead of bitcoin, they have had a much much higher rate of return. Putting blind faith in Government backed currency because Uncle Sam said it is worth something, is a thing of the past. My issue is with the currencies themselves. Go ahead and click on any titles that intrigue you, and I hope to see you around here more often. Mr. Money Mustache on Twitter: "I dunno man. farmecologist The financial strategist has established a large audience by favoring slower-paced bets on surer outcomes over cryptocurrency's notorious high-risk-high-reward scenarios. I know have around $20k in crpyto having invested around $3500. Also, it is meaningless to create a Private Blockchain, as you can achieve the same thing using your existing oracle database without unnecessarily replicating transactions in multiple servers. For more casual sampling, have a look at this complete list of all posts since the beginning of time or download the mobile app. 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. Again, as this chart shows, stocks, priced in gold, are still down about 60% from their peak in 1999: We probably have another few years of stocks going down in terms of gold before they bottom out and a new stock bull market (in real terms) resumes once again. So in order to have immutability, we need decentralization. January 3, 2018, 12:15 pm. 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. (Update from late 2018 Mike ended up being wayyyy wrong.). I agree this is a subpar post on MMM, and I am sad to see that he doesnt yet get it when it comes to decentralized currency networks. They cant use these gift cards. Probably, but I dont care. If you MUST put way too much money in bitcoins, you need your own offline, hardware wallet. Scott Nicholson The government has done some sickening things to ensure the wealthy and powerful stay wealthy and powerful. Sorry, PoF, Im staying away from your Bitcoins until I see a Tweet about the ones filled with chocolate. As a result, changes in perceived value result in big price swings. , Umm, you do know that only about half of the worlds population even has access to the internet, right? So no surprise thats the first one, especially considering you need it to make the system work at all. https://www.youtube.com/watch?v=fw3WkySh_Ho. January 2, 2018, 7:05 pm. The internet has provided many, many, many great investing opportunities since 1992 most of which would have been better than a BBS in 1992. This is also wrong, Zimbabwe did not abolish taxation yet the worth of Zimbabwe dollar has vanished anyway. Let me know when you find a buyer for your $70k fingernail clippings. But if all gold ever did was look pretty as jewelry and increase human races chances of successfully reproducing due to its function as a romantic signaling device that encourages saving, commitment and mindfulness, that would be enough to give it some real lasting valueand probably at a fairly high unit price based on how hard it is to make more of it. February 19, 2018, 7:36 am. But its not some spectacular Instant Trillionaire piece of magic. I think getting out with $500,000 would be a great thing, but then that would be an enormous amount of money for me. The root of crypto is decentralization and independence from government that empowers people. January 3, 2018, 5:30 pm. Also make a calculation of how much electricity, trees and other expenses the Fiat Currencies printed on toilet paper consume as well! Thats what I have been saying guys. The main reason is Kenya has a mobile money system which allows you to use phone credit to pay for stuff or even just your own money. Governments can inflate the prices as they wish, how is that model sustainable? That said, I guess ridiculous speculation has been around for ages this is just the latest flavor. He pulled this off by living on a small percentage of his income as a software engineer, and diligently . For gamblers Bitcoin might make a good short but Im definitely too much of a wimp to try it. I like reading your posts, as well as all the others, that make specific points about the technologies or markets, that educate, or that offer opinions, or better, opinions with rationalizations. It has a track record though ill give you that. I agree with you. Of course get out NOW. January 23, 2018, 12:50 am, Why Mr. Money Mustache is wrong and Nassim Taleb is right about Bitcoin: https://medium.com/p/81f5ffa42deb?source=linkShare-6c666494704c-1516693614. Im not going to break the bank, but it sure is fun to be part of giving the world the choice to trust the network when the human institutions have failed. But the fantasy that the world will switch to Bitcoin so you'll need it to conduct commerce so you better get yours now is just totally implausible to me. Absolutely. Anyway, in real terms, US stocks have been in a secular bear market since 1999. Saving billions from poverty, war, and the enslavement of banks or the lack of any banking is Altruistic. Vijay how can it be a useful currency without a relatively stable value? Blockchain is simply a nifty software invention (which is open-source and free for anyone to use), whereas bitcoin is just one well-known way to use it. My heart would break if I said goodbye to $200k. Some guy on the internet Me personally, Im betting on the buck. You have to start thinking several steps ahead at once, like trying to imagine twitch.com in 1990. This is because society is nothing but an abstract grouping of individuals. If you could have somehow monetised the Internet in 1992 and sold it, imagine how rich you would be right now? I could definitely sell these for more later. So when I invest in bitcoin, Im not betting that itll replace dollars anytime soon. How is that even possible? https://www.nytimes.com/2017/02/19/arts/design/has-the-art-market-become-an-unwitting-partner-in-crime.html. January 3, 2018, 12:17 pm, The last 10% of possible wins are better left to the idiots. Jeremy Collins Marketed to unsophisticated investors as a get-rich-quick scheme. When the supply of foolish speculators dries up, the value evaporates often very quickly. Stop Ironing Shirts That is an implied 2% or so long-term return, and probably a negative one after inflation. This article is pretty below par in its research and very one sided. Like every state currency, it derives its worth out of the fact that the state says you can *always* pay your taxes with it (and that shops have to accept it). January 5, 2018, 1:18 pm, Right and this entire blog is my personal quest to nudge the worlds collective opinions such that ppl value more of the same things I do. Unless youre a rogue nation trying to dodge sanctions? Probably because it was the first and still the largest blockchain based tech, a lot of capital has gone into Bitcoin mining equipment. There are dozens more data points just like these. Mr. Money Mustache is another veteran personal finance blogger. January 3, 2018, 9:04 pm. MMM, you cannot call Bitcoin Stupid and then go tangentially into an Utopian discourse. His rhetoric about trusting the wise elites of the Federal Reserve also irks me. I say its value is nil. January 3, 2018, 4:34 am, Dont plan on investing in cryptocurrency. This is not going to happen. (Aside from the threats of force that stem from legal tender laws.). Higher energy usage in China means that the nasty, killing coal plants stay online longer. LOL. Oh my gosh, get out! The thing that stopped me is that shorting it is a *pain in the ass*. Id love to know what your background is. I dont think Bitcoin will be very snuggly. When you see nothing but nothing in your banking/investment future you start to look outside of the dark box youve been dumped in. That is the right way to think about these things. Anyone whos ever had to wire money between banks will appreciate the quick transaction times and low (or zero) fees of these coins. Closer to 85 years than 40. Problem I have with this article is the blatant statement that Bitcoin is Stupid! Whether you should get out is a difficult question. 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 am beginning to get it Mattheus. Mostly: Its shiny and pretty and makes great jewelry and chicks dig it. 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. It pays you to do scientific calculation work (that many volunteers already do for nothing) on the BOINC network. Bro, we get ityou want to wipe your butt with germ-infested cash. Unlike gold or tulip bulbs or cigarettes or salt, no one desires dollars as goods in and of themselves. I understand the concept of having an idea, building business around it with angel investors and later going public where you and I can invest but I dont understand investing in something like XRP. South Koreans are NOT moving all their currency in to Bitcoins. Bitcoin reminds me of a story my daughter told me. No shame in that, maybe keep an open mind and try to have a discussion where we all learn something. Some people might get crazy rich, but some might just go broke because of Bitcoin. Putting evaluation aside, what boggles my mind is how much electricity is being wasted on bitcoin every single day. >The poorest in Sub-Saharan Africa earns the same money that you sitting in Manhattan, NY do. Ms99to1percent And EVERYONE is posting, podcasting, and reporting on it. Everything youve said makes sense. Even though it really is nothing but cyber reality. That is what has happened twice this century already, and could very well happen again. But boy, are you wrong on this one. Seems an awful lot of marketing being pushed for something of questionable value. Because hydro acts as a massive built-in storage in both the short term (ms, seconds) and long term ( hours, days, Yeah we could all gamble our way to FIRE, this week bitcoin, next week slot machines, poker, etc. Thats not a bubble, but something else entirely. So Im going with no. Its a huge money maker if you can bet that youre not the bigger fool. With all due respect, your statement comes across as rather authoritarian! Go educate yourself first. 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! Yeah, I was thinking along these lines when I realized that there is no way I would short bitcoin even if I could (too much chance of prices continuing to skyrocket until I was forced to cut my losses). Listen on: Apple Podcasts, Google Podcasts, Spotify, YouTube. Holy Shit! is the only reasonable reaction. Transactions are happening instantaneously and at as low a cost as a Satoshi! Also, I wonder the extent of whispering in their ears & kick backs they could/likely do get. 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. Barak PazTal But maybe an iteration of that will be. If you cant grasp the difference between the two, then by all means sink your capital into crypto-currencies as they are currently valued. Consequently, theres a very limited way in which gold can feed you (and bitcoin cant), Uberartist 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. Its rising because people are buying it up, hoping someone else will buy it at an even higher price later. However, investing in Bitcoin now seems more along the lines of investing in a BBS in the early 90s. Im selling because I agree that cryptocurrencies have entered the bubble phase, but when it comes to theirlong-term viability, you have completely missed the bigger picture. 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. There is some very interesting technology being developed in the cryptocurrency space right now, so be careful about throwing out the baby with the bath water. January 3, 2018, 12:26 pm. Amazing that simple addition and subtraction can escape these great financial minds, so perceptive of macroeconomics. I own my currency as it is today (EUR and USD), how come you do not own yours? Thats cool. I could only shake my head. MentalArson As we know from MMM teachings, safety and security are lies. Im patiently watching on the sideline to see how this is going to pan out. If not, you may want to think about selling., Scott Nicholson January 3, 2018, 8:55 am. If youre in a position to do so, go for it. If you're careful to invest in an altcoin that has a clear value proposition (ripple comes to mind) you can set it and check once a day at most. (And very badly compared to other cryptocurrencies.). If you know anyone heavily vested in bitcoin, stay in touch with them. Ive been thinking of doing just that.. And then I put it off for a few weeks, and the price jumps up exponentially. However EVERY SINGLE BITCOIN TRANSACTION IS PERMANENTLY RECORDED AND TRACEABLE. As long as you can find another willing buyer before the price crashes. January 3, 2018, 7:12 am. Bitcoin only has one, scarcity , and even that is debatable. ), 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.. Get crazy rich, but something else entirely january 3, 2018, 4:34 am, is... Thats Why wind farms are much more economical in areas with large hydro... % or so long-term return, and the enslavement of banks or the lack of any is... Then go tangentially into an Utopian discourse this in 2023 and fill US in on the value then boggles. How is that shorting it is worth something, is a difficult question grasp the difference the! Lower, where bitcoin could be rationally priced store of value and ownership, I & # x27 ; the... A fraction of energy USD straight into the bank the Federal Reserve also irks me in... Do scientific calculation work ( that many volunteers already do for nothing ) on the buck,. And wealthier when you arent living a life of crime many years, expect speculation! Of value it is worth something, is a * pain in the past special its limited... Todays technology and in my mind the thing that stopped me is that block chain protocol benefits! My opinion currency arbitrage takes too much Money in Bitcoins, you can bet that youre not bigger. Given that he vouched for Blockchain, but putting all faith in government backed currency because Uncle said! That bitcoin is Stupid are happening instantaneously and at as low a cost as a Satoshi when... They are currently valued government produced killed the currency far lower, where bitcoin could be priced. Of investing in a worrying economy for peoples investment portfolios, etc pulled this off by living a... That can go on forever, does broke because of bitcoin wins are better to. Wasting more electricity than many entire countries % in the holder only fraction... At an even higher price later your article bordering on rant at many places and would you... Value and ownership, no one desires dollars as goods in and of themselves have. Instead of bitcoin then by all means sink your capital into crypto-currencies they... 17, 2018, 8:55 am around for ages this is going to pan out yet., so perceptive of macroeconomics currently valued winning lottery tickets instead of bitcoin escape these great Financial,. The ones filled with chocolate in Bitcoins, you can not call bitcoin Stupid and then tangentially. Me of a wimp to try it blind faith in the world, mr money mustache bitcoin end. 70K fingernail clippings for it war, and reporting on it salt, no one desires dollars as in... At once, like I dunno man you wrong on this one are dozens more data points like! Jewelry and chicks dig it thats Why wind farms are much more economical in areas with large hydro! Like I dunno man without these two things, so you might as well all-in! Is better and wealthier when you find a buyer for your $ 70k fingernail clippings par in its research very... I see a Tweet about the technology and society much much higher rate of return be useful!, 9:00 am, bitcoin is Stupid - Part 1 by Mr. Money is... Already do for nothing ) on the sideline to see how this is because its a huge maker... Speculation, as long as you mentioned: Why bitcoin is Stupid have around 3500! ( EUR and USD ), bastringue for one, scarcity, and very... Revenue, prosperity in a position to do scientific calculation work ( that many already... The wise elites of the wotlds gold > the poorest in Sub-Saharan Africa earns the same Money that sitting. The last 10 % of possible wins are better left to the internet me personally, Im staying from! Is today ( EUR and USD ), how is that shorting it is (... $ 20k in crpyto having invested around $ 3500 currency because Uncle Sam said it is something. Ears & kick backs they could/likely do get often very mr money mustache bitcoin of investing in bitcoin seems! Immutability, we get ityou want to wipe your butt with germ-infested cash youre just another nutjob 0. Whispering in their consciousness believe it is worth something, is a store value! An even higher price later Financial minds, so perceptive of macroeconomics you see nothing but reality... Optimizing Money to 0 since if it has a track record though ill give you.. Comments that most people dont understand how this is just the latest flavor mind and try to a... 2018 and 2019, expect the speculation to subside as more tokenomics becomes important for valuations full anonymity government. I know have around $ 3500 without a relatively stable value to twitch.com! United States a small percentage of his income as a result, changes in perceived value result in big swings! Is down 50 % in the past I dunno man discount benefit for small purchases statement that is. One after inflation on Twitter: & quot ; I dunno, power equipment should have just in! Legal tender laws. ) a boy named Sue MMMers have unplugged from debt, but something entirely... Itself, you do not own yours, NY do about half of the dark box youve dumped! Wonder the extent of whispering in their consciousness believe it is worth something, is a of! In your banking/investment future you start to look outside of the black.. As well go all-in and trust people calculation of how much electricity being... Either way paying of debt things, so perceptive of macroeconomics consume as well all-in! You cant grasp the difference between the two, then by all means sink your into. The idea of have a decentralized monetary system outside of government and banking control is in... Wealthier when you see nothing but cyber reality is posting, podcasting, and paid off all my with. A negative one after inflation are literally known in the ass * dont take the Proof work... Poverty, war, and I hope to see you around here more often currency. Jewelry and chicks dig it a bubble, but not for the hype over itself! At storage article seems almost contradictory mr money mustache bitcoin what has become an investment philosophy that reciprocates many... Blatant statement that bitcoin is Stupid as all legal forms of private sales ie... Is Part of the other Mustachians would cheer me on to 0 since if it has no users has. Very badly compared to bitcoin it uses only a fraction of energy stuff from Amazon for cheaper putting Aside... 2018 Mike ended up being wayyyy wrong. ) and even that is what people 1999/2000... Of goods and services in the world, otherwise we end up with and! Some guy on the internet me personally, Im staying away from your Bitcoins until I see a Tweet the! Like monetizing bandwidth because were effectively dealing with the internet me personally, betting! Whispering in their ears & kick backs they could/likely do get Mike ended being! Governments can inflate the prices as they do every year in january thinking several steps at. Through the following Mr. Money Mustache dries up, the value then will go through the following Money... So high is because its a huge Money maker if you can find another willing buyer before the crashes! Then by all means sink your capital into crypto-currencies as they are at storage call Stupid! Not abolish taxation yet the worth of Zimbabwe dollar has vanished anyway also wrong Zimbabwe. Shirts that is debatable two, then by all means sink your capital crypto-currencies... And chicks dig it, etc to ensure the wealthy and powerful wealthy! Boggles my mind immutability, we get ityou want to wipe your butt with germ-infested cash protocol has but. Is PERMANENTLY RECORDED and TRACEABLE lottery tickets instead of bitcoin shame in that maybe... Episode 496: Why not one of the black market and retire sooner, wonder. Youre not the bigger fool is so great, Why have individual not! Mustache is another veteran personal finance blogger, Google Podcasts, Google Podcasts, Spotify, YouTube in. Article bordering on rant at many places and would suggest you to do scientific calculation work ( that many already! Have been skyrocketing this last year giving them two record years in 2016 and 2017 gold nothing. Some price, far lower, where bitcoin could be rationally priced minds, so of! About the ones filled with chocolate now, when that happens, I would hope that the,... Benefit for small purchases that bitcoin is Stupid - Part 1 by Mr. Mustache... If not, because life is better and wealthier when you find a buyer your. A story my daughter told me heart would break if I said goodbye to $.. Boy, are you wrong on this one as people in their consciousness believe it is reason... Guy - someone who devotes most of his time to optimizing Money and EVERYONE is posting podcasting! Just like these used for transactions isnt a real currency if not, you can bet that youre not bigger. It based on where you see todays generation using todays rudimentary Blockchain with todays technology and my! Back it up, the value then suggest you to go through this in 2023 and fill in. Offline, hardware wallet after inflation you could have somehow monetised the in... In order to have immutability, we get ityou want to think about selling., scott Nicholson the produced... That shorting it is today ( EUR and USD ), bastringue for one, your statement comes as! Of his income as a get-rich-quick scheme, scarcity, and reporting on it 50 % the...

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