United States . Blockchain may be the future, but that doesnt mean any of the current currencies will be worth anything. January 2, 2018, 6:23 pm. We have been in an expansion (the weakest one in US history) for almost 9 years. Plus, it costs something like $20 per transaction. Silicon Valley is out to eat Wall Streets Lunch and this tech will defy all ideas of finance that have come before. I think that the future is virtual currencies and of course the internet in general, just not right now, and absolutely not with any of the 1400+ fakecurrencies out there. I think I found the mistake in your reasoning. Pure Air and a bunch of IOUs that it will eventually default on. Then my father used the same toilet paper for his cars and his house? They probably also didnt like my stated aversion to cyptocurrency and desire to stick with boring real estate. There is no intrinsic value in ALL FIAT CURRENCIES. Buying some bitcoin and other coins could be rewarding in the long term. God speed my friend. You are as usual missing the point and are behind trivia! Also, USD is not the only fiat in this world, although many Americans cannot see anything beyond that in their puny little shells that they develop and stay in such as yourself! It is 14 January, 2021 when I am writing this. Id love to know what your background is. I am not trying to promote it for this purpose, but it is not an invalid choice. Its not about bitcoin anymore and unfortunately people still dont realize that. Max Your Freedom . Research further. When I hear people taking on debt to invest in Bitcoin, I lose a little faith in humanity. I doubt you really believe this is going to overthrow all of our current financial system. Shut up, just send me $100 via PayPal and Ill send you a bag of my fingernail clippings. OK Vijay but then why do you and others get so angry when some of us say we dont want to invest in it? January 3, 2018, 8:55 am. Videos of Andreas Antonopoulos on Bitcoins in Youtube. 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. LennStar This black one here is only $1,000,000,000,000,000. What is stupid is dogmas and cults lead by undocumented know-it-all type of guys. BigTasty1212 The real winners of the gold rush were the ones who sold shovels. One thing in that seems to be missing in this conversation that Bitcoin maximalists will always point out: 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! You should have just invested in winning lottery tickets instead of bitcoin, they have had a much much higher rate of return. Inexpensive computers thousands of times more powerful than the best you could buy for $10K in 1990. I dont buy that much stuff. Its hard to quantify the lost energy and human potential, but the cost is real. It is too corrupt and manipulative a system, which will find no takers once people are exposed to the Bitcoin world, where there is no ambiguity in money supply with no bubbles and subsequent blowing up of the currency and economy. The need for a cryptocurrency is very real. That is when we are talking equality and progress for all! You may be smart enough to recognize why one currency is going up and another isnt and to not go all-in on something. Mr. Money Mustache on Twitter: "I dunno man. Blog readers. As long as the current monetary scam can be sustained, you are going to get very little traction. Even if you are the only one in the room willing to do it. What is the US Dollar pegged to? January 10, 2018, 11:01 am. Some companies are already testing it in main net as well! Sure.. that is until the government keep printing it until its worthless. Maybe you are suggesting that in the future Bitcoin will be just as good or better than Fiat, but thats speculation. Some guy on the internet Speculation is great. You have unwittingly tripped up your own argument here. Holy Shit! is the only reasonable reaction. Doubly so because it is now so broken by its development team that it is perhaps the only cryptocurrency that I know of that doesnt even work as currency. It also could be a bubble, but the crypto billionaires (the few or the hundreds who end up winning) will still need to buy their Doritos and Gameboys and lambos and helicopters, and Ill own shares in those companies no matter which currency is used. Rather than maximize profits, what about minimizing regrets? I totally agree. But how do you know youre investing in Amazon, and not Pets.com? Big ERN just recommended me to your blog and now I see that you beat me to the joke I just made. LennStar About the Comments Section:Normally, I try not to publish comments that are just emotional reactions or totally uninformed. Undoubtedly the bubble will burst or mining difficulty will increase, but Ill be able to sell this supercomputer to some nerd play World of War Craft on. I agree with you, Chris. January 14, 2018, 1:05 pm, https://en.wikipedia.org/wiki/Foreign_exchange_market. The sooner we debunk the myth and come to our senses, the richer our world will be. Why you ask? TO_Ont Given that he vouched for Blockchain, but not for the hype over Bitcoin itself, you seem to be overreacting. Thank you! What are you doing arguing with strangers on the Internet then, my friend? Im not trying to convince anyone that bitcoin is the savior of the world but to put total trust in ones government, one that has a history of corruption is ignorant. 26 Replies 18313 Views March 27, 2020, 01:47:17 PM by talltexan: How do you press your kids to learn money habits? As the market cap of cryptocurrencies grow, the volatility as a percent will decrease. February 13, 2018, 5:35 pm. I think in five years bitcoin will pretty much disappear. Im only a mediocre computer scientist. I suspect it will have uses beyond public currency. ..why hasnt shutting down bootlegged videos on P2P bittorrent etc been effective? It is an honor to be doing this session! January 19, 2018, 6:57 pm. I believe MMM acknowledged that blockchain was pretty cool by itself and could readily be used for such purposes. Brent Weaver Same with internet search: remember AltaVista, Lycos, Dogpile? Mr. Butler Putting blind faith in Government backed currency because Uncle Sam said it is worth something, is a thing of the past. Funny, I was recently approached to put up a sponsored post talking up the virtues of Bitcoin. For more casual sampling, have a look at this complete list of all posts since the beginning of time or download the mobile app. How can people who are so good about thinking outside the box when it comes to retirement, are so bad at thinking outside the box when it comes to new technologies? 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. Since when was that a down year? I didnt buy because I didnt know enough about the technology and in my opinion currency arbitrage takes too much monitoring for my liking. Im not saying Bitcoin is the saviour of USD imperialism. So, we usually get $100 to $200 worth of stuff all at once. Ive personally stayed away having learned these lessons in a past life. Trust yes. by jlcollinsnh 18 Comments. if there was something I wanted to buy online from another country and they didnt take the dollar for whatever reason its an OK solution. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Take a look around. :), https://twitter.com/elonmusk/status/941500121564332032, farmecologist Either one will get your CAPE ratio back into whack. While MMM has some terrific points on how Bitcoin transaction costs and electrical costs are astronomical, pandoras box has been opened. Is it likely worth closer to $0 than to $20,000? Change the company name to include the word blockchain, and explain that youre pivoting from [USEFUL_WIDGET] to exploration of and investment in opportunities that leverage the benefits of blockchain technology. To me, the Bitcoin bet is basically a global Paypal that allows anyone in the world to use it. I advise you look at the 10-year PE ratio. Andre Kostolany. Talk of being blissfully ignorant! No problem! Good points? 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. Ive never heard of anyone investing 100% of their net worth in a single moment in time that could get penalized for that type of freak market condition. It's the ultimate win/win because you just set it and forget it. Lot of your readers seem to be people who have never even stepped out of their home towns or this continent, and think the World is the US! This has resulted in the Bitcoin blockchain ledger being nearly immutable. What value is there? And likewise you can scratch off the idea of any government backed cryptos, because those are by definition centralized. Well I guess its all right then. Hey MMM, how do you plan to stop speculation, why might it be necessary to do so? Bro, we get ityou want to wipe your butt with germ-infested cash. I'm sure this had nothing to do with their personal stake in the outcome." Herd behavior? In this way, dollars are the ultimate speculation. Why should it not be? Nope I am not a skeptic, and also since I was there then (with pre-internet BBS). An example for this would be Ripple (like you mentioned above) which is working closely with banks to make international transactions better. January 4, 2018, 7:28 am. Many African countries have central banks. People want Bitcoin to grow exponentially and be stable at the same time! I was one of the first subscribers to this subreddit when it was invented. 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. 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. 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. I keep hearing everyone speculating on whether or not they should invest in Bitcoin, while at the same time googling what cryptocurrency and block chain is. 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. Mr. Money Mustache is another veteran personal finance blogger. gov issued currencies = Human trust and cooperation. If its a bubble, it will be the first bubble where a large portion of investors know it could all be a bubble and where most investors are tired of hearing about tulips. Nothing is 100% guaranteed in life. Yeah, I had watched/listened to lots of Andreas stuff as part of the research for this. This instability just further proves that it would make a terrible currency and a recent study reveals that about, Mr. Money Mustache. And wasnt Apple Pay and all these other card-less apps of paying for goods and services supposed to replace carrying around a physical wallet and/or cash? Check your funds. I dont invest in Bitcoin, but Ive had this sob story in the back of my mind about how I missed out when I decided sometime pre-2010 to NOT mine Bitcoin. And you dont want it for this purpose anyway after all, do you currentlyhide your money in offshore tax havens and transact your business on black markets? Being knowledgeable about finance does not mean being knowledgeable about economics. Broadband. Yes, it is true that bonds are *also* in a bubble at the present timeand that the bond bubble is so big that it makes stocks look relatively cheap by comparison. Reply. Power consumption from bitcoin mining would only amount to a fraction of 1 percent of global demand even in 2020. As soon as I read you were selling a bag of your nail clippings for $100, I thought to myself that is a great deal! Only the most weak and fearful people will allow themselves to be stolen from for the sake of mythical national security that comes from trillions of dollars of military spending. Invest in anything wisely and safely. This is really useful for me to hone my thinking about the topic. When I started to feel some FOMO, I know we have to be close to peak interest. If you read your history on this subject you would understand why I dont. Even in a police state like China their actions have failed! Until the price of bitcoin (any of the crypto currencies) achieves some semblance of stability, they will fail to be good mediums of exchange. If that is the case, their values are strictly driven by speculative bidding, making them the worst sort of investment. Secrecy and hoarding will grow exponentially and the wealth gap will become staggeringly wide. If your chosen currency doesnt win out it goes to 0 since if it has no users it has no value. But its not some spectacular Instant Trillionaire piece of magic. Cryptos appear to be the latest mania and in its current form will most certainly suffer the fate of the other manias that have happened in the past. It can be entertaining, though, to sit there and watch people who just happen to have $7k in small bills on them feed it into the machine at 2 am. One book that I found very useful in understanding the greed-fear cycle (and Central Banking and the Federal Reserve system to boot) is the 2001 classic Towards Rational Exuberance by Mark Smith. If you were setting up your portfolio from scratch today, would you buy $500K of GBTC with it? In a world of human trust, putting the wisest and most respected people in a position of Adult Supervision is a useful tactic. Ask me Anything! 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. (Aside from the threats of force that stem from legal tender laws.). Even the Bogleheads forum has not been immune. People will release new ones all the time and people invest in them, not because they will ever be useful but because they expect the price to skyrocket. 1 Replies 290 Views February 10, 2023, 05:55:08 AM . You will not own your money more with virtual currencies. Everything is awesome, we cannot fail, it is great! LennStar January 3, 2018, 7:36 am. The bad news is that this means Bitcoin is going to keep wasting more and more electricity as the bubble goes on, and it doesnt matter that no one uses it anymore. 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