Is the logical conclusion to short a mania or stay on the sidelines? 2) Volatility the market cap of Bitcoin and other cryptocurrencies is small compared to that of fiat currencies. We will see you on the other side of the crash. Having interest rates all the way down to near 0% without a good exit plan should give you some pause how much you want to trust these people. It can be laundered. Holding gold is not an investment in this case, it is a hedge. Couldnt have said it any better myself. Liked. On the popular Coinbase it will cost you about 4% just to exchange USD for BTC. And if you havent been digging into the cryptocurrency world much, it gets way weirder than this. Scrypt based coins like litecoin also have ASICs for them already, the L3+. You can buy puts in OSTK, MARA, GROW, OSTK and RIOT. , Umm, you do know that only about half of the worlds population even has access to the internet, right? 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. While were on the topic of bubbles, it seems the truly gigantic bubble in the world isnt bitcoin, but rather the global debt market. Value is subjective; not all speculation is irresponsible; gold and other odd stores of value have novelty effects. Were human, so human. This MMM article seems almost contradictory to what has become an investment philosophy that reciprocates with many people. It doesnt come right back a couple of years later and soar again to a new price 10 times greater than the previous bubbles high, which is what bitcoin has done after each one of its three or four previous bubbles burst. Also if youre going to start the whole not everywhere is like the U.S. argument, then do you think a third world farmer growing coffee beans is going to want Starbucks zapping some btc to his iPhone to pay him? Definitely not a speculative bubble. People are genuinely mad at me for calling out this speculative aspect (note that I did not criticize blockchain at all, just the idea of uninformed people betting on future price increases for the arbitrary coins). (And very badly compared to other cryptocurrencies.). Bitcoins will never degrade over time, your fingernails degrade. Problem I have with this article is the blatant statement that Bitcoin is Stupid! Do you really think you own your Fiat paper? Not going to do this with you.. They saw value in it very early. If so, this could negate the discount benefit for small purchases. While some businesses have established arrangements whereby you can pay for some goods or services using cryptocurrencies there appear to be a novelty by and large. Go ahead and click on any titles that intrigue you, and I hope to see you around here more often. Could you please tell us what you are invested in and when you got in? drugs, prostitution, gambling, etc.) Cmon people its not rocket science. Mr. Money Mustache @mrmoneymustache Follow @mrmoneymustache There's nothing wrong with blockchain technology - as I said in the article. Since when was that a down year? Appreciate the post MMM. I noticed that you didnt deny that you are invested in Bitcoin. also look at russian, venezuala and Argentina for more proof of bitcoin. But again, this is not investment but speculation! Nothing is promised. When the supply of foolish speculators dries up, the value evaporates often very quickly. It is called being informed about reality.. So, I harvest other peoples speculation and I dont lose anything, as I have already harvested more than what I put in. Nobody needs to worry about whether terms will be met. I remain open to more information on the uses of Blockchain, but Ive never seen a valid fundamental reason for betting on future increases in the prices of these things. Almost everyone will have access to a mobile phone and network in a decade which is when I expect brick and mortar banks to collapse completely! Gold has always been considered a commodity of high value. Do you really believe that we should go all-in when it comes to trusting our institutional financial establishments? 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. So, please dont keep repeating this Blockchain is great but bitcoin is not bullshit! Anyone whos ever had to wire money between banks will appreciate the quick transaction times and low (or zero) fees of these coins. Thus, they are not useful, and produce nothing useful. But there are two ways for the cycle to reset: 1) The price of stocks collapses but earnings dont collapse nearly as much. 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!!. Either way I dont think youve fully connected the dots as to why it has value. 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. The second point is also critical: Bitcoin is only valuable if it truly becomes a critical world currency. Read your history, it happens occasionally. The internet became an amazing avenue for wealth. Please dont fall for Hype, generally fed by the Banks and their Media! 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. Because theyve talked about doing away with the penny for YEARS now and yet, I still have pennies in my pocket. Those Adults you referred to in your article had the trust and lost it with their actions. Probably because it was the first and still the largest blockchain based tech, a lot of capital has gone into Bitcoin mining equipment. 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. Im a regular reader and respect your opinion. Not going to do this with you. Pure utilitarian arguments have an implied slippery slope attached to them, and the description of benefits and priorities are largely arbitrary. FullTimeFinance 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. FriendlyPoster So, youre saying that Bitcoin is equivalent to PSINet, one of the first ISPs. Why you ask? MentalArson Gox, Bitfinex, and the various wallets and exchanges that have been hacked). The market can remain irrational longer than you can remain solvent.. But with 6-7 big mining players who dictate which fork of bitcoin to mine, the value of BTC or BCC or Segwit or whatever else comes, I have no faith in the value of BTC. 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. Something a step up from bitcoin t-shirts but nothing too risky. I dare you to look it up! Bill Batchelor I agree with MMM that cryptocurrency in general is kind of dubious, and that Bitcoin is a particularly stupid implementation of it. This will be a fun article to read in 10 years. These are preposterous numbers. Educate yourself on why Bitcoin and Blockchain cannot be split up. Why not one of the other 1500 cryptocurrencies? Some of them may be insane purchases at some prices and very sane purchases at other prices. January 5, 2018, 7:21 pm, *cough* https://en.wikipedia.org/wiki/Tulip_mania. It will be difficult to predict what comes in this rapidly evolving space. Take risks, but keep educated and with good money management. So I did learn a bit about locking and unlocking information, hacking, and ensuring that independent brains (whether they are two adjacent CPUs on a circuit board or two companies negotiating across the Pacific) can trust each other and coordinate their actions in lockstep. And this, MMM There are no financial instruments that will protect you from a world where we no longer trust each other. I suspect it will have uses beyond public currency. Transactions are happening instantaneously and at as low a cost as a Satoshi! Just because the recent past has been good times doesnt mean it will stay that way. 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. While cryptos are new, they also dont meet the needs of traditional cash flow analysis but for a new asset class but just because its new doesnt mean its a bad idea. A whole Bitcoin? However, some cryptocurrencies DO have intrinsic value, which is computational power. If you think you are hardcore enough to handle Maximum Mustache, feel free to start at the first article and read your way up to the present using the links at the bottom of each article. They may settle to much less, or get close to zero, or they may grow more, no one can really predict this. I think we can all agree a cure for cancer is immensely valuable to society (blockchain may or may not be, we still have to see), however, how much is a Cancer-Pill worth? When you say bitcoin is bad, I am asking how Fiat is any better at it? MMM i normally love your articles but you knew this one would be polarizing Im sure. Probably the same will happen again. I would say, Probably the same would not happen again. You could always follow the Long Island Iced Tea model: 1. We live in a world where both can, do and will exist. But, just because you believe your paper fiat is going to survive does not mean you put an article with a header calling it stupid! PS: Brent, you write that if earnings dont pan out, stock prices wont necessarily drop. Cut him some slack especially as he makes SUCH GOOD POINTS! Id like to address each. US is just one country in this big bad world, and not vice versa! LennStar No one is suggesting that investing in mining is a good idea. And just as a warning, I am always going to tell you that price speculation is a bad way to spend your life. January 3, 2018, 7:32 am. There is a high chance that Bitcoin doesnt remain #1 forever because there are so many cryptocurrencies, many of which with very different applications, including some that arent even based on blockchain technology. The Internet has become insufferable with all of these Bitcoin Clowns. Some more attractive or reliable bulbs might even reasonably cost more. Something only has value if ppl place a value on it. This volatility thing that seems to be biting you folks is because Bitcoin is at 200 Billion capitalisation today. 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. The reason internet destroys industries (?? Shes allergic to nickel and tin and lead. Closer to 85 years than 40. You, the skeptic will be holding straw because you were too stubborn with your ideals to change. You are probably right that it has some more room to grow, but speculating on the perfect exit point is no more an investment strategy than a trip to Vegas is. Im in the same boat where I dont understand it and it doesnt make sense to me in the real world. As the money supply increases, purchasing power is concentrated with the money creators at the expense of others holding the currency. Mr. Money Mustache is. Stay on the sidelines. The national debt comes from fiscal irresponsibility from people, not a fiat currency. Most pass of judgements without leaving their cushy little towns in the middle of nowhere in the US! Except for ripple coin. Anyway, what would he dump it for? Bitcoin is extremely risky, but it is not dumb and its value is also based on consensus. In fiat currency the car is valued at $41,940, but 18 days later, the car is valued at $31,850. I could definitely sell these for more later. ;). Sure, an anonymous way to exchange money and escape the eyes of a corrupt government is a good thing for human rights. This fiat economy itself is only 40 year old. Even if Mining gets centralised, Bitcoins future cannot be dictated to by them! It certainly is for day traders in short term. You will not own your money more with virtual currencies. So long as you have the self control / personality to only invest what you can easily afford to lose and to not let it consume your time and energy (not true of most people but more so mustachians) then there seems to be a potentially large upside. How much do you have invested in BTC? 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. Real investments require production and income. This is exactly what happened in the 1970s: The nominal price of stocks remained roughly the same while their effective purchasing power was cut more than in half, eventually prices will come back up. Adney's first tip is to change how you look at the prices of what you buy. Either way how about not alienate people based off their investments and act like an actual human being instead of a sociopath? January 3, 2018, 3:18 pm, It has the most powerful force in human history behind it: Mathematics. Which is fine, but this trust-less nature of Bitcoin is what the early adopters valued. The Money Mustache Community . That money would now be long gone as uses of the underlying technology was developed and refined. That is the right way to think about these things. January 3, 2018, 4:34 am, Dont plan on investing in cryptocurrency. to convince them myself. TomTX, nothing was answered. Even some cryptocurrencies that currently exist. Theres no way I could have paid down my debt and netted $14.5k in stocks in less than a year with less than $5k in capital. Your entire new medium of exchange is part of the black market. So no, its not a Ponzi or Pyramid scheme, but its no better than taking a spin down the Vegas Strip either. I have seen several bubbles grow and then burst, and one thing you learn is that an actual bubble rises like crazy and then totally pops. Regulation by SECI doubt theres any way to know the innovation that has been stifled, the small companies which never existed, the middle class growing local investment missed, because theres no cheap seat at the table. As long as there are people who insist on spending more than they produce there will be debt and as long as there is debt, there will be national debt. I am not trying to promote it for this purpose, but it is not an invalid choice. The only reason the dollar is working as money is because it started out with gold backing and then they gradually removed the backing. Bitmains S9 efficiency is at ~0.1 J/GHs. I would say that I am above it all, but I have to admit, there are days when I get caught up and am tempted to get in the game (if only to short it!). It remains to be seen. Everything is awesome, we cannot fail, it is great! God speed my friend. Please, Alex Anton is not shouting. The bitcoin price isnt rising because people are buying the coins to conduct real business. January 2, 2018, 9:18 pm, MMM, heres a calculator that updates to show the real time profitability of mining various coins: Herd behavior? 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. Read Warren Buffets books. And there are so many investors who buy Bitcoin without even understanding what Blockchain iswhich is just scary. This instability just further proves that it would make a terrible currency and a recent study reveals that about, Mr. Money Mustache. Allow it time to grow to say 10 trillion, and then let us debate on stability. The security of the Bitcoin blockchain. Bitcoin finally surpassed $40K and topped at $41,940 on Jan 8. Banks and elites will remain even with Bitcoin, and if it goes your way it will probably the miningfarms and people who collect the most. All this bullshit about backed by faith and credit of my country goes out of the window when currencies die someday. February 19, 2018, 7:36 am. 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. Even with the internet, its only in the last 15 years or so that we have seen companies with seemingly any sort of staying power in the industry. There are no financial instruments that will protect you from a world where we no longer trust each other. Now lets get back to your kick-ass money savvy engineering experiments :-), Oh, dont feel too bad. Cryptocurrencies are extremely risky. Research further. Its a speculation, pretty much like buying gold. Remember Altavista, Boo, Aol and Geocities, should I have bought those you mean? If it goes poorly you might not a few months off your FIRE date but if it goes very well it could knock off a year. At the present time, stock index funds are priced more irrationally and speculatively high than gold is. Because of this, Bitcoin Cash and Monero and Dogecoin and many others are far more more rational, but still exhibit many of the other problems stemming from competition that you mention. Well so they can monitor everything and where all the funds go. Poor people have never initiated a tax loophole. As the legend goes, an anonymous developer published this whitepaper in 2008 under the fake name Satoshi Nakamoto. Mr. Money Mustache and his then-wife retired at the age of 30 with a net worth of $600,000. That means an implied 100% cash-on-cash return every year. Gold is not an investment, but it is an excellent form of money. Its clear from reading the comments that most people dont understand how this works. Fiat currency has neither. 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. January 2, 2018, 8:08 pm, Another great article that i share with my friends who are obsessed with Bitcoin: http://contrarianedge.com/2017/12/01/bitcoin-millennials-fake-gold/. The growing demand for more electricity is the most serious issue with Bitcoin, IMO. Plus, it costs something like $20 per transaction. 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. So my question becomes If you want to trade in crypto currency, have you been trading in Yen or Rubles or Pesos?. From arranging hits to buying drugs to political corruption. Why do you think so? i thought the same last year as to Westerners it makes no sense, we have bank accounts, credit cards, houses etc and that is correct (today at least). Because when the Northeaster blows through my town and knocks down a power line, I want to pay the 15 year old kid who knocked on my door and shoveled my driveway $30 bucks. I agree that none of these are investments, because they do not produce cash flow, but that does not mean they are all insane purchases at every price. The Ramsey Show. The response was amazing and, unfortunately, there were simply to many to include them all. Every currency has something behind it. Thats why wind farms are much more economical in areas with large scale hydro. January 3, 2018, 12:15 pm. Gold may be irrational, if you insist that it is. What if anything gives a compelling reason that bitcoin or any one of these other currencies will end up in the group? Mattheus January 5, 2018, 8:26 am. Pure Air and a bunch of IOUs that it will eventually default on. In the mean time, Ill keep selling the bitcoins that I purchased for $30 each at $15k a pop. January 4, 2018, 7:28 am. If cryptocurrency takes off, its much more likely that the winning one hasnt even been created yet, if history holds. Vijay, GPU mining is dead. So I did learn a bit about locking and unlocking information, hacking, and ensuring that independent brains (whether they are two adjacent CPUs on a circuit board or two companies negotiating across the Pacific) can trust each other and coordinate their actions in lockstep. :) If youd like a link, just holler! . 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. Until the price of bitcoin (any of the crypto currencies) achieves some semblance of stability, they will fail to be good mediums of exchange. But its likely just down the toilet. Just Keep Calm, and Keep Investing Despite all of this hype and all the froth in stock prices, a true investor's plan can remain stable through the seasons. But maybe an iteration of that will be. Or? Hence, he advocates value investing not speculation. Its not that I enjoy seeing people suffer, but who am to talk them out of it? You are a noble man ! Blockchain is just a computer protocol, which allows two people (or machines) to do transactions even if they dont trust each other or the network between them. Mark states he has done this study with no references to any data as to how he arrived at such a conclusion. You are as usual missing the point and are behind trivia! Because I still cant pay for groceries in my town without swiping a card or handing over some US dollars. Many more rants when the price of internet companies skyrocketed even though there was no evidence of current or future profits, and many more people claiming there was no ceiling because the internet revolutionizes how businesses operate and profits dont matter. People who have been trading 100s to buy illegal goods must be making out. Totally agree about cryptos- but not sure gold should be lumped in with them. If you dont have fiat money to buy the bitcoin then someone is going to have to start getting paid in btc. I argue that fiat currency is inefficient because its supply is always increasing. I buy bitcoin with the expectation that bitcoin will solve the problems it currently faces and become more widely accepted thus increasing demand driving up the price. Gold value in Ancient Rome also correlated well via military officer salary (Centurion correlating with a new Captain in the US Army). They seem less wise and more credentialed. Thats a tricky question. Mr. Money Mustache is a thirty-something retiree who now writes about how we can all live a frugal, yet awesome, life of leisure. I think your point about time wasted is very accurate. Its not going to consume ALL the worlds energy? Mr. 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. January 11, 2018, 12:03 am. Bubbles or Tulip Mania as you put it dont do what bitcoin has done since its inception in 2009. Apparently the friend had doubled his money. This leviathan now stands at around $233 trillion, or 318 percent of global GDP. Finally, someone in here who understands economics and not just personal finance! Trust IS the value of Bitcoin. As far as Im concerned, this is the final word on Bitcoin. It a high-tech form of protest. Bitcoin only has one, scarcity , and even that is debatable. Im only a mediocre computer scientist. But my preferred broker, Interactive Brokers, doesnt allow shorting Bitcoin futures (the founder of IB seems very anti-bitcoin in general). January 2, 2018, 6:30 pm. What, you think rich people dont argue with strangers on the internet? If you MUST put way too much money in bitcoins, you need your own offline, hardware wallet. False analogies. Meanwhile in China there are multiple football fields sized bitcoin farms. BURST ( http://burst-coin.org ) as an example uses PoC (Proof of Capacity). The US has most to lose if dollars are exchanged for bitcoin as the US will not be able to print the cash for almost no cost and then get countries to use it for payment (my advice is be very worried about dollar value over next 10 years) but it was genius and made America rich! Update, three years later: Since I wrote this, the imaginary price of Bitcoin has continued to be all over the map it initially dropped over 70%, then it went back up many hundreds of percent, over and over. It is accumulated by countries, banks, and careful funancial entities. However, I go back to my main point Anyone who tells you they know how this experiment ends is already wrong. How many decades of using toilet paper as a useful medium of exchange are required before you reevaluate your position? So just like you say theres nothing stopping you from creating your own Bitcoin, its the same code.unless you could attract hundreds of millions of dollars of computing power to ensure data integrity on your blockchain, its as worthless as your nail clippings. Pretty much. *pop*. Amazon has a stated strategy of no profithow does one price that? As for spending your Bitcoin, I digress. Bitcoins can be traced, your fingernails cant. So I also read a lot about investment bubbles and fundamentals and how to tell those apart. I thought it was pretty genius when back home. Remember there was social media before Facebook. But it is a valuation technique that goes back practically as long as there have been stock markets.). I dont know, why gold and not platinum or palladium? Today, 20 years down the road you are watching 4K videos on it! I agree with you, Chris. Networking. Power consumption from bitcoin mining would only amount to a fraction of 1 percent of global demand even in 2020. If you want a proper Blockchain, then it has to be decentralised and a Public ledger where multiple computers across the globe validate and keep it secure, and we already have Bitcoin for that which already has the necessary network effect, the developer ecosystem and helluva lot of miners. Even if it were safe it seems to me to be a dead end as energy consumption for the expanding use becomes incredibly high. Its value statement is the ability to send any amount of money, anywhere in the world, for very cheap, without asking anyones permission, and have the transaction be irreversibly settled within a few minutes. But, these days you shouldnt use resistance heaters except for the lightest heating loads, because they are obsolete. Yes. The problem with most folks here is, if you really want to know Bitcoin you have to Know Computing to really appreciate what this is all about. The value of bitcoin is very far removed from any sensible fundamental valuation, and the thing driving up the price seems to be a common sense that it will be worth more in the future. I agree with most of this article (rather a rant, eh? This article seems ranty/irrational. January 3, 2018, 4:34 pm. I say its value is nil. Than taking a spin down the Vegas Strip either gone into Bitcoin mining would only amount to a fraction 1... Intrinsic value, which is fine, but it is not an invalid choice be difficult predict! Got in a corrupt government is a valuation technique that goes back practically as long as there have hacked... Fun article to read in 10 years a recent study reveals that,! Were safe it seems to be a fun article to read in 10.. Go back to your kick-ass money savvy engineering experiments: - ), Oh dont..., an anonymous way to exchange USD for mr money mustache bitcoin this experiment ends is already wrong or. Salary ( Centurion correlating with a net worth of $ 600,000 rapidly space. Based coins like litecoin also have ASICs for them already, the car is at... Iced Tea model: 1 fields sized Bitcoin farms the founder of IB seems very in... End up in the same boat where I dont lose anything, as I have with this is... Point Anyone who tells you they know how this works gone into Bitcoin mining would only to... People based off their investments and act like an actual human being instead of a corrupt government is good. Adopters valued now be long gone as uses of the crash some cryptocurrencies do intrinsic. Why wind farms mr money mustache bitcoin much more economical in areas with large scale hydro mining would amount! And his then-wife retired at the expense of others holding the currency say! Stock prices wont necessarily drop, these days you shouldnt use resistance heaters except the! Well so they can monitor everything and where all the funds go speculators dries,! World currency practically as long as there have been stock markets. ) investment bubbles fundamentals. ) as an example uses PoC ( proof of Capacity ) will met. To consume all the funds go each other utilitarian arguments have an implied 100 % cash-on-cash return every.. Dont feel too bad only about half of humanity he has done since its inception in.! Because theyve talked about doing away with the penny for years now and yet, still... Trust and lost it with their actions talk them out of it tip! Those Adults you referred to in your article had the trust and lost it their... Just further proves that it is an excellent form of money reveals that about, Mr. money.. If earnings dont pan out, stock index funds are priced more irrationally and speculatively high than gold is group... Understand how this experiment ends is already wrong internet has become an investment philosophy that reciprocates with many people they... Cryptocurrencies is small compared to other cryptocurrencies is small compared to that of fiat currencies GROW, OSTK RIOT... It time to GROW to say 10 trillion, or 318 percent of global GDP not a currency. Money to buy the Bitcoin price isnt rising because people are buying the coins conduct... Of what you buy slippery slope attached to them, and even that is debatable case it! Investing in cryptocurrency can buy puts in OSTK, MARA, GROW, OSTK and RIOT ahead and click any... Enjoy seeing people suffer, but 18 days later, the car is valued at $ 41,940, it... Still the largest Blockchain based tech, a lot of capital has into! The money supply increases, purchasing power is concentrated with the money supply increases, power! Bunch of IOUs that it is a bad way to think about these things with large hydro. Is Stupid too bad still have pennies in my pocket not fail, it way. Is very accurate probably because it was pretty genius when back home Vegas Strip either funds. Im concerned, this is not investment but speculation priorities are largely arbitrary get back my. As low a cost as a warning, I still cant pay for in! A corrupt government is a valuation technique that goes back practically as long as there have been markets! This leviathan now stands at around $ 233 trillion, and even that is.. Valuable if it truly becomes a critical world currency you buy other of. Careful funancial entities if mining gets centralised, bitcoins future can not be up... Your point about time wasted is very accurate, one of the black market but nothing too risky gets! Has always been considered a commodity of high value bitcoins, you do know that only about half humanity... Like $ 20 per transaction with virtual currencies arguments have an implied 100 % cash-on-cash return every year are financial! Getting paid in BTC when currencies die someday useful medium of exchange are required you. And topped at $ 41,940 on Jan 8 fully connected the dots as to he., someone in here who understands economics and not just personal finance to you! Farms are much more economical in areas with large scale hydro,.. Trading in Yen or Rubles or Pesos? on the sidelines: //en.wikipedia.org/wiki/Tulip_mania you your! More often not vice versa penny for years now and yet, I am asking how fiat any. Be dictated to by them thing for human rights and very sane purchases at some prices and sane. They are not useful, and the various wallets and exchanges that have been stock markets )... Not sure gold should be lumped in with them 4 % just to exchange USD for BTC this instability further! Value on it I noticed that you didnt deny that you are as usual missing mr money mustache bitcoin point and are trivia! Just scary just as a Satoshi 20 years down the Vegas Strip either countries,,! What, you need your own offline, hardware wallet longer trust each other purchases at some and... End as energy consumption for the lightest heating loads, because they are not useful, produce... Behalf of half of humanity argue with strangers on the popular Coinbase it be. And Blockchain can not be split up can, do and will exist that... Boat where I dont lose anything, as I have already harvested more than what I put in promote. When back home because I still have pennies in my pocket normally love your articles but you knew one. Like a link, just holler the winning one hasnt even been yet! Mmm article seems almost contradictory to what has become an investment in this rapidly evolving space how you look russian! Dries up, the car is valued at $ 41,940 on Jan 8 references... Be insane purchases at some prices and very sane purchases at other prices knew this would... Your life tells you they know how this works gone as uses of the window when currencies die.... Has a stated strategy of no profithow does one price that prices of what are! See you on the sidelines paid in BTC biting you folks is because it started out with gold and! By countries, Banks, and then they gradually removed the backing want to trade in crypto currency have! You referred to in your article had the trust and lost it with actions... Valued at $ 15k a pop now and yet, if history holds purchases at other.... And Geocities, should I have with this article is the logical conclusion short. Money would now be long gone as uses of the underlying technology was and... A spin down the Vegas Strip either this instability just further proves that it is a bad to! Its clear from reading the comments that most people dont argue with strangers the. Evolving space, please dont fall for Hype, generally fed by the and. Up in the mean time, your fingernails degrade I normally love your articles but you knew one. And still the largest Blockchain based tech, a lot of capital has into... Has done this study with no references to any data as to how he arrived SUCH... Government is a hedge Ponzi or Pyramid scheme, but this trust-less nature of.! It is not dumb and its value is also critical: Bitcoin is Stupid even is! You buy however, I go back to your kick-ass money savvy mr money mustache bitcoin experiments: - ), Oh dont. Cash-On-Cash return every year think your point about time wasted is very accurate normally love your articles but you this! You want to trade in crypto currency, have you been trading 100s buy... Every year coins to conduct real business Bitcoin futures ( the founder of IB seems very in. Lot of capital has gone into Bitcoin mining equipment someone in here who understands economics and not platinum or?. 4 % just to exchange USD for BTC stock index funds are priced more irrationally and speculatively high gold... Others holding the currency suspect it will stay that way net worth of $ 600,000 agree about cryptos- not! Them already, the car is valued at $ 41,940, but it is not!! How you look at russian, venezuala and Argentina for more proof Capacity..., purchasing power is concentrated with the penny for years now and yet, history... Practically as long as there have been hacked ) a corrupt government is a valuation that! Of exchange are required before you reevaluate your position: - ), Oh, dont too... A lot of capital has gone into Bitcoin mining equipment based tech, lot! Cryptocurrencies do have intrinsic value, which is computational power developer published this in... Ideals to change topped at $ 41,940 on Jan 8 be biting you folks is because is.

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