A whole Bitcoin? I imagine that we are both smiling at this point. It is, in other words, a valid store of value with properties that support it as a choice. My issue is with the currencies themselves. Rule of thumb is never put everything in one basket. January 3, 2018, 7:23 am. also remember while the market cap is $230bn at least 20% of coins are lost from the early years. At the present time, stock index funds are priced more irrationally and speculatively high than gold is. It is also an opportunity to get the 2 Billion unbanked people on the planet to also enjoy a level playing field through this new Internet of Money. Gold and tulips and coffee and salt and any other good at a fair price, however, are an entirely different story. Even though it really is nothing but cyber reality. But observing long term norms of valuation and noticing when they are out of whack is not called being speculative. That's right -- it really does not matter (to me) why they split up. Gox, Bitfinex, and the various wallets and exchanges that have been hacked). Maybe not $500,000 an ounce or a bulb, but at some other far lower price, they can be an entirely reasonable purchase. Evan Drake Ryan Thomas to convince them myself. Subsequently, some 70 years later, Im still using that toilet paper to finance my retirement, buy cars, houses and all sorts of things? 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! Personally i feel that the USD is rapidly approaching hyperinflation. 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. January 2, 2018, 6:23 pm. I agree with some parts of this article and this some parts are a bit ridiculous. I think that gold is nothing special its a shiny rock. Our Banker friend goes on to explain that the first Cancer-Pill might initially see some great sales. A boy named Sue Networking. This view is not quite right assuming that your usage of the word speculating has the connotation of gambling. This is the most blasphemous thing ever to be written by MMM. (Update from late 2018 Mike ended up being wayyyy wrong.). MMM has clearly thought about this more than most, however I think people would need to read more than this post to completely dismiss that a current crypto will have long term value. Congratulations on your earnings. Besides, theres value in bitcoin, like with gold or a comic book, or any other item people assign a value to. Even if Mining gets centralised, Bitcoins future cannot be dictated to by them! Lottery tickets doesnt go up in value consistently over a period of almost ten years. The real test of if you should be a cryptocurrency supporter:would you be exactly as passionate and spend the same amount of time thinking about it,if Bitcoin were still an obscure piece of code, worth less than one cent, and offered no chance of ever earning you any money? But how do you know youre investing in Amazon, and not Pets.com? For the most part, far from perfect, I am very thankful that it works. I am broadly in agreement with what you state, except the part where you think USD would not get replaced soon (depends on what soon is of course). 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. A currency that unstable cant be realistically used for transactions, even if you forget about its other limitations. 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. Thats crazy. Sir, its $0.33 for that pound of bananas. I have stocks I purchased at the peak and stocks I purchased at the bottom of the valleys. But I did put about $600 in Bitcoin over a year ago. No, I am more inclined to trust economic models where the rules are clearly defined and cannot be changed, by anyone, ever. Anytime someone says they are investing in Bitcoin, I have to laugh. College, Medical, Cars, houses, Child Care, Stocks, Bitcoin, hell even dining out is all overinflated. "@origamicyber So true! LennStar I did Control F, and verified that MMM never used the word Ponzi or Pyramid, and in fact Vijay, you were the first person to bring up the Ponzi Scheme topic, and then you linked some article (which I did not care to read). also look at russian, venezuala and Argentina for more proof of bitcoin. However, taking a very small gamble doesnt hurt 99% is invested in s&p 500 and that will remain like that :). Besides, how do you get BTC in the first place? The car still has value to you, but my Ive lost nearly a quarter of my trade through no fault of my own. But I get that most of these things arent problems that need solving in the first world. Blockchain may be the future, but that doesnt mean any of the current currencies will be worth anything. Your highly emotional responses arent helping your case. 2 years later, and each coin is 28,736.04 or $39,388.47. https://www.youtube.com/watch?v=aeMv9uKpAZg, The Wealthy Accountant I enjoy and appreciate your blog and the core messages you send the world, and thanks for raising this fascinating subject. Just think never having to get ripped off for currency exchange10 years from now. Mark states he has done this study with no references to any data as to how he arrived at such a conclusion. Please, Alex Anton is not shouting. The stock market over the long run will ALWAYS grow as long as the population and technology and our output as humans continues to grow. More? But, dont you initially invest money into Bitcoin thru your bank? 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. Youre smiling because your preferred form of gambling resulted in a win congrats! Justin C Do I trust the people at the federal reserve that helped cause the 2008 crash and didnt call it beforehand? A stock is a share of an actual company, bound by rules and regs (however imperfectly administered, at least they exist). But boy, are you wrong on this one. Ms. Frugal Asian Finance 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. It just means that some price levels are reasonable, and some are not. Let them hold on to their fiat currency if they like to. You cannot have blockchain without bitcoin. Enjoy your crash. Because I still cant pay for groceries in my town without swiping a card or handing over some US dollars. All valuations based on gold derivatives (paper money) are to varying degrees delusional. What is stupid is dogmas and cults lead by undocumented know-it-all type of guys. That in turn creates tax revenue, prosperity in a worrying economy for peoples investment portfolios, etc. I refer you to: https://shitcoin.me/. These days, stocks are regulated by the SEC, precisely because in the olden days, there were many, many stocks issued that were much likeBitcoin. Finally, nothing becomes a good investment just because its been going up in price lately., If you disagree with me on that point, the price of my fingernails has just increased by 70,000% and they are now $70,000 per bag. Yes, its unstable, and you wouldnt say trade it, but as a long term investment it has been proven itself. The price went on a historic and seemingly unstoppable run all the way to $150 per barrel in 2008. 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. Iota and RaiBlocks use something different than the blockchain to make each user a miner by requiring each transaction to verify other transactions which prevents transaction fees. Its like when preppers talk about arming themselves and building shelters out in the desert filled with canned goods. Saving billions from poverty, war, and the enslavement of banks or the lack of any banking is Altruistic. But again, this is not investment but speculation! I have done this, and Bitcoin has a carbon footprint which is about 500-30,000 times larger than the US dollar. 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. Crypto currencies are a must have component of your investments and should constitute not more than 10% of your overall investments, based on your risk appetite. The Bitcoin Faithful also mock me for considering all cryptocurrencies (current and future) as candidates for eventual dominance in transactions, rather than just assuming it would be BTC. 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. As such, its an awful means of trade. January 3, 2018, 1:43 pm, Apparently, Amazon pays people in other countries with Amazon gift cards. Yeah, I had watched/listened to lots of Andreas stuff as part of the research for this. how is this different than a crypto? Well so they can monitor everything and where all the funds go. Use the blockchain to store the state of running programs and you can create publicly verifiable and trustworthy (because they require none as they operate publicly and transparently) applications that can interact with money. Why do I trust the dollar? He pulled this off by living on a small percentage of his income as a software engineer, and diligently . 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. The bubble crashed and the internet didnt die. What you are describing is called a silent crash. Investing means buying an asset that actually creates products and services and cashflow for an extended period of time. January 15, 2018, 9:02 am. Well, that is not what we are discussing are we? MMM typically suggests going long in index funds, not bonds. Even if it were safe it seems to me to be a dead end as energy consumption for the expanding use becomes incredibly high. It will be difficult to predict what comes in this rapidly evolving space. MMM tries to give some hints as to the reasoning and also that they try to be . 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. I am of the opinion all of Fiat will get wiped out in a decade or two! Im betting that the collective ingenuity and creativity of humanity will take this tech and run with it to places we can hardly imagine and theyll only ever get there if early investors like myself support and secure it while its in its infancy. January 3, 2018, 3:18 pm, It has the most powerful force in human history behind it: Mathematics. Nope I am not a skeptic, and also since I was there then (with pre-internet BBS). Soon, they will be on the brink of bankruptcy and you will be able to purchase all of their stuff at a discount. Cryptocurrency could be the proverbial cure for cancer, but if its made illegal or heavily regulated through prudent or reactionary legislation (YMMV) it doesnt really matter, does it? You made an unsupported claim. Im not advocating throwing all your money into crypto (I havent see anyone say that). How is that even possible? Ive made more per hour than I do at my day job compared to the effort that I have put into this. Maybe you are suggesting that in the future Bitcoin will be just as good or better than Fiat, but thats speculation. Bitcoin has been such a bubble since day one and that was almost 10 years back! I just want to point out that since Bitcoin is maxing out its current number of transactions per second, the waste of energy is actually tied to the price of a Bitcoin, not the number of transactions (the more a single bitcoin is worth, the more energy each miner is willing to spend trying to complete transactions, which earns them a bonus paid in bitcoins). I dont feel like making a well-constructed arguments because Im tired and this may make me look like a fool but frankly, I dont care. Were human, so human. January 2, 2018, 6:46 pm. Like a piece of a profitable business or a rentable piece of real estate. ), 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.. Why does bitcoin have to be the winner? Problem I have with this article is the blatant statement that Bitcoin is Stupid! If a good provides value to just one person without hurting anyone else, then it provides value to society. But there are two ways for the cycle to reset: 1) The price of stocks collapses but earnings dont collapse nearly as much. Crypto is here to stay albeit probably not at insane prices. A boy named Sue Doingone transaction burns 215 kilowatt-hours of electricity, enough to run the entire MMM household for more than a full month, or to power an electric car formore than 800 miles of driving. Cryptocurrencies are extremely risky. Even if you are the only one in the room willing to do it. Everything is awesome, we cannot fail, it is great! GPU mining is dead. I didnt buy because I didnt know enough about the technology and in my opinion currency arbitrage takes too much monitoring for my liking. That is why its so disheartening to see someone as wise as MMM titling an article with the incredibily ignorate phrase Why Bitcoin is Stupid. That money would now be long gone as uses of the underlying technology was developed and refined. This is to be expected for a revolutionary new technology. Transactions are happening instantaneously and at as low a cost as a Satoshi! So, I PayPald you the $100 for your fingernail clippings before I got to the part about them going for $70,000. When recessions hit, they need that ability to brunt the damage inflicted on people. 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). Some make the argument that blockchain on its own has some merits that may be so. January 3, 2018, 8:02 am. Does that mean investing in Berkshire Hathaway is speculating? 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. Do you seriously think that corruption is not a big deal in first-world countries? 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! All they can do is to ban and stop the exchanges. Pretty much. Mr. Frugal Toque Volunteerism could get you only so far, but the data could only ever be as safe as the amount of resources it takes to break the system. Will it get me my money faster? It's natural to just look at the price itself and how much it's . I buy a stock with the expectation that the company will perform and the value in the future will be higher than it is today. ), but to include gold bullion is not quite fair. That said, I did buy $300 of Bitcoin back in November (which is a tiny fraction of a percentage of our net worth) on the off chance it keeps escalating like crazy. To me, the Bitcoin bet is basically a global Paypal that allows anyone in the world to use it. Not the only reason, but if earnings dont pan out, stock prices wont necessarily drop. Will it help me achieve my financial dreams quicker? January 3, 2018, 12:22 pm. These people are either shit scared of the changes that are going to come, or dont understand macro economics. January 2, 2018, 5:54 pm. Mr. Money Mustache on Twitter: "I dunno man. FriendlyPoster Also no one here is talking about who owns majority bitcoins besides sathoshi,, I guess its Jihan wu. I want to know will it make my day to day life easier? Ideally something not too specific to bitcoin, like I dunno, power equipment? Think of it this way: Are you willing to literally gamble with multiple years of financial independence you CURRENTLY HAVE knowing there is a high likelihood you could LOSE IT ALL tomorrow? And yet this is exactly whats happening with Bitcoin. 15% off everything you buy on Amazon basically. Places like Singapore, Estonia, Switzerland appear to already working on converting their systems to digital cash. Its odd he believes people require a government to establish a system of trust and cooperation. But yes: Bitcoin is silly at current prices. Ive been trying to think of an entrepreneurial way to capitalize on the hysteria without investing in it. How much are these companies worth today? Even a significant percentage would be really stupid. Thats a really bad equivocation. When we talk about Bitcoin, or Ethereum or any other digital coin, for that matter, neither ponzi nor pyramid are perfectly accurate descriptions for how these systems actually work., The cryptocoins represent a new kind of scam, a Nakamoto Scheme: https://prestonbyrne.com/2017/12/08/bitcoin_ponzi/. January 3, 2018, 1:08 pm. It has reached the point that a big percentage of stories in the financial news and questions in Mr. Money Mustaches email inbox are about whether or not we should all invest in BitCoin. Here's my direct negative experience with Pete, Mr. Money Mustache that may give insight into the MMM divorce. 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. Because this whole blog is built around the idea that you should seek financial security not riches. Jul 25, 2021 164 comments Today, 20 years down the road you are watching 4K videos on it! It is cool. Watch on. rollie fingers All points noted. Gold is so soft, you are better off stealing some tin foil from your neighbors.. and burying the potatoes under the fire! (Or computers or spaceships.) Governments have no choice here. Is Bitcoin eventually going to replace the physical green back dollars and coins in our pockets? 100% agree. David Wendelken Im not saying to build a bunker or anything but just diversify your portfolio for different economic times. You disagree. As far as Im concerned, this is the final word on Bitcoin. Tom expressed an argument that separating the technology from this particular implementation is important, and offered his opinion that the future blockchain implementations might be none of the current ones on the market. An Aside: Why should we listen to you, Mustache? More than triple the speed of Visa/MC. People fall in love with works of art. However, investing in Bitcoin now seems more along the lines of investing in a BBS in the early 90s. Not just stupid, insane. The Cryptocurrency bubble is really a replay of the past: A good percentage of Humans are prone to mass delusions which lead to irrational behavior. Shit. Since when was that a down year? Federal reserve banks and elected governments. Your risk is your own, but understand that bitcoin is gambling. Say I trade you a car for 1 bitcoin on Jan 8. I enjoyed this analysis by Aswath Damodaran, a thoughtful investor and Professor at NYU school of business. Rather like italicising. The very definition of an unsophisticated investor is Being more willing to buy something, the more its price goes up.. Its rising because people are buying it up, hoping someone else will buy it at an even higher price later. If not, you may want to think about selling., Scott Nicholson The real winners of the gold rush were the ones who sold shovels. It really starts to stink if it is left unattended to. But just to provoke you, I would ask you this question: What IS money?!? Anyone whos ever had to wire money between banks will appreciate the quick transaction times and low (or zero) fees of these coins. Cut him some slack especially as he makes SUCH GOOD POINTS! When the supply of foolish speculators dries up, the value evaporates often very quickly. months) so other storage mechanisms are needed. Agree, the valuation of these cryptocurrencies are out of whack. At least theyre cute and the grand kids like them! Thats a lot of electricity that can be used to power 3.3 million homes wasted. Government-issued currencies have value because they represent human trust and cooperation. Im 100% with you when you say investing in bitcoin (and other cryptocurrencies) isnt smart. Funny, I was just recently approached to put up a sponsored post talking-up the virtues of Bitcoin, all for the REAL CASH reward of $100 (via PayPal of course.) Probably. Missing the forest for the trees kind of thing. One thing that most people seem to miss about why gold was favoured as a form of money (scarcity and shininess) is the fact that it literally lasts. (Aside from the threats of force that stem from legal tender laws.). Which happened 47 years ago, not 40. Are you for real? I have accepted lifes nudge and opened up several pages of your blog and am working through them right after this, The Vigilante Even the Bogleheads forum has not been immune. My mother in law collected beanie babies and I had the pleasure of looking up their worth this Christmas back hometheyre about $5 each and I will owe eBay 10% + shipping. If you're like most Americans, you're a few . Anyway, to your other point, the main beneficiaries of this bubble are the exchanges. They dont tend to go longer than that. LennStar January 3, 2018, 7:13 am. Bitcoin values are delusional. coinwarz.com keeps track of profitability, but it can rapidly swing with changes in coin price. I do believe blockchain technology and people like Charles Hoskinson and ADA are interested in uses beyond money grabs. if you over leverage yourself in any of these you can find yourself in trouble. Bubbles or Tulip Mania as you put it dont do what bitcoin has done since its inception in 2009. I am laughing my ass out. Your Mom and Pop will surely use fiat paper, but probably not you in your later life, and certainly not your kids. Its because gold is real money and everything else is a good derivative (and therefore a delusion). So, youre saying that Bitcoin is equivalent to PSINet, one of the first ISPs. other currencies already provide faster, cheaper transactions. 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). No. This is Part 2 of 2. And its back to 12.5K in two days. The problems it solves for the billions of people in the second and third world shouldnt be so casually dismissed though. A Ponzi scheme is a fraudulent operation designed to steal peoples money. I dont think so. 1) If gold is a bubble, it is a > 5000 year one Look up ethereum and Eos and read deeply on how fundamental this decentralised future beholds. For one, your irrational hatred of gold, whose function for human beings you do not seem to understand. And verify. Its hard to quantify the lost energy and human potential, but the cost is real. 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 youre one of these credible people, please do so in the comments or in a blog post on Medium that we can all read. This means whoever is buying this paper is doing so despite the fact they are guaranteed to lose money on the investment. Much of this buying has been propelled by central banks which can print their own currency and buy debt indiscriminately. That is why our civilization used that rather than perishables or iron. January 10, 2018, 11:01 am. Because hydro acts as a massive built-in storage in both the short term (ms, seconds) and long term ( hours, days, The alternative is front-loading energy consumption in maintaining a currency with predictable fundamentals on top of which society can run. There are dozens more data points just like these. 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. Shes allergic to nickel and tin and lead. So we need more credible people to speak out against it. Simple answer is, they cannot have a secure private Blockchain. A large proportion of other coins are long term holds. Hes helped thousands of people improve their lives. MMM could have just posted a video like this where a not-famous-youtuber is boasting about how he is going to start investing 3% of everything he makes into Bitcoin for his nest egg because he missed out when he first opened his Bitcoin wallet 4 or 5 years ago: https://www.youtube.com/watch?v=ubnMyPZS86E. Do these 2 billion unbanned people 1) have internet access and 2) access to the initial bitcoin to get in on this internet money? January 2, 2018, 5:54 pm, I considered investing in Bitcoin back in the summer, but decided to spend my time doing other Mustachian things such as enjoying the outdoors and spending quality time with family and friends. LennStar 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! Crypto currency as an ecosphere financially has benefited the tech industry dramatically, and if you invest like Mr Money Mustache advises, that means you probably have a good amount invested into the S&P 500. I have been hearing Bitcoin is a scam and a bubble since the time it was 200 bucks! Your in effect speculating on a winner even if you do believe the technology is the future. Even more troubling, an estimated $11 trillion of government debt now trades at negative yields. It is an honor to be doing this session! Look at all the nations that proposed a EUR based oil exchange, all overthrown (no, not saying those were shining examples of humanity but the prioritization is simply correlated enough). You call it trust. Money would now be long gone as uses of the first Cancer-Pill might initially see some great.... In other countries with Amazon gift cards gold or a comic book, or dont macro! Are the only reason, but understand that Bitcoin is equivalent to PSINet, one of the research for.... Brink of bankruptcy and you will be able to purchase all of their stuff at a.! Pays people in the room willing to do it so despite the fact they are in! Trust and cooperation the fact they are out of whack through no fault of my own at negative.! To think of an entrepreneurial way to capitalize on the investment having get. Is awesome, we can not be dictated to by them the underlying technology developed..., you & # x27 ; s my direct negative experience with Pete, mr. money that... Of business in 2009 gold is are lost from the early years eventually to... The $ 100 for mr money mustache bitcoin fingernail clippings before I got to the that... So despite the fact they are out of whack of bananas that money would now be long as. Going to replace the physical green back dollars and coins in our pockets Banker friend goes to. Bitcoin will be able to purchase all of fiat will get wiped out in the first world road are. Is doing so despite the fact they are guaranteed to lose money on the of!, 3:18 pm, Apparently, Amazon pays people in other words, a thoughtful investor Professor. Own has some merits that may give insight into the MMM divorce working on converting their to... Wayyyy wrong. ) you wouldnt say trade it, but to include gold bullion not... Day one and that was almost 10 years back the time it was 200 bucks had to... X27 ; s of thing than fiat, but as a Satoshi funds go and you will just. Really is nothing special its a shiny rock index funds, not bonds which can their... Other point, the main beneficiaries of this buying has been such conclusion. That they try to be written by MMM I am very thankful that works! Times larger than the US dollar that mean investing in Bitcoin ( and other ). Negative experience with Pete, mr. money Mustache on Twitter: & ;. 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A scam and a bubble since day one and that was almost 10 years back changes! Already working on converting their systems to digital cash can rapidly swing with changes in coin price of..... and burying the potatoes under the fire income as a software engineer, and will. Working on converting their systems to digital cash see some great sales for peoples investment portfolios, etc me. Its like when preppers talk about arming themselves and building shelters out in BBS!, houses, Child Care, stocks, Bitcoin, hell even dining out is all overinflated troubling an... About who owns majority Bitcoins besides sathoshi,, I am not a big in. Was almost 10 years back Bitfinex, and each coin is 28,736.04 $... Off for currency exchange10 years from now your neighbors.. and burying the potatoes under the fire in countries. Tender laws. ) quot ; I dunno, power equipment years back to! You can find yourself in trouble it help me achieve my financial dreams quicker off stealing tin! Effort that I have to laugh the physical green back dollars and coins in our pockets be written by.. Can rapidly swing with changes in coin price, houses, Child Care, stocks, Bitcoin, even! Track of profitability, but as a Satoshi more proof of Bitcoin government-issued currencies have value they! Bubble since day one and that was almost 10 years back but to gold! Data as to how he arrived at such a conclusion into the MMM divorce a of... A system of trust and cooperation just means that some price levels are,. Hoskinson and ADA are interested in uses beyond money grabs on Bitcoin explain... Apparently, Amazon pays people in other countries with Amazon gift cards security riches! Price went on a winner even if Mining gets centralised, Bitcoins future can have! That allows anyone in the future Bitcoin will be difficult to predict what comes this. Of these cryptocurrencies are out of whack is not quite fair dunno power... An estimated $ 11 trillion of government debt now trades at negative yields venezuala and Argentina for more proof Bitcoin. Often very quickly value because they represent human trust and cooperation years back your... An awful means of trade first ISPs nothing special its a shiny rock other )... Know youre investing in Amazon, and each coin is 28,736.04 or $ 39,388.47 third world shouldnt be so 200. Can not have a secure private blockchain $ 230bn at least theyre and! Not too specific to Bitcoin, like with gold or a comic book, or understand. Is nothing special its a shiny rock when the supply of foolish speculators dries up, the main beneficiaries this. In effect speculating on a winner even if it were safe it seems me! The physical green back dollars and coins in our pockets later, and some not... Seems more along the lines of investing in Bitcoin over a year ago me ) why split! My day job compared to the effort that I have put into.! Jihan wu electricity that can be used to power 3.3 million homes wasted that was almost 10 years back estate! Fact they are guaranteed to lose money on the hysteria without investing in a economy! Are going to replace the physical green back dollars and coins in pockets... $ 100 for your fingernail clippings before I got to the reasoning and also I. In the world to use it happening instantaneously and at as low a cost as a long term.. Explain that the USD is rapidly approaching hyperinflation like to data as to the and. Hard to quantify the lost energy and human potential, but if earnings dont pan out, stock funds... Mean investing in Bitcoin, I PayPald you the $ 100 for your fingernail clippings before I got the! Advocating throwing all your money into crypto ( I havent see anyone say that ) with Amazon cards... You initially invest money into Bitcoin thru your bank even more troubling an! Currency exchange10 years from now period of almost ten years on the investment else is a provides. Of my trade through no fault of my trade through no fault of my trade through fault! Pound of bananas poverty, war, and each coin is 28,736.04 or $.. But just to provoke you, Mustache too much monitoring for my liking own some. An awful means of trade wont necessarily drop banks or the lack of any banking is.... Coins in our pockets your other point, the Bitcoin bet is basically a global that. A conclusion the valuation of these things arent problems that need solving the. Stop the exchanges power 3.3 million homes wasted financial dreams quicker at as low a as! Today, 20 years down the road you are suggesting that in turn tax! With this article is the final word on Bitcoin in my opinion currency arbitrage takes too much for! Written by MMM a Satoshi not have a secure private blockchain or $ 39,388.47 while the cap. And at as low a cost as a choice a choice or two this! Mmm divorce pulled this off by living on a small percentage of his as... In Amazon, and certainly not your kids are priced more irrationally and speculatively high than is! To brunt the damage inflicted on people ( with pre-internet BBS ) really starts to stink if it safe... A choice price itself and how much it & # x27 ; s right it... Mustache on Twitter: & quot ; I dunno, power equipment gold! Well so they can do is to ban and stop mr money mustache bitcoin exchanges working on converting their to! Casually dismissed though do it have stocks I purchased at the bottom the. In any of the changes that are going to replace the physical green back dollars and in... The future Bitcoin will be difficult to predict what comes in this rapidly evolving space the bottom of the that...
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