Certianly seems like Vijay has some vested interests in Bitcoin..it is pretty obvious. Also, not all crypto currencies use PoW to mine / verify transactions. I promise you, the US Government is knees deep in the blockchain and is monitoring everything. November 20, 2018, 9:31 am, rollie fingers Do you practice illegal tax evasion as your primary wealth strategy? People suffer immensely. Who wants to sacrifice to earn financial freedom when you can just invest in Bitcoin and achieve the same in less than a year. Thats not a bubble, but something else entirely. Personally, I am out of Bitcoin because it is no longer useful to me. 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. Guess what, we can automate all of those jobs with cryptocurrencies. Putting evaluation aside, what boggles my mind is how much electricity is being wasted on bitcoin every single day. Heck no. ), bastringue Ive been wondering this too. I just dont understand the new economy. People speculating in this mania are in their 20s and werent there in 1999. Its a complete rip off. I do believe blockchain technology and people like Charles Hoskinson and ADA are interested in uses beyond money grabs. Mr. Money Mustache 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! The Money Mustache Community . January 11, 2018, 12:03 am. Here's my direct negative experience with Pete, Mr. Money Mustache that may give insight into the MMM divorce. 3) Blockchain is good, Bitcoin is bad Cryptocurrency is just one application of blockchain technology. Im in the same boat where I dont understand it and it doesnt make sense to me in the real world. January 4, 2018, 2:35 pm. Government-issued currencies have value because they represent human trust and cooperation. A billion dollar gaming industry creating games worth watching. The car still has value to you, but my Ive lost nearly a quarter of my trade through no fault of my own. Again, this is really only true for FIAT CURRENCIES. But yes: Bitcoin is silly at current prices. I dont care either way about bitcoin and am not even sure why hydro comes into the discussion, but you cant say something so blatantly 180 degrees false and expect not to be corrected! Everything thats happening in the crypto space is just so normal as you would expect investors struggling to get the price right for something beyond the control of regulation. That means over the next 2 years, the Shiller P/E will be rolling out some of the terrible earnings numbers from the global financial crisis. Its not going to consume ALL the worlds energy? Scrypt based coins like litecoin also have ASICs for them already, the L3+. Theyre stunningly shiny, surprisingly heavy duty, and generating plenty of buzz on Twitter where Im giving them away. @RK So If Jihan wakes up on the wrong side of the bed and decides to dump all his coins then it will open up hell hole for every one else. Probably not, because life is better and wealthier when you arent living a life of crime. I have been hearing Bitcoin is a scam and a bubble since the time it was 200 bucks! ), Im in the same boat. In the US, Pesos are worthless in transactions and cost money to convert to US dollars. Lady Dividend A timeline in yearsmy probability calculator says 99% or better that youll lose money, possibly all of it, if you hang on for years. The general trend seems to be accusing me of not doing enough research, even after I dug into this stuff pretty deeply for a long, long time. https://www.nytimes.com/2017/02/19/arts/design/has-the-art-market-become-an-unwitting-partner-in-crime.html. Youre playing a psychological, win-lose battle against other humans with money as the only objective. Bitcoins are scarce, your fingernails are not. I agree with you, Chris. Maybe a real article will get the idea to sink in. Hell if I believed that I would work my ass of taking EVERYTHING I could and putting it into cryptos! I had no idea the market capitalization of Bitcoin and the other crypto-currencies are so high. And society is comprised of them, and nothing else. But from now on, Im going to replace that sob story with this: Man, I missed out on MMM fingernail clippings! to remind myself of the absurdity of that imagined sunk cost Ive burdened myself with. What a bad article. I read through your article bordering on rant at many places and would suggest you to go through the following Mr. Money Mustache. It is an innovation worthy of a Nobel that is being trashed by MMM and his horde of supporters who have no clue how the Internet of Money is going to replace everything we know about Banking and Finance! If you want to move away from current currencies then you would probably have better luck starting a Craigslist for bartering website where you cant list prices. Not only stocks, but real estate and bonds are expensive as well. Vijay, I think you should sell every non-bitcoin asset you own, borrow as much money as you possibly can, and buy as many bitcoins as possible. A currency that unstable cant be realistically used for transactions, even if you forget about its other limitations. FOMO! Since when was that a down year? 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. What you are describing is called a silent crash. Even a significant percentage would be really stupid. Ive been thinking of doing just that.. And then I put it off for a few weeks, and the price jumps up exponentially. Anybody can make a pill, and it costs only a few cents per dose. Watch on. There is already ways to pay and use your crypto currencies and companies like request.network are working on ways facilitate swapping with cryptos and fiat using oracles and smart contracts on the ethereum network. January 2, 2018, 6:23 pm. If you want just one reason it is that governments will not allow it. Doh! Do you think Governments and Regulators have sat on the sidelines so far while Bitcoin is just exploding to a point that MMM had to sit and write a huge article? Here is one interesting chart among many that shows exactly that: Even things that can be good investments can be in a bubble. 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. Being knowledgeable about finance does not mean being knowledgeable about economics. We still need banks for other forms of financial services such as loans, investments, business services, etc.. Will Bitcoin replace that, too? January 4, 2018, 2:23 pm. Your in effect speculating on a winner even if you do believe the technology is the future. On the other hand, if youre cool with allowing remote-controlled robots to kill 3rd world women and children in your name, then keep using only US Dollars. And yet imagine everybody started bidding up Cancer-Pills, to the point that they cost $17,000 each and fluctuate widely in price, seemingly for no reason. Invest in anything wisely and safely. In this video from Motley Fool Live, recorded on Feb. 23, Adeney joined. Sun, these guys are just parroting stuff the banks put out, to suit their points. Yes, you can buy index funds with fiat money and not with Bitcoin. But if that is the case, then it is far less irrational than are dollar bills, especially over long periods of time. All these ICOs are just insane. Agree, the valuation of these cryptocurrencies are out of whack. In other words, if you truly need it to buy stuff, and thus you need to buy coins from some other person in order to conduct important bits of world commerce that you cant do any other way. An Interview with Matt Cutts: Can the Government grow a Money Mustache? 15% off everything you buy on Amazon basically. However, I go back to my main point Anyone who tells you they know how this experiment ends is already wrong. If you were setting up your portfolio from scratch today, would you buy $500K of GBTC with it? If you cant grasp the difference between the two, then by all means sink your capital into crypto-currencies as they are currently valued. The Money Mustache Community Learning, Sharing, and Teaching Investor Alley Our Crypto Investment strategy (slow and steady investing for the win) . January 19, 2018, 6:57 pm. However look at Japan and a growing number of countries now taking bitcoin as payment. I dare you to look it up! 4. Vivek Prasannan Firstly, if Jihan is that rich, its probably because he doesnt spend his money. Worth at least an extra couple bitcoins there. Woodser You could grow more bulbs indefinitely. Perhaps us libertarian believers are wrong, and this can be maintained indefinitely. Buying it is not necessarily speculative. The Ramsey Show. And if you havent been digging into the cryptocurrency world much, it gets way weirder than this. To call gold a non-productive asset misses the point entirely. It will be difficult to predict what comes in this rapidly evolving space. I think your point about time wasted is very accurate. Bitcoin values are delusional. Trust yes. Im just a mere boring community banker by trade and I get dismissed for speaking out about bitcoin because I just dont understand the new economy. As we know from MMM teachings, safety and security are lies. (namely, cultural values and living conditions which have been shown through study to increase our subjective wellbeing scores, or Science if you want a shorthand for it). Congratulations on your earnings. Large hydroelectric dams are literally known in the power world for how amazingly good they are at storage. But it is a valuation technique that goes back practically as long as there have been stock markets.). Im patiently watching on the sideline to see how this is going to pan out. 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