Your examples exactly prove the point: social media is great, but the first ones to take off werent the winner remember SixDegrees, Friendster, MySpace? Started by kayvent. It is, above all else, pure wealth, other substances, and activities may be valued in gold bullion. And if you havent been digging into the cryptocurrency world much, it gets way weirder than this. Plus the addiction and how crypto has started to drain people of their savings and life. ): the Problem with calling Bitcoin a Ponzi Scheme. Quick, get me that money on PayPal before you miss out on any more of this incredible performance!, Figure 2: Random people on Twitter doing some deep, useful Investment Analysis on Bitcoin. It remains to be seen. Im only a mediocre computer scientist. I do believe hyperbitcoinization will happen in a decade or two. Personally I fail to see the reference between Failhypecoins and retails challenges with shopping online. Take that money and RUN! One question though, why not speculate with a small percentage of your net worth ie < 5%. Ms99to1percent South Koreans are NOT moving all their currency in to Bitcoins. Andrew Kravitz You can keep saying its a bubble for eternity. I refer you to: https://shitcoin.me/. There you go. Let me know when you find a buyer for your $70k fingernail clippings. So by definition we need to start talking about things that dont exist yet because they *cant* exist without immutable blockchains. Vijay What ICO do you own? Hmmm..why not pay in bitcoins if it is so superior? 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. Im selling because I agree that cryptocurrencies have entered the bubble phase, but when it comes to theirlong-term viability, you have completely missed the bigger picture. Thats cool. You write that These are all things that people have bought in the past, and driven to completely irrational prices,. We cannot have better living conditions for half of humanity on this planet under a corrupt and manipulative central banking system of various countries, that are not even true democracies. Good thing I dont invest in it! January 3, 2018, 12:15 pm. 1 Replies 290 Views February 10, 2023, 05:55:08 AM . But sometimes they do. But its likely just down the toilet. Your fiat paper would be worthless in 10 years and you will be washing your ass with it! To most of the Internet, Mr. Money Mustache is known as the quirky early retirement financial guy, and this is a blog about Money. January 11, 2018, 4:23 am. 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. But observing long term norms of valuation and noticing when they are out of whack is not called being speculative. Millions of people streaming interactive video games. You gotta have it. Speculation is fine, as long as you are using only money you are willing to lose. Bro, we get ityou want to wipe your butt with germ-infested cash. January 3, 2018, 4:51 pm. Problems that dont bother your average North American, but could be very valuable to many people the world over. This is not correct. 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! Thats a really bad equivocation. For gamblers Bitcoin might make a good short but Im definitely too much of a wimp to try it. Or sell half of GBTC. When my daughter asked what you could do with brick dust, the kids looked at her like she was an idiot and said, Well, buy more brick dust, of course.. Favorite quote: Bitcoins growth is not based on its technology alone (which, while powerful, is open-source and therefore easily replicable) but rather on the strength of virality, encouraged by the vested interests who held early and invested in marketing it; with no genuine business underlying it, it acquires its (very substantial) memetic potency only from the evangelism of those whohodland preach., David Webbs great explanation: Bitcoin: the Worlds First Decentralized Ponzi Scheme, Preston Byrne again (brilliant guy! But yes, I would not invest in crypto currency. Mr. Frugal Toque Even if Mining gets centralised, Bitcoins future cannot be dictated to by them! (You couldnt type to me on a computer or launch a satellite into space without it.). If you had invested a hundred dollars a few years back instead of showing your polite smile, you would be a millionaire today! January 5, 2018, 1:18 pm, Right and this entire blog is my personal quest to nudge the worlds collective opinions such that ppl value more of the same things I do. Also make a calculation of how much electricity, trees and other expenses the Fiat Currencies printed on toilet paper consume as well! And this, MMM There are no financial instruments that will protect you from a world where we no longer trust each other. I cant help but feel that a big part of the reason for Bitcoins continued rise is that theres no safe, practical way for us Bitcoin-skeptics to actually take a short position on it. Hows that any different. Bitcoin could also be the TCP/IP and will probably be the world standard in 10 years! In a sense one could swap bitcoin to USD and the article still stands. Every currency has something behind it. Bitcoin finally surpassed $40K and topped at $41,940 on Jan 8. I had no idea the market capitalization of Bitcoin and the other crypto-currencies are so high. Blockchain isnt just a software protocol, the algorithm guiding it doesnt have to be open source, some cryptoassets pay the miners for securing the network through concepts such as proof of stake and delegated byzantine fault tolerance, some networks support decentralized applications with actual potential and have intrinsic value. January 3, 2018, 12:48 pm. Because of this, newspapers start reporting on prices daily, triggering so many tales of instant riches that you notice even your barber and your massage therapist are offering tips on how to invest in this new asset class. Were human, so human. 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. So, I use bitcoin to buy stuff with the gift cards from these people. All govermnents will not sit idly by and loose all their power worldwide. Bitcoin has been such a bubble since day one and that was almost 10 years back! Interesting article, with some great points. They were literally carting around wheelbarrows full of the note because the hyperinflation the government produced killed the currency. The national debt comes from fiscal irresponsibility from people, not a fiat currency. Nobody needs to worry about whether terms will be met. Speculation is great. 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. 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? I'm sure this had nothing to do with their personal stake in the outcome." Unconfirmed BTC transactions already in the 6 digits now. I thought it was pretty genius when back home. Then in November I sold it and bought GBTC, which is a OTC fund holding bitcoins. Bigger bulb, vs smaller, vs healthy, vs rotted. Kevin S Coleman We clearly see them in Africa, Middle East and Latin America. Do I still get the full bag or just a portion of your pinky fingers latest clipping? In that forest there are old bricks. Although it is difficult to put a price tag on the speculation and mania portion of BTCs price, as sentiment strengthens in regards to Bitcoins future functionality prospects the price should continue to increase. Unless youre a rogue nation trying to dodge sanctions? January 3, 2018, 7:20 am, If you could have somehow monetised the Internet in 1992 and sold it. That is bullshit written on toilet paper by a Private Bank called the Federal Reserve, owned by unscrupulous bunch of elites like your JP Morgan. Your highly emotional responses arent helping your case. Andy Stow Whatever they are willing to pay to enjoy owning these things themselves is their business, and may make for a fairly rational purchase. > 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. That is the right way to think about these things. Do not let your own brain trick you for easy solutions! Thats why wind farms are much more economical in areas with large scale hydro. Episode 497: Why Bitcoin is Stupid - 2 by Mr. Money Mustache. I think its a bit of stretch to call Bitcoin a Ponzi scheme. I dislike all this vitriol given to speculators when they are fully valuable members of an economic system. This is bitcoin's intrinsic value and the longer it exists, the more apparent it will be. Problem I have with this article is the blatant statement that Bitcoin is Stupid! That is about a 24% drop in 18 days. In a world of human trust, putting the wisest and most respected people in a position of Adult Supervision is a useful tactic. Totally agree about cryptos- but not sure gold should be lumped in with them. Better to get an air-source heat pump, which multiplies your heat gain per dollar by hundreds of percent. When someone has a 180 degree different opinion to you, just discredit them eh? Individuals getting rich off speculation doesnt mean its not speculation. Bitcoin has a deflationary nature, its only logical to pay you in $100 non-bitcoin bucks that are racing with the inflation rate of the Feds printing machine instead. For this article, I have set the bar much lower to show you the religious conviction that crypto speculators have. This is exactly the same I have a dream. Theyre stunningly shiny, surprisingly heavy duty, and generating plenty of buzz on Twitter where Im giving them away. 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