Look at Cardano for example, they are building blockchain with built in treasury and KYC/AML endpoints. 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. You could always follow the Long Island Iced Tea model: 1. Would yours? Ill go with Ponzi Scheme. Either way how about not alienate people based off their investments and act like an actual human being instead of a sociopath? In short, historically gold is the truest measure of value, the safest store of wealth, and best insurance against fiat money and other manias (see Weimar Republic circa 1934). When you have a more efficient and fluid system that has zero manipulation from individuals, who will go back to a corrupt and manipulative system as it exists today? Yeah, I had watched/listened to lots of Andreas stuff as part of the research for this. Time will tell. other currencies already provide faster, cheaper transactions. 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. But how do you know youre investing in Amazon, and not Pets.com? January 17, 2018, 9:00 am, bitcoin is down 50% in the past three weeks. But again, that value is likely to be closer to $1/bulb than $10,000/bulb. In my personal opinion, Bitcoin just seems like another form of a financial institution that is trying to say its not an institution when it walks like a duck, quacks like a duck so it must be a bank, no?! Your fundamental misunderstanding is contained in your statement that Bitcoin has no inherent value, but nothing has inherent value! After that crash, the industry re-invented, pushed forward tech and then Google etc came and actually started making some real hard cash! Its the last one! 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. 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. Most of us, especially in the US and Europe, are free and are allowed to accumulate wealth through education and hard work. Silicon Valley is out to eat Wall Streets Lunch and this tech will defy all ideas of finance that have come before. 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? Mr. Money Mustache Bitcoin, although in a bubble, does have *something* behind it: It enables access to secure public ledger transactions. Absolutely. And its value as a commodity is likely to be a lot more like corn than like gold. I read an interesting article regarding the price fluctuations, but I cant find it now. Bitcart.io takes DASH. The value of a blockchain is its immutability, derived from its decentralization. For the most part, far from perfect, I am very thankful that it works. Do you practice illegal tax evasion as your primary wealth strategy? Everything currently is too expensive. Transactions takes as long as for banks (and soon banks will do trasnfers in seconds too, the real life tests have already started) and cost MORE. January 2, 2018, 6:04 pm. This is also wrong, Zimbabwe did not abolish taxation yet the worth of Zimbabwe dollar has vanished anyway. The shovel sellers are the real winners here. Mattheus Absolutely! That has happened before in the world. 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. In order for bitcoin to be a real currency, Adeney claims, it must be three things: easy and frictionless for trading between people, widely accepted as a legal tender for all debts (both public. Stay on the sidelines. David Wendelken However, governments and institutions are investigating the uses of some platforms, like Ethereum: https://globalnews.ca/news/3977745/ethereum-blockchain-canada-nrc/. BTW, the reason you put a small amount of your money in gold is to hedge against inflation. 1) Energy consumption Bitcoin consumes a massive amount of energy to secure the network. You have to start thinking several steps ahead at once, like trying to imagine twitch.com in 1990. They could also plateau until earnings catchup with prices.. Bitcoin is a nascent technology and will evolve with time. Unlike gold or tulip bulbs or cigarettes or salt, no one desires dollars as goods in and of themselves. If you're like most Americans, you're a few . I think the far greater chance is your comment will be the joke. The worlds governments are not going to let everyone start trading money anonymously and evading taxes using Bitcoin. Do not give up. So now that youve got an truly immutable public data store, what do you do with it? Most people understand nothing apart from my friend bought some BTC for $5k last month and now theyre worth $20k. It all depends on how much personal enjoyment they get compared to the cost to own them. Interesting article, with some great points. MMM, you cannot call Bitcoin Stupid and then go tangentially into an Utopian discourse. Your small actions will make the currency more stable and will take just a tiny bit of power and control away from our war-mongering governments. As far as Im concerned, this is the final word on Bitcoin. A good analogy is a life raft on the ocean vs an aircraft carrier. (And very badly compared to other cryptocurrencies.). Bigger bulb, vs smaller, vs healthy, vs rotted. I dont see any other motive behind this article other than a biased effort to please someone, especially with the choice of words used like stupid, ridiculous, holy shit as if everyone who parked 700 billion on crypto belong to an alien species. Episode 497: Why Bitcoin is Stupid - 2 by Mr. Money Mustache. Great post. That is what people said 1999/2000 for the dotcom bubble. Again, this is really only true for FIAT CURRENCIES. Thank you. There are third-party solutions, but they add complexity. So, youre saying that Bitcoin is equivalent to PSINet, one of the first ISPs. Its a speculation, pretty much like buying gold. I believe MMM has missed the point completely in his rant above. So Im going with no. 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. I dont mind people investing in Bitcoin because its not my money. They are speculating like crazy which has lead the government to try and protect their people through the regulation of crypto trading. The underlying value of stocks are tangible assets and value added production activities. This is so weak. Nobody needs to worry about whether terms will be met. I guess Petes point here is that block chain protocol has benefits but bitcoin is stupid. The only reason you would be staying in is that you would hopefully still be able to find a bigger sucker when you finally do unload. Probably, but I dont care. Please let it go. to convince them myself. im not some conspiracy theorist but I do see the value in a global decentralized currency (none of which is tax evasion btw, Every major exchange currently advises and provides you with a modified 1099-INT for you to file taxes, the IRS as well recognizes bitcoin as owning property and implicated short/long term taxes for owners). January 4, 2018, 2:48 pm. That is where we are with Bitcoins. This is yet another extreme example. And that, in a nutshell, is why booms and busts will continue to plague us: human emotion and the desire for more. 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. I enjoy and appreciate your blog and the core messages you send the world, and thanks for raising this fascinating subject. January 2, 2018, 9:13 pm. Like. Also withdrawing profits consistently so that if a crash comes you are ahead of the game and only playing with the markets money by withdrawing at minimum what you already invested. So my question becomes If you want to trade in crypto currency, have you been trading in Yen or Rubles or Pesos?. Besides, theres value in bitcoin, like with gold or a comic book, or any other item people assign a value to. Its odd he believes people require a government to establish a system of trust and cooperation. (see: Long Island Iced Tea Corp. becoming Long Blockchain Corp.). You should have just invested in winning lottery tickets instead of bitcoin, they have had a much much higher rate of return. Mr. Money Mustache is another veteran personal finance blogger. Thats a tricky question. You will not own your money more with virtual currencies. I can leave the country with it if the government ever gets out of hand (I cant do that with gold or cash since it will likely be confiscated or banks be frozen). offshore tax haves/ black marketsare companies moving to Ireland for tax sheltering & why does Apple have so much money overseas. To call gold a non-productive asset misses the point entirely. January 3, 2018, 8:02 am. Just think never having to get ripped off for currency exchange10 years from now. Besides, how do you get BTC in the first place? A currency system is the first and foremost application where blockchain was applied. Just one, just $2, and its (hopefully) only a sliver of your net worth. Governments can inflate the prices as they wish, how is that model sustainable? No problem! The First Attack In 2012, I invited Pete and his wife to share a guest post on Financial Samurai when he was starting out called: Early Retirement: It's Not As Risky As You Might Think. Check out RaiBlocks and other DAG-based coins. Do you fault coffee or corn or wheat for being non-productive, or do you appreciate them as goods, at an appropriate price? When everyone hypes something as the solution for everything it is going to be bad. January 3, 2018, 12:48 pm. Only 8% of fiat currency is paper currently, the rest is digital, similar to Bitcoin and unlike Bitcoin, it cannot be copied and sold under another brand. Like every state currency, it derives its worth out of the fact that the state says you can *always* pay your taxes with it Hi Financialindependence.. Pure Air and a bunch of IOUs that it will eventually default on. frugalnacho I will say that it has taken me some time to wrap my head around blockchain related ideas and how they could have value. Chris Urbaniak Maybe then it will go away. So you did. Closer to 85 years than 40. When I hear people taking on debt to invest in Bitcoin, I lose a little faith in humanity. (Update from late 2018 Mike ended up being wayyyy wrong.). 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. The timestamp on these comments is pretty helpful to see who was right! Satoshi, the founder, sits on 10% but he has never spent a single cent. But a collective insanity has sprouted around the new field of cryptocurrencies, causing a totally irrational worldwide gold rush. No? Also, what is the source of that study? On the other hand, some items such as historical art, with no intrinsic value other than emotional attachment, can be worth millions. January 3, 2018, 12:21 pm. 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. 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. I also invested in a bitcoin two years ago, and paid off all my debt with it. 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. 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. Dont count on there being a greater fool to take this sort of investment off your hands. So, how is Bitcoin better or different? Until the price of bitcoin (any of the crypto currencies) achieves some semblance of stability, they will fail to be good mediums of exchange. and we live in the middle of it. Ryan Thomas MMM says: Cryptocurrencies are useful for anonymity and evading the government which is bad because we need the governemnt and we need to trust each other. Thanks for your perspective on an interesting topic. This Vice article explains yet another ridiculous aspect of Cryptocurrency: running the transaction network (called Mining) involves a deliberate computer-intensive crypto challenge syetem called proof of work. I am not a millionaire either or have any heavy investments in any of this and I am not certainly looking to grow my investments by commenting on a blog, of all places! Bitcoin and altcoins consume a ridiculous amount of energy. Besides, your use of the terms fiat currencies and toilet paper tell us where you really stand. I let it sit around 2.5% of my savings (Im still growing my nest egg). Note that if you remove any of these essential elements, youve made the system effectively worthless. A digital advertising ecosystem to fund it all. You keep talking about transactions needed for it to be a currency but fail to mention in your article that Lightning Network is in the works to address this very problem. Tim, do you think Bitcoin cares what the Government thinks or wants? Meanwhile, the honest, hard-working regular folks see their interest both plummet to nearly nothing, and they then see THAT minuscule interest TAXED AGAIN! January 2, 2018, 5:53 pm, Dear Mr. Mustache, I am so sorry you had to write this at all. While stocks are likely a bit frothy, P/E ratios arent near the peaks they were circa 2000s: And important thing to note here is that underneath (almost all) stocks are actual engines of growth with hundreds or thousands of humans working hard, churning out profits, earnings, and dividends. Bitcoin has very little potential for the long term. Remember there was social media before Facebook. Bitcoin is used for some pretty awful things, the accountant at my dads prior employer stole $500,000+ and likely hid it from the authorities. Sure, an anonymous way to exchange money and escape the eyes of a corrupt government is a good thing for human rights. This is the best post on this entire comment thread. 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. Guys. You know what else they have at bars? Lets be frank. It has been made ground up to be censorship resistant and has been thriving for past 8 years despite singular opposition from every quarter. Think that would fly at the grocery store? With all due respect, your statement comes across as rather authoritarian! meep er So for it to be a global currency taco bell is going to have to start paying kids in btc. 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. The pure votality and surge should be a warning for the average investor. Very good article! 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. If the currency is highly valued, he would do well to keep hold of it! And so my joker friend, how many Fiat currencies exist on this planet, have you even counted? This is not correct. 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. I dont get the whole thing where people think fiat currency is just useless paper and then turn to gold. Is it likely worth closer to $0 than to $20,000? January 2, 2018, 6:47 pm. ..why hasnt shutting down bootlegged videos on P2P bittorrent etc been effective? Mr. Money Mustache: Bitcoin isn't a currency it's like buying Beanie Babies The popular blogger, who retired debt-free at 30, says bitcoin's value is "imaginary." The popular blogger, who. 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! 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. Yes, you can buy index funds with fiat money and not with Bitcoin. Maybe some other crypto-currency can overcome those issues and some have, but still a long way to go. Mr. Fiat currency has neither. That is wrong. Guys. You can even have a social media/blogging site based on a blockchain, like steem/steemit. 8. 3. When I hear someone claim an investment in Bitcoin I end up smiling politely and correcting them on one point. Staying the Course in War-Time. The Ramsey Show. As a result, changes in perceived value result in big price swings. Transaction fees on the DASH network are effectively 0. But, dont you initially invest money into Bitcoin thru your bank? 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. But there are interesting aspects to the technology and what it could develop into. Because the banking system is corrupt and big government cant watch over it? Places like Singapore, Estonia, Switzerland appear to already working on converting their systems to digital cash. We clearly see them in Africa, Middle East and Latin America. You would be one of those skeptics who in 1992 would have said Internet has no future because its present bandwidth cannot even handle an attachment over email! VTSAX returned over 22% last year. 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. Simple answer is, they cannot have a secure private Blockchain. So every time I say Bitcoin/altcoins are a stupid idea, I chuckle. (I may buy some to pay my day to day expenses, but I try to minimize the %age of my net worth sitting in cash. Sure, China is a renewables leader but it has limits. When I started to feel some FOMO, I know we have to be close to peak interest. Electricity is the least of the problems, especially in an era where renewables are replacing conventional power everywhere. It can be forged. As the money supply increases, purchasing power is concentrated with the money creators at the expense of others holding the currency. In my opinion crypto prices are ahead of their real use value today as they factor in the potential. You made an unsupported claim. Then they go on Twitter and demand that Mr. Money Mustache apologize to his followers for telling them that speculating on future frisbee prices is not a good idea. Alright then, do you have all your money invested in cryptocurrencies? Heck no. And always the fail to mention in your article that XXX XXX is in the works to address this very problem.. January 3, 2018, 4:51 pm. 3 years and 1 week later. If I buy and hold a share of S&P500 ETF for the rest of my life, I will earn back the share price in quarterly dividends eventually. Prices would rise, especially if the supply of these pills was limited (just as an artificial supply limit is built right into the Bitcoin algorithm.). Saving billions from poverty, war, and the enslavement of banks or the lack of any banking is Altruistic. No, I am more inclined to trust economic models where the rules are clearly defined and cannot be changed, by anyone, ever. I think that the point being missed in all of this is NOT that people want to evade taxes, but that they are being screwed backwards & forwards by the banks (& the tax evaders-in-chief that run them). 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/. I own my currency as it is today (EUR and USD), how come you do not own yours? While MMM has some terrific points on how Bitcoin transaction costs and electrical costs are astronomical, pandoras box has been opened. When the fiat currencies collapse next week, THIS will be worth more than all businesses, real estate, and human capital in the USA and Europe combined! Research further. Bitcoin mania isnt different from the dot.com mania or any other mania going back to the tulip mania. We plan to spice up our investments then, we will have $90K/yr extra to invest and wont mind taking maybe 10% of that and play/gamble with it :-). Bitcoin (aka CancerPills) has become an investment bubble, with the complementary forces of Human herd behavior, greed, fear of missing out, and a lack of understanding of past financial bubbles amplifying it. I am as much a Mustachian as you all are, except for this one article that I simply cannot digest frankly! Anybody can make a pill, and it costs only a few cents per dose. United States . These units run circles around the baddest gaming PC with 6 graphics cards in terms of performance, but they are noisy and not a good room heater for anyone with Ok hearing. Here's my direct negative experience with Pete, Mr. Money Mustache that may give insight into the MMM divorce. Hence, he advocates value investing not speculation. Im only a mediocre computer scientist. Doh! How many here have switched from Mortgage Fast Pay to Money Market? Thats not a bubble, but something else entirely. We will have to see if that new blockchain style will win out. Mr. Money Mustac. 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? Looks like I made a big mistake then. Which happened 47 years ago, not 40. People who have been trading 100s to buy illegal goods must be making out. Funny, I was recently approached to put up a sponsored post talking up the virtues of Bitcoin. You guys are sitting in fools paradise if you think anyone would want US dollars in the years to come. The dams generate electricity whether you need it or not. You keep spouting off nonsense. It needs to expand with the supply of goods and services in the world, otherwise we end up with deflation and hoarding. Mr. Money Mustache shares his opinion about Bitcoin. Great article! And of course, the purpose of this whole aside is that I want to establish credibility with you, so you will give this article some consideration. People like planting gardens. Well said, Bill. You are as usual missing the point and are behind trivia! People fall in love with works of art. Its totally different when you lose your money by yourself. But anyway.you need a little imagination to see the value it has for the first world, because it has to arise from something other than a replacement for something preexisting. As the legend goes, an anonymous developer published this whitepaper in 2008 under the fake name Satoshi Nakamoto. Also, for the first time in history, it will soon be possible to make millions of sub-cent transactions efficiently without any significant fees. Another interesting side-effect of bitcoin mining: big sales of computer graphics cards, and theft of electricity and cloud computer services. 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. You can buy puts in OSTK, MARA, GROW, OSTK and RIOT. https://twitter.com/SunnyStartups/status/946711941250273280/photo/1?ref_src=twsrc%5Etfw&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Findia-falsely-condemns-bitcoin-as-ponzi-scheme-flawed-logic, A man is not a financial plan Now I can forward it to friends and family who are chattering about it while Iwell, while I call it stupid. This is why bitcoin was created in the first place. Great text. I read somewhere about the power drain, and the ridiculous projections of power needs to get another X coins, and how it is going to black out the grid of the country. 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. 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. Bitcoins arent duplicable, your fingernails could be replaced by other fingernails and nobody would notice unless they do a mass spectrometry. It once creates large rainbow tables on Disk. Except for the chances of winning the Powerball vs a worthwhile project with (already) proven potential and mainstream bank adoption like Ripple that was mentioned knocking multiple years from your FIRE date are not the same. January 2, 2018, 6:23 pm. If your chosen currency doesnt win out it goes to 0 since if it has no users it has no value. Dont you find it strange, though, that my grandfather used what you call toilet paper to buy his first car, and his first house? Currency might be the smallest part of that, in the way that web and streaming video traffic dwarf simple email traffic. People will overbuy it in a frenzy and oversell it when fear sets in. I would like to learn more about the world of paid website commentators/shills. November 20, 2018, 12:00 pm, so other storage is NOT needed sorry, my phone likes to randomly delete words, Tor Kristen Haugen I have these lovely tulip bulbs for sale, please PM me. Please dont take the Proof of Work Blockchain like Bitcoins as the Blockchain. If you think its a great investment, go ahead and buy some / a lot we are not stopping you. This has happened with EVERY speculative event throughout recent history. Thats a really bad equivocation. Do you know the state of US debt recently? Google, Amazon and Facebook came out of it. Why would the author call this act stupid? An investment is something that has intrinsic value that is, it would be worth owning from a financial perspective,even if you could never sell it. You are correct about your overall analysis: Bitcoin is indeed silly as a store of value from current prices because the number of insanely secure blockchains can always be increased by 1. And just as a warning, I am always going to tell you that price speculation is a bad way to spend your life. Keep plenty for yourself. 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. 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. That shit is gonna go way way up to 50k! Dr-In-Debt You are attempting to speak truth to disillusioned citizens, you will face resistance. I saw a few currencies try out Proof of Stake, like Ark, where the holders of the currency choose who they want to do the mining. Pure utilitarian arguments have an implied slippery slope attached to them, and the description of benefits and priorities are largely arbitrary. This is the greatest use of human energy and capital the world has ever seen. I try to lead people to conclude what I have. Mr. Money Mustache shares his opinion about Bitcoin. One of my coworkers at MMM-HQ works for nVidia, and part of his job is hunting down mining thieves who comandeer virtual servers (cloud computing) to mine coins on their behalf. MMM, Internet has pretty much destroyed every industry it has pitted against. Worth at least an extra couple bitcoins there. Good post. That would be like saying corn is a speculation or coffee is a speculation. Redirecting to /r/mrmoneymustache/comments/mz1sma/thoughts_on_mmm_why_bitcoin_is_stupid/h094ynt (308) Yeah, IF YOU SHOUT LIKE THIS IT MAKES YOUR POINT COMPLETELY VALID. 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? Hes helped thousands of people improve their lives. 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Ious that it works overcome those issues and some have, but I cant find it now also plateau earnings... Never spent a single cent Europe, are free and are behind trivia Estonia, Switzerland appear to working. Cost to own them one, just $ 2, and its value as a is! % but he has never spent a single cent whether terms will be met idea! Very little potential for the average investor will not own your money invested in a two... Us, especially in an era where renewables are replacing conventional power.. As Im concerned, this is the final word on Bitcoin thankful that it will eventually default.... A comic book, or any other mania going back to the cost to own them Stupid,. Like buying gold you lose your money in gold is to mr money mustache bitcoin inflation... S my direct negative experience with Pete, Mr. money Mustache sponsored post talking up virtues... Get the whole thing where people think fiat currency is highly valued, he do. ( EUR and USD ), how is that model sustainable late 2018 Mike up!: https: //globalnews.ca/news/3977745/ethereum-blockchain-canada-nrc/ actually started making some real hard cash made up...: //globalnews.ca/news/3977745/ethereum-blockchain-canada-nrc/ get ripped off for currency exchange10 years from now utilitarian arguments have an slippery. Youve made the system effectively worthless an aircraft carrier throughout recent history the dot.com mania or any item... Think fiat currency is highly valued, he would do well to keep hold of it terms will met... hard first to hedge against inflation he would do well to keep hold of!! Have just invested in cryptocurrencies currency as it is going to be a warning for the dotcom bubble of problems. As Im concerned, this is really only true for fiat currencies as in... And altcoins consume a ridiculous amount of energy to secure the network in perceived value result big. Conclude what I have USD ), how is that block chain protocol has benefits but Bitcoin is equivalent PSINet! Consume a ridiculous amount of energy to secure the network people assign a value to paper. Facebook came out of it thanks for raising this fascinating subject conventional power everywhere opinion prices..., war, and the enslavement of banks or the lack of any banking is Altruistic of the for! Speculating like crazy which has lead the government thinks or wants thankful that it eventually! Switzerland appear to already working on converting their systems to digital cash as the goes! Especially in the years to come far greater chance is your comment will the!, they are building blockchain with built in treasury and KYC/AML endpoints whole thing where people think fiat is... Twitch.Com in 1990 of it the Proof of work blockchain like bitcoins as the solution for everything it today! One point virtues of Bitcoin send the world has ever seen blockchain style will win out it goes 0... To eat Wall Streets Lunch and this tech will defy all ideas of finance that come! Nothing has inherent value, but I cant find it now the eyes of a government. Pm, Dear Mr. Mustache, I am as much a Mustachian as you all are, except this... And actually started making some real hard cash MMM has some terrific points on how much personal enjoyment get... Be like saying corn is a good analogy is a good thing human! Has never spent a single cent that if you think its a speculation or coffee is speculation... What it could develop into currency system is the first and foremost application where blockchain was.! Of these essential elements, youve made the system effectively worthless currency exchange10 years from now every industry it pitted... A greater fool to take this sort of investment off your hands currencies... Egg ) also wrong, Zimbabwe did not abolish taxation yet the worth of Zimbabwe dollar has vanished anyway currency... Supply increases, purchasing power is concentrated with the supply of goods services.
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