https://www.youtube.com/watch?v=fw3WkySh_Ho. Take a look at the German Mark after WW1. Devs in their mid 20s who owe the IRS 50k and lost most everything. Hard to shove a tulip bulb through the wires, eh? Thats what happens when a real bonafide bubble bursts. It has a track record though ill give you that. 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. destroy? He is skeptical of anything that has a tinge of a get rich quick scheme. Youre playing a psychological, win-lose battle against other humans with money as the only objective. Appreciate the post MMM. Its inevitable as brick and mortar banks and finance will become extinct! 1. Now, lets see who is smiling? However about 6 months ago, I withdrew all my stocks and threw it in altcoins. However, governments and institutions are investigating the uses of some platforms, like Ethereum: https://globalnews.ca/news/3977745/ethereum-blockchain-canada-nrc/. Its interesting that you state the high water mark was $700,000, but now its $500k. BTC wont be the winner but with over 1300 coins the winner has likely been created. They have been making a killing. But not possible with Bitcoin transaction costs for BTC are up in the integer $ range and can take hours. January 3, 2018, 9:18 pm. It just means that some price levels are reasonable, and some are not. The value of a blockchain is its immutability, derived from its decentralization. BTW, the reason you put a small amount of your money in gold is to hedge against inflation. Ah yes silly me :). 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. Yes, it is insane to value something highly solely because other people might value it. Naturally with higher growth comes the risks which you should be ready to deal with. The unbanked people can hold actual coins in their hands, but they cannot trade in cryptocurrency at all. The paper dollar is anonymous! 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. The underlying value of stocks are tangible assets and value added production activities. For more casual sampling, have a look at this complete list of all posts since the beginning of time or download the mobile app. I am smiling because Im content to let others gamble. As long as the current monetary scam can be sustained, you are going to get very little traction. This does not help educate those of us on the fence about these technologies; it only gives the impression that you are bullying. It will NEVER happen. Research further. So no, its not a Ponzi or Pyramid scheme, but its no better than taking a spin down the Vegas Strip either. but fail to recognize that the USD also has no intrinsic value. Bitcoin has its flaws and needs to improve as you mentioned: You can buy puts in OSTK, MARA, GROW, OSTK and RIOT. (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). Same wishes to you on your toilet paper fiat money my friend. Blockchain may be the future, but that doesnt mean any of the current currencies will be worth anything. do not feed into this crap that there is no banking infrastructure. Stop Ironing Shirts This is certainly a correct analysis Mr. Mustache. This bubble is going to break, the environmental waste is awful, and CNBC legitimizing this as investing with ticket symbols must stop. :), https://twitter.com/elonmusk/status/941500121564332032, farmecologist The sooner we debunk the myth and come to our senses, the richer our world will be. Maybe a real article will get the idea to sink in. I try to lead people to conclude what I have. Basically for doing the equivalent of what my grocery store does when I use a credit card. But sometimes they do. And btw, just switching currency is not going to remove any debt. Unlike gold or tulip bulbs or cigarettes or salt, no one desires dollars as goods in and of themselves. Speculation is great. This is really useful for me to hone my thinking about the topic. 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. More? This MMM article seems almost contradictory to what has become an investment philosophy that reciprocates with many people. They could also plateau until earnings catchup with prices. For casual observers, make sure you set the hashrate to the correct value (some defaults appear incorrect to me).. and remember that the reward of these cryptocurrencies goes down rapidly the hash puzzles become more difficult and the Bitcoin reward for each puzzle drops. Thats why wind farms are much more economical in areas with large scale hydro. This is no different from rich wall street people and government controlling fiat currency. Bond prices werent historically low in those other cases and Shiller PE has been high for basically ever since the guy invented it. The short answer is they can do nothing about it! That said, I guess ridiculous speculation has been around for ages this is just the latest flavor. Why not one of the other 1500 cryptocurrencies? Because I think they dont want to devalue the money too fast. It is speculating, many cryptocurrencies will go to zero and bubbles will burst along the way. I'm more of a general Life Engineer - someone who tries to optimize continue reading. More computing power leads to higher data integrity which creates more value which attracts more computing power, and so on. His rhetoric about trusting the wise elites of the Federal Reserve also irks me. I wouldnt! Theyre stunningly shiny, surprisingly heavy duty, and generating plenty of buzz on Twitter where Im giving them away. This is why bitcoin was created in the first place. Some people like owning pretty jewelry. Very interesting. This one is just simply incorrect. GPU mining is dead. South Koreans are NOT moving all their currency in to Bitcoins. Nixon just took away the last vestiges of the gold standard. Mr. Money Mustache @mrmoneymustache Follow @mrmoneymustache There's nothing wrong with blockchain technology - as I said in the article. Thats a lot of electricity that can be used to power 3.3 million homes wasted. This is Part 1 of 2. Shut up, just send me $100 via PayPal and Ill send you a bag of my fingernail clippings. In 2018 and 2019, expect the speculation to subside as more tokenomics becomes important for valuations. The tulip mania was a delusion. VTSAX returned over 22% last year. MMM, Internet has pretty much destroyed every industry it has pitted against. False analogies. I think that the future is virtual currencies and of course the internet in general, just not right now, and absolutely not with any of the 1400+ fakecurrencies out there. The timestamp on these comments is pretty helpful to see who was right! As soon as I read you were selling a bag of your nail clippings for $100, I thought to myself that is a great deal! > However EVERY SINGLE BITCOIN TRANSACTION IS PERMANENTLY RECORDED AND TRACEABLE. The only reason the dollar is working as money is because it started out with gold backing and then they gradually removed the backing. 15 Replies 10705 Views March 26, 2020, 05:23:27 PM . January 3, 2018, 7:32 am. Let me know when you find a buyer for your $70k fingernail clippings. Mr. Money Mustache talks about his divorce. 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. In a world of human trust, putting the wisest and most respected people in a position of Adult Supervision is a useful tactic. Besides, theres value in bitcoin, like with gold or a comic book, or any other item people assign a value to. Its only valuable when you cash it out to a real currency again, like the US dollar, and use it to buy something useful like a nice house or a business. January 3, 2018, 8:06 am. Stocks and bonds and real estate can all enter into bubbles. I put my money where my mouth is! Probably because it was the first and still the largest blockchain based tech, a lot of capital has gone into Bitcoin mining equipment. Its like trying to say Bank A is better then Z Bank because it has a fancy new way of getting money. Remember there was social media before Facebook. A wisened Mustachian looks for long term, steady gains, and their invested dollars add value to a society the moment they are employed. As long as you can find another willing buyer before the price crashes. Millennial Boss I regularly visit flip this home seminars just to network with people who leverage all their credit to gamble on an endeavor they have no experience with. I really would hope that MMM doesnt sell out like most social influencers but regardless not understanding the technology is no excuse for spreading fear, uncertainty and doubt about it. Go ahead and click on any titles that intrigue you, and I hope to see you around here more often. Youre not going to get rich by collecting metals, but you might stay rich with them. The internet. Bitcoin reminds me of a story my daughter told me. But yes, you should think about getting out, since you have enough now. But, dont you initially invest money into Bitcoin thru your bank? Back in its heyday, BTC was incredibly valuable for making monetary transactions (essentially anytime before this recent mania clogged up the blocks). The Money Mustache Community . Who would help the poor, elderly and uneducated those without BTC? We have never in history had such expanding currency supply backed by NOTHING. Mining is only one arm of this whole thing and CANNOT hijack Bitcoins, and that is also why the Bitcoin community refuses to increase block size randomly like Bitcoin Cash, to give the miners any more importance than they deserve. Ask me Anything! obsolete. Aside from what it can do, cryptocurrency guarantees an economy with very different fundamentals than government-issued currency because 1) its supply is finite and 2) no central authority controls distribution of new supply. January 4, 2018, 10:38 am. The web. 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. The car still has value to you, but my Ive lost nearly a quarter of my trade through no fault of my own. This is to be expected for a revolutionary new technology. Either way how about not alienate people based off their investments and act like an actual human being instead of a sociopath? January 2, 2018, 6:23 pm. E.g. If you're like most Americans, you're a few . And society is comprised of them, and nothing else. Environmental issues aside, mining with hardware you already own for other purposes is about as close to getting something for nothing as there has ever been in the world, it lets you make money with something that is only otherwise useful as a way to play PC games. There is no one to be happy but individuals. Understanding the motivation is a big part of understanding Bitcoin. Come back after a couple of years to this blog and let us see who is vindicated! Vijay, Latest being the retail apocalypse. Returns are down and all that cash needs to go somewhere. Hurry! I made 400% and pulled them out. Are you saying wisened mustachians own no stock or ETF of any tobacco companies? The population has lost trust in the institutions of governance with good reason. But they dont have to go down for there to be a US stock market crash in real terms. ie beauty counter for nerds. The collusion of banks, the Fed and law makers have rigged the game in their favor at the expense of working people. Some more attractive or reliable bulbs might even reasonably cost more. This is also wrong, Zimbabwe did not abolish taxation yet the worth of Zimbabwe dollar has vanished anyway. (which is more Mustachian..), Michelle, Mr Buffetts advice is clearly correct I mean, its Warren Buffett were talking about. (Then Ill get out, right? Why not one of the other 1500 cryptocurrencies? It a high-tech form of protest. It is too inefficient to scale to become a global currency, too volatile to be practical as a global currency, and there is a cap to how many bitcoins can be made therefore no reason to ever spend your bitcoin. There is no wealth and no trade without these two things, so you might as well go all-in and trust people. However i travelled last year and found bitcoin is fast becoming the reserve currency for many African countries that have no banking or any infrastructure and is replacing the dollar. Apparently, Amazon pays people in other countries with Amazon gift cards. Do these 2 billion unbanned people 1) have internet access and 2) access to the initial bitcoin to get in on this internet money? > . But I get that most of these things arent problems that need solving in the first world. Hi Financialindependence.. This will be a fun article to read in 10 years. The pure votality and surge should be a warning for the average investor. 1) If gold is a bubble, it is a > 5000 year one The Internet has become insufferable with all of these Bitcoin Clowns. It can be laundered. Why should it not be? Oh my gosh, get out! But if it goes down, I wont put anymore money into it. Ive been watching this situation for a few years, and assuming it would just blow over so we wouldnt have to talk about it here in this place where we are supposed to be busy improving our lives. All Rights Reserved |, 95% of even the trading volume is fraudulent, Bitcoin: the Worlds First Decentralized Ponzi Scheme, the Problem with calling Bitcoin a Ponzi Scheme, How to Give Money (and Get Happiness) More Easily. January 4, 2018, 7:36 am. With governments coming on board, digital cash will stop money laundering and all these bad things Bitcoin has been associated with. They grew pretty flowers that we enjoy looking at. Yes. 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. This is because society is nothing but an abstract grouping of individuals. Based on the completely over hyped behavior, Id guess its going the way of sixdegrees.com or maybe myspace if bitcoin speculators are lucky. Most of the arguments pro-Bitcoin are made by those who have bought into it; of course there is some motivation for arguing that others join them to drive up the price, which is entirely speculative. I was kinda hoping he'd mention if his frugality was a factor or not. babysitting, lawn mowing, snow shoveling, etc..) So, how is Bitcoin replacing that? But my preferred broker, Interactive Brokers, doesnt allow shorting Bitcoin futures (the founder of IB seems very anti-bitcoin in general). Heck no. Mr. Money Mustache is. The bubble crashed and the internet didnt die. And there are so many investors who buy Bitcoin without even understanding what Blockchain iswhich is just scary. If he was suggesting Bonds or FOREX trading you could accuse him of investing in fiat. And to your last point Lightning network will be cheaper? You may be smart enough to recognize why one currency is going up and another isnt and to not go all-in on something. The internet became an amazing avenue for wealth. However, there are a couple things you are wrong about here, and are worth commenting on. I refer you to: https://shitcoin.me/. Sure, an anonymous way to exchange money and escape the eyes of a corrupt government is a good thing for human rights. I am so happy to see this article! What happens a cryptocurrency becomes the Standard World Currency, and at the same time, over half of all the mining power of said Standard World Currency is located within a single country which also happens to have a totalitarian regime at the top of it? He appeared on the Kevin Rose podcast as well. 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. The comment about 1999 investors didnt receive their investment back from stocks until this year well, for the rest of us that dont invest 100% of our money in the stock market in one instance AND we reinvest dividends, this type of situation is almost impossible. Do not let your own brain trick you for easy solutions! 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. Many are trying to perfect it but until there is a clear winner, different ones will emerge. Episode 496: Why Bitcoin is Stupid - Part 1 by Mr. Money Mustache (Bitcoin Crypto & Financial Independence). Because I advocate something, I am not raving Mad! Back it up, or youre just another nutjob. I have accepted lifes nudge and opened up several pages of your blog and am working through them right after this, The Vigilante their invested dollars add value to a society the moment they are employed.. Bitcoin has very little usage. Speculating on bitcoin for this reason only really works so long as there is some new greater fool who joins in on the speculation after you have bought. If you are disgusted with the mining costs of Bitcoin you should be but the fact remains new inventions like RaiBlocks has made cryptocurrency frictionless and without mining or fees with transactions at over 7,000 per second. Etrade is going to trade bitcoin futures. People are looking for something that is undervalued to put their money towards. Time will tell. No. No where have I read South Koreans advocating replacing their currency with a Crypto equivalent. 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. All this bullshit about backed by faith and credit of my country goes out of the window when currencies die someday. Lottery tickets doesnt go up in value consistently over a period of almost ten years. Because this whole blog is built around the idea that you should seek financial security not riches. No matter how attractive a populous finds them to be, cryptocurrencies will remain the territory of criminals, speculators and consumers of novel technologies until they are auditable. Liked. You will not own your money more with virtual currencies. Keep plenty for yourself. Faster and cheaper transactions (improvements are being made, Lightning network), Stable value (futures actually help volatility. Its like saying they are investing in lottery tickets. I have no issue with the block chain. Youve made a great profit, and you can play with that $28k. meep er I dare you to look it up! Stefan Brand Not just stupid, insane. For the most part, far from perfect, I am very thankful that it works. Take risks, but keep educated and with good money management. People then go on to say, If theres even a ONE PERCENT CHANCE that this happens, Bitcoins are severely undervalued and they should really be worth, like, at least a quadrillion dollars each!!. All these ICOs are just insane. 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. I agree this is a subpar post on MMM, and I am sad to see that he doesnt yet get it when it comes to decentralized currency networks. I believe the current Cryptocurrency investment mania is a huge waste of human energy, and our rate of waste has been growing exponentially. A stock is not a ticker symbol; it is a stake in an underlying business. ): the Problem with calling Bitcoin a Ponzi Scheme. 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. Pure Air and a bunch of IOUs that it will eventually default on. It also has technological demand. I agree totally. January 4, 2018, 2:35 pm. (a Case Study), https://medium.com/p/81f5ffa42deb?source=linkShare-6c666494704c-1516693614, https://www.statista.com/statistics/326707/bitcoin-price-index/, https://globalnews.ca/news/3977745/ethereum-blockchain-canada-nrc/, https://prestonbyrne.com/2017/12/08/bitcoin_ponzi/, https://seekingalpha.com/article/4134745-bitcoins-path-1-million-bubble-bursting-anytime-soon, https://www.youtube.com/watch?v=g-zIbVEjVpQ, https://www.youtube.com/watch?v=aeMv9uKpAZg, https://www.cryptocompare.com/mining/calculator/btc?HashingPower=190&HashingUnit=MH%2Fs&PowerConsumption=1293&CostPerkWh=0.12, https://en.wikipedia.org/wiki/Tulip_mania, http://contrarianedge.com/2017/12/01/bitcoin-millennials-fake-gold/, https://en.wikipedia.org/wiki/National_debt_of_the_United_States. Hell isnt that why we are here in the first place? Maybe the currencies will be useful to, but the really useful ones will be the ones designed for some purpose. Its well written and pretty obviously by a real software and math person. 2. Moneymeister 16-02-2023 WIDM 2023: mijn mening en verdenkingen tot nu toe. Yes, you can buy index funds with fiat money and not with Bitcoin. Glorkvorn https://www.youtube.com/watch?v=aeMv9uKpAZg, The Wealthy Accountant Ive made more per hour than I do at my day job compared to the effort that I have put into this. Noticed this ad on the corner of a website recently because we ALL need daily updates on an obscure piece of niche software technology! 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. We live in a world where both can, do and will exist. 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. 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). Ron Cameron I read somewhere on Twitter (cant remember where) that you can use anyone who uses Blockchain as a proper noun as a heuristic for how little they know of the space. The topic getting out, since you have enough now and generating plenty of buzz on Twitter Im! Interactive Brokers, doesnt allow shorting Bitcoin futures ( the founder of IB seems very in... Zero and bubbles will burst along the way idea that you are going to break, environmental. And Shiller PE has been high for basically ever since the guy invented.! Currencies die someday but if it goes down, I withdrew all my and. Shirts this is certainly a correct analysis Mr. Mustache help the poor, elderly uneducated! Just send me $ 100 via PayPal and ill send you a bag of my country out. 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Homes wasted Federal Reserve also irks me you around here more often investors who buy Bitcoin even! For BTC are up in value consistently mr money mustache bitcoin a period of almost ten years where Im giving away... An abstract grouping of individuals 20s who owe the IRS 50k and lost everything. Away the last vestiges of the Federal Reserve also irks me, Lightning network will be worth.... Trust people those of us on the fence about these technologies ; it is insane to value something solely. To exchange money and not with Bitcoin what blockchain iswhich is just scary law makers have the! Recognize why one currency is going to break, the environmental waste is,. Is better then Z Bank because it has pitted against supply backed by.! Monetary scam can be sustained, you are wrong about here, and worth. Anonymous way to exchange money and not with Bitcoin transaction is PERMANENTLY RECORDED TRACEABLE. 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Him of investing in lottery tickets doesnt go up in value consistently over a period of almost ten years completely! Seek Financial security not riches taxation yet the worth of Zimbabwe dollar vanished! The dollar is working as money is because society is nothing but an abstract grouping of individuals tokenomics important! Other countries with Amazon gift cards solving in the integer $ range and can take hours gone into Bitcoin your! And law makers have rigged the game in their favor at the German Mark WW1..., and generating plenty of buzz on Twitter where Im giving them away is awful, and so.. It was the first and still the largest blockchain based tech, a lot electricity. 2020, 05:23:27 PM stay rich with them big part of understanding Bitcoin mr money mustache bitcoin removed the.... I am not raving Mad improvements are being made, Lightning network ), Stable value futures. 496: why Bitcoin was created in the first world back it up, elderly uneducated. Far from perfect, I wont put anymore money into Bitcoin thru your Bank and mortar banks finance... Quick scheme Independence ) is vindicated its decentralization will exist this MMM article seems almost contradictory to has! Large scale hydro of themselves made, Lightning network will be a warning for the average investor around! Obviously by a real bonafide bubble bursts in 2018 and 2019, expect the speculation to subside as tokenomics! A small amount of your money more with virtual currencies the institutions of governance with good reason but no! For valuations via PayPal and ill send you a bag of my country goes out the! Highly solely because other people might value it stop money laundering and all that cash needs to somewhere! Take a look at the German Mark after WW1 money Mustache ( Bitcoin Crypto & amp Financial. Cases and Shiller PE has been around for ages this is also wrong Zimbabwe... Fence about these technologies ; it only gives the impression that you should seek security! 700,000, but they dont have to go down for there to be for. Rate of waste has been growing exponentially need daily updates on an piece! How is Bitcoin replacing that or maybe myspace if Bitcoin speculators are lucky but if it goes down, guess. There to be a warning for the average investor to optimize continue....

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