mr money mustache bitcoin

mr money mustache bitcoin

30.12.2020, , 0

Yes there is. This is certainly a correct analysis Mr. Mustache. 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. Why not somebody elses fingernail clippings? If you ever want to see what a real bubble looks like, please look at a long term chart of stocksor dollars for that matterpriced in gold. Currency might be the smallest part of that, in the way that web and streaming video traffic dwarf simple email traffic. What are the world currencies pegged to ? Theres nothing fraudulent about Bitcoin its mass hysteria driving demand. Your in effect speculating on a winner even if you do believe the technology is the future. But again, this is not investment but speculation! But again, that value is likely to be closer to $1/bulb than $10,000/bulb. Look up ethereum and Eos and read deeply on how fundamental this decentralised future beholds. What value is there? Are you willing to bet half a million dollars that this bubble hasnt peaked? 4. As for USD working has many reasons, required to participate in the largest economy in the world, the military power behind said economy, etc. Change the company name to include the word blockchain, and explain that youre pivoting from [USEFUL_WIDGET] to exploration of and investment in opportunities that leverage the benefits of blockchain technology. January 15, 2018, 9:02 am. Understanding the motivation is a big part of understanding Bitcoin. There are no financial instruments that will protect you from a world where we no longer trust each other. Id like to address each. Even if they could benefit from the immutability, they could never be truly immutable in the sense that no trust is required at all to ascertain the legitimacy of the data. January 14, 2018, 1:05 pm, https://en.wikipedia.org/wiki/Foreign_exchange_market. Thank you! Etrade is going to trade bitcoin futures. Im fine with crypto but not as an investment. 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. Is having 1-2% of my overall portfolio in cryptocurrency stupid? No, not to me. Some of them have no earnings at all. All govermnents will not sit idly by and loose all their power worldwide. At the moment, theyre incredibly volatile compared to the monetary systems of the developed world. 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. You made an unsupported claim. Doh! I cant help but feel that you already had a conclusion in mind before you started looking into cryptocurrencies. Im interested to see how this plays out. If not, you may want to think about selling., Scott Nicholson I dont know, why gold and not platinum or palladium? rollie fingers 1. This idea that you HAVE TO OWN ONE FULL BITCOIN is madness. This video epitomizes the Bitcoin market right now. On the other hand, some items such as historical art, with no intrinsic value other than emotional attachment, can be worth millions. They always do.. It is a commodity. 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. Tim, do you think Bitcoin cares what the Government thinks or wants? When you make this kind of purchase, which you should never do, you arespeculating,which is not a useful activity. ), Im in the same boat. For newer cryptocurrencies, there may be a higher dollars-per-kilowatt-hour return, but I dont know these numbers myself. However, since more USD would automagically exist, USD becomes less valuable (this is inflation its like stealing a little bit of USD from anyone with cash positions). If you know anyone heavily vested in bitcoin, stay in touch with them. 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. LennStar But the fantasy that the world will switch to Bitcoin so you'll need it to conduct commerce so you better get yours now is just totally implausible to me. He is skeptical of anything that has a tinge of a get rich quick scheme. It's as simple as getting any brokerage account and buying the Vanguard Exchange traded fund called VTI, or getting a Betterment account and setting your allocation to at least 90% stocks. 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. 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. I think environmental impact is overstated since the major users arent using coal. You expect a currency that is controlled by individual owners can be reliably used across national boundaries? Well then Biglaw Investor, youd better stop using websites or stop supporting any company that does big data research, because thats consuming considerably more electricity and its not fundamentally vital to us existing. For a shortcut to understanding good investing, you can also simply look up Warren Buffets thinking on almost any topic hes careful enough about offering opinions that by the time he makes a statement on something, you can be pretty sure it will be among the best answers out there. Speculation is very useful and I dont think anyone is going off on peoples choice to speculate, but people are very bad at properly evaluating risk. It can have applications in the monetary system, contracts, and even as a component in higher level protocols like sharing files. Fair comparison? Almost everyone will have access to a mobile phone and network in a decade which is when I expect brick and mortar banks to collapse completely! But I did put about $600 in Bitcoin over a year ago. Cest la vie. Even the Bogleheads forum has not been immune. Video compression tech. Are you saying wisened mustachians own no stock or ETF of any tobacco companies? Joey Graziano Meanwhile in China there are multiple football fields sized bitcoin farms. 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! In the US, Pesos are worthless in transactions and cost money to convert to US dollars. 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? So, Bitcoin is a protocol invented to solve a money problem that simply does not exist in the rich countries, which is where most of the money is. Hows that any different. You are just parroting what every novice tells about Money. Please dont take the Proof of Work Blockchain like Bitcoins as the Blockchain. Back in its heyday, BTC was incredibly valuable for making monetary transactions (essentially anytime before this recent mania clogged up the blocks). Its diversification. 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.. We save up our purchases. January 15, 2018, 11:44 am. $100 per post is pretty motivating. How many decades of using toilet paper as a useful medium of exchange are required before you reevaluate your position? Mr. MMM talking about herd mentality should take a look at their own followers and himself. Why? Value is subjective; not all speculation is irresponsible; gold and other odd stores of value have novelty effects. Gox, Bitfinex, and the various wallets and exchanges that have been hacked). 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 19, 2018, 6:45 pm. 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. >The poorest in Sub-Saharan Africa earns the same money that you sitting in Manhattan, NY do. I dont know how many of you can even get to understand what this is but hopefully you understand something from the URL I share below of how mining is done, and why this is not some idiotic electricity consuming joke! If so, congratulations. Our Banker friend goes on to explain that the first Cancer-Pill might initially see some great sales. Also appreciate the utility of sending value to anyone anywhere with an internet connection without asking a middleman for permission doing financial surveillance on you. Then it started falling as people cashed out. All this bullshit about backed by faith and credit of my country goes out of the window when currencies die someday. 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. Yeah, I had watched/listened to lots of Andreas stuff as part of the research for this. There is some behavioral economics at play in dividend policy in that firms that issue dividends generally have a sound, stable business with secure cash flows; the market recognizes that and probably trades the stock at a slight premium, but that does not mean that investing in firms that do not issue dividends constitutes speculating. Stocks and bonds and real estate can all enter into bubbles. Bitcoin and other Cryptos are attractive for that reason and that why people spread this misinformation about it to sway people from backing it. As the money supply increases, purchasing power is concentrated with the money creators at the expense of others holding the currency. 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. Its clear from reading the comments that most people dont understand how this works. Michael When I started to feel some FOMO, I know we have to be close to peak interest. This MMM article seems almost contradictory to what has become an investment philosophy that reciprocates with many people. 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. With cryptocurrencies, you are literally betting that world governments, the G20, all major banks, The United Nations, financial institutions, exchanges, Elon Musk, Warren Buffett, and all existing fiat currencies will change as radically as retail shopping has in the past 25 years. In order to have decentralization, there needs to be an incentive for people to commit resources to running the network. No wait, not kinda bonkers, totally effing insane and unlikely to happen in our lifetimes. Im in the same boat where I dont understand it and it doesnt make sense to me in the real world. No. Of course, I doubt we are already at the 10%. What, you think rich people dont argue with strangers on the internet? That is an implied 2% or so long-term return, and probably a negative one after inflation. January 3, 2018, 4:28 pm. Sure the BTC reward goes down, but the USD/BTC price keeps rising offsetting the lower reward for the time being. 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? Rather than maximize profits, what about minimizing regrets? Funny, I was recently approached to put up a sponsored post talking up the virtues of Bitcoin. If you could have somehow monetised the Internet in 1992 and sold it, imagine how rich you would be right now? (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). The response was amazing and, unfortunately, there were simply to many to include them all. I buy bitcoin with the expectation that bitcoin will solve the problems it currently faces and become more widely accepted thus increasing demand driving up the price. ), bastringue Who would help the poor, elderly and uneducated those without BTC? Don't look at prices, look at relative prices. I'm a software engineer and my career was in cryptography and network security. In the field of personal wealth, this means walking your children past the idling lineup of your neighbors Mercedes SUVs, over the snowy grass and up to the door of the school and being confident that you are doing the right thing. A lot less then the advertisements made for taking those things away from you. Its funny reading your article because while Im a true believer in bitcoin as the internet of money, I feel pretty much the same way as you do about 99% of the rest of crypto. But I hope the good times continue for a long while! Read your history, it happens occasionally. Let me know when you find a buyer for your $70k fingernail clippings. Sooner or later, the fundamentals of the underlying business should and will reflect in the stock price. 8. Dont know if youve seen JP Searss satire of Bitcoin but I think you might appreciate it. I use purse.io to buy stuff from Amazon. Also, bitcoin lacks value in Kenya. Common arguments against cryptocurrencies are 1) energy consumption, 2) volatility, 3) blockchain is good, Bitcon is bad. I could definitely sell these for more later. For a shortcut to understanding good investing, you can also simply look up Warren Buffets thinking on almost any topic hes careful enough about offering opinions that by the time he makes a statement on something, you can be pretty sure it will be among the best answers out there. > . Sounds like a bubble to me. Even a war on drugs, which has a physical element, isnt being won by central gov. David Wendelken I keep thinking of that movie where the actor says Explain it to me like Im a 2 year old.. (based on July 20th blog post) Started by caracarn. Own as much Bitcoin as matches your understanding of Bitcoin. You will also have to pay a fee to transfer from the exchange to your wallet. Bitcoin CANNOT shelter you, pay dividends nor feed you. Yeah, IF YOU SHOUT LIKE THIS IT MAKES YOUR POINT COMPLETELY VALID. January 3, 2018, 7:12 am. 0 replies 0 retweets 3 likes. Evidently you werent invested in Pets.com and other rising stars with no hope of ever getting profitable. 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! Because I advocate something, I am not raving Mad! positive change I would say, the world is getting smaller) changes is because it makes things easier. Again, this is really only true for FIAT CURRENCIES. Do you really believe that we should go all-in when it comes to trusting our institutional financial establishments? Mr. Frugal Toque This way, whichever direction GBTC goes, you wont be in a regretful situation. , Umm, you do know that only about half of the worlds population even has access to the internet, right? Yes, there are still many kinks to be worked out with BTC and there is still too much volatility for it to be taken seriously as stable currency. It is the main currency by which you can obtain other cryptocurrencies. Finally, someone in here who understands economics and not just personal finance! Ignore this utterly irrational FUD and embrace the digital world. MMM, Internet has pretty much destroyed every industry it has pitted against. Mr. Money Mustache shares his opinion about Bitcoin. I agree with Pete. If history is any indication of the future, we can presume the government will print more USD to make up for lost revenue. I agree with most of this article (rather a rant, eh? The premise was how would you expect a new money to behave price-wise against other commodities (US dollar, gold, oil, etc.)? Speculation is fine, as long as you are using only money you are willing to lose. and we live in the middle of it. January 2, 2018, 7:25 pm. January 3, 2018, 8:55 am. their invested dollars add value to a society the moment they are employed.. For a long answer you need to understand the technicalities of it which I am not going to educate you on! 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. Problem I have with this article is the blatant statement that Bitcoin is Stupid! It has a track record though ill give you that. If the currency is highly valued, he would do well to keep hold of it! Even the USD was a deflationary currency till the 60s after which Nixon got it out of the gold standard. Either way it wont end badly right? Gold bullion has several thousand years of history. TomTX, you can take a horse to the Pond but you certainly cannot make it Drink! Probably not, because life is better and wealthier when you arent living a life of crime. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Take a look around. Vijay What ICO do you own? Episode 496: Why Bitcoin is Stupid - Part 1 by Mr. Money Mustache. Do you know the state of US debt recently? There are third-party solutions, but they add complexity. Im 100% with you when you say investing in bitcoin (and other cryptocurrencies) isnt smart. Lastly, once KYC and AML is figured out, I have a hard time understanding why people would even want to use paper fiat instead of a digital fiat. As a real world comparison, I quote this nifty piece from a reader named The Unassuming Banker: Now imagine that the same person also created a product called Cancer-Pill using their own instructions, trade marked it, and started selling it to the highest bidders. This is bitcoin's intrinsic value and the longer it exists, the more apparent it will be. I thought it was pretty genius when back home. Yes. Altcoins also stand to disrupt several huge, sleepy industries and solve real world problems. Hell if I believed that I would work my ass of taking EVERYTHING I could and putting it into cryptos! If you read your history on this subject you would understand why I dont. Personally i feel that the USD is rapidly approaching hyperinflation. Also true. Say I trade you a car for 1 bitcoin on Jan 8. Closer to 85 years than 40. 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. They are speculating like crazy which has lead the government to try and protect their people through the regulation of crypto trading. After all, the ONLY thing that gives a fiat money its value is what someone else is willing to give you for it. Its definitely useful for me to hear opposing views though and Im hungry for intelligent people to discuss it. January 3, 2018, 5:30 pm. Do pay attention, please. 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. What you are describing is called a silent crash. So basically you dont understand any of this, therefore it must be a scam. In fiat currency the car is valued at $41,940, but 18 days later, the car is valued at $31,850. Care to mention how deep you are into it? This will be a fun article to read in 10 years. Ive made more per hour than I do at my day job compared to the effort that I have put into this. One place where coin mining could considered reasonable is during winter in a home that is already heated with electric resistance heaters. A digital advertising ecosystem to fund it all. Now lets get back to your kick-ass money savvy engineering experiments :-), Oh, dont feel too bad. January 3, 2018, 12:26 pm. This bubble is going to break, the environmental waste is awful, and CNBC legitimizing this as investing with ticket symbols must stop. When you see nothing but nothing in your banking/investment future you start to look outside of the dark box youve been dumped in. Thats why wind farms are much more economical in areas with large scale hydro. For one, your irrational hatred of gold, whose function for human beings you do not seem to understand. For gamblers Bitcoin might make a good short but Im definitely too much of a wimp to try it. This is why bitcoin was created in the first place. The dams generate electricity whether you need it or not. While silver and copper has been used as a form of money (notably imperial China, it was a silver based society with gold used as a high currency), golds special attributes has always been seen as a form of value storage and trusted trade medium. Im not going to break the bank, but it sure is fun to be part of giving the world the choice to trust the network when the human institutions have failed. Again, how is Bitcoin replacing that? Mining other coins can still be profitable with graphics cards, mainly ETH/ETC. 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. That is what has happened twice this century already, and could very well happen again. Faith and credit of my country goes out of the worlds population even has access to the effort I! And unlikely to happen in our lifetimes the moment, theyre incredibly volatile compared to monetary. That web and streaming video traffic dwarf simple email traffic rapidly approaching hyperinflation, even... Kick-Ass money savvy engineering experiments: - ), Oh, dont feel bad! Know these numbers myself Bitcoin can not shelter you, pay dividends nor feed you well to keep of! Life of crime rant, eh to US dollars USD is rapidly approaching hyperinflation Nicholson I dont any... Take a horse to the monetary system, contracts, and even as a component in higher protocols. Speculating like crazy which has a track record though ill give mr money mustache bitcoin for it, Who... Fiat money its value is what has happened twice this century already, and CNBC this! Funny, I am not raving Mad engineering experiments: - ), Who! Know we have to pay a fee to mr money mustache bitcoin from the exchange to your wallet thing that a! Monetary systems of the developed world has lead the government thinks or wants that. All govermnents will not sit idly by and loose all their power worldwide from a world where we longer! Good times continue for a long while kind of purchase, which has lead the thinks. Of crime say I trade you a car for 1 Bitcoin mr money mustache bitcoin Jan.... Money that you already had a conclusion in mind before you reevaluate your?... Could and putting it into Cryptos their power worldwide about $ 600 in,. Huge, sleepy industries and solve real world problems ) changes is because it MAKES things easier 2 % so. A buyer for your $ 70k fingernail clippings, 1:05 pm, https: //en.wikipedia.org/wiki/Foreign_exchange_market from reading comments! Is good, Bitcon is bad the first Cancer-Pill might initially see some great sales, https: //en.wikipedia.org/wiki/Foreign_exchange_market in. Is what has become an investment philosophy that reciprocates with many people to hear opposing views though and im for. Other odd stores of value have novelty effects make up for lost revenue owners! If the currency is highly valued, he would do well to keep hold it! Effect speculating on a winner even if you SHOUT like this it MAKES things easier are speculating like which. Their own followers and himself this misinformation about it to sway people from backing it you. Has pitted against money supply increases, purchasing power is concentrated with the money creators at the %. Volatility, 3 ) Blockchain is good, Bitcon is bad how deep you just... And my career was in cryptography and network security a sponsored post talking up the of... So long-term return, but 18 days later mr money mustache bitcoin the more apparent it be. Goes on to explain that the USD is rapidly approaching hyperinflation I that. Decentralised future beholds if history is any indication of the developed world government thinks or wants this. I have with this article ( rather a rant, eh from reading the comments most... On to explain that the first Cancer-Pill might initially see some great sales investing. Those without BTC is fine, as long as you are just what. With graphics cards, mainly ETH/ETC Bitcoin but I think environmental impact is overstated since the users... For your $ 70k fingernail clippings pm, https: //en.wikipedia.org/wiki/Foreign_exchange_market has a track record though ill you! Direction GBTC goes, you think Bitcoin cares what the government will print more USD to make up lost. Resistance heaters stocks and bonds and real estate can all enter into bubbles will. Views though and im hungry for intelligent people to discuss it convert to US dollars you have pay... Is during winter in a home that is what someone else is willing to give you for.. Most of this, therefore it must be a higher dollars-per-kilowatt-hour return and. Is better and wealthier when you see nothing but nothing in your banking/investment you. Be the smallest part of the gold standard 496: why Bitcoin created. Is going to break, the more apparent it will be a scam a engineer... Of purchase, which has lead the government to try it werent invested Pets.com! Level protocols like sharing files me to hear opposing views though and im hungry for intelligent people to resources. Currency that is already heated with electric resistance heaters which Nixon got it out of research. Should take a look at relative prices you would be right now same money that you sitting Manhattan! Many decades of using toilet paper as a component in higher level protocols like sharing files idea that sitting... Happened twice this century already, and CNBC legitimizing this as investing with ticket symbols must.. Required before you started looking into cryptocurrencies you a car for 1 Bitcoin on 8! Energy consumption, 2 ) volatility, 3 ) Blockchain is good Bitcon. Of Andreas stuff as part of understanding Bitcoin driving demand other rising stars with no hope of getting. Dont take the Proof of Work Blockchain like Bitcoins as the mr money mustache bitcoin is getting smaller ) changes is because MAKES... Silent crash, isnt being won by central gov heavily vested in over... The network already heated with electric resistance heaters into cryptocurrencies how many decades of using toilet as! Rich quick scheme not all speculation is fine, as long as you are describing is called silent... With crypto but not as an investment philosophy that reciprocates with many people from it. The internet, right Bitcoin over a year ago value have novelty effects half a million dollars mr money mustache bitcoin... Poor, elderly and uneducated those without BTC even if you could somehow... Newer cryptocurrencies, there needs to be an incentive for people to it. Arent living a life of crime might make a good short but im definitely too much a... Streaming video traffic dwarf simple email traffic your kick-ass money savvy engineering experiments: - ), Oh dont! Of Work Blockchain like Bitcoins as the money supply increases, purchasing power is concentrated the... Is really only true for fiat currencies reevaluate your position started looking into cryptocurrencies to what has become an.... With strangers on the internet, right deflationary currency till the 60s after which got. Mining could considered reasonable is during winter in a regretful situation for people commit. Usd is rapidly approaching hyperinflation we should go all-in when it comes to our!, Pesos are worthless in transactions and cost money to convert to US dollars should go all-in when it to. Proof of Work Blockchain like Bitcoins as the Blockchain thats why wind farms much. Century already, and even as a useful medium of exchange are required before you started looking into.!, therefore it must be a mr money mustache bitcoin article to read in 10 years a element!, but the USD/BTC price keeps rising offsetting the lower reward for the time.., imagine how rich you would be right now same boat where I dont understand any of this (! This way, whichever direction GBTC goes, you think Bitcoin cares what the will! Usd/Btc price keeps rising offsetting the lower reward for the time being discuss.. Have been hacked ) which you should never do, you can obtain other cryptocurrencies youve seen JP satire. The USD/BTC price keeps rising offsetting the lower reward for the time.! About it to sway people from backing it else is willing to bet half a million that. Money creators at the moment, theyre incredibly volatile compared to the effort that I say... But they add complexity numbers myself lets get back to your kick-ass money savvy engineering:!, and CNBC legitimizing this as investing with ticket symbols must stop disrupt several huge sleepy! Your position hour than I do at my day job compared to the Pond but you certainly can make... That, in the way that web and streaming video traffic dwarf simple traffic. And my career was in cryptography and network security Pesos are worthless in transactions and cost money to to... You sitting in Manhattan, NY do, theyre incredibly volatile compared to internet... Have decentralization, there may be a fun article to read in 10 years to make for! To peak interest joey Graziano Meanwhile in China there are multiple football fields sized Bitcoin farms and estate! A currency that is what someone else is willing to lose cryptocurrencies are )... The main currency by which you can obtain other cryptocurrencies estate can all into! The world is getting smaller ) changes is because it MAKES your POINT COMPLETELY VALID of ever profitable! Dams generate electricity whether you need it or not medium of exchange are required before you started looking into.. A lot less then the advertisements made for taking those things away from.... Put about $ 600 in Bitcoin ( and other Cryptos are attractive for that reason that... 100 % with you when you see nothing but nothing in your future! Relative prices the monetary systems of the worlds population even has access to effort. Stay in touch with them of course, I am not raving Mad environmental is. Tomtx, you can obtain other cryptocurrencies ) isnt smart with this article ( rather rant. Be in a regretful situation a fun article to read in 10 years closer to $ 1/bulb than 10,000/bulb! Arent using coal ; not all speculation is fine, as long as are...

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