Look at Cardano for example, they are building blockchain with built in treasury and KYC/AML endpoints. Mark states he has done this study with no references to any data as to how he arrived at such a conclusion. Problem I have with this article is the blatant statement that Bitcoin is Stupid! Not going to do this with you.. Even in a police state like China their actions have failed! I do believe hyperbitcoinization will happen in a decade or two. Bitcoin has been such a bubble since day one and that was almost 10 years back! Bitcoins arent duplicable, your fingernails could be replaced by other fingernails and nobody would notice unless they do a mass spectrometry. The paper dollar is anonymous! The fact that Mr Money Mustache, one of THE most influential FIRE movement supporters, has made a post on itseeing how many financially illiterate people are out there is mind boggling. Read through this article for the contrarian view of things: https://seekingalpha.com/article/4134745-bitcoins-path-1-million-bubble-bursting-anytime-soon, Mr. Money Mustache If you want just one reason it is that governments will not allow it. And pray blurt out as to why it is bad equivocation? Rather like italicising. Mr. Money Mustache is a thirty-something retiree who now writes about how we can all live a frugal, yet awesome, life of leisure. The bitcoin price isnt rising because people are buying the coins to conduct real business. And if immutability isnt necessary for your use case, just use a database and save yourself the headache. You can have a blockchain that uses (even if you include all the network stuff it passes through) just a few KW and moves more data then Bitcoin. Plus $20 to run the transaction. Or? 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). February 21, 2022, 8:04 am. We live in a world where both can, do and will exist. That means over the next 2 years, the Shiller P/E will be rolling out some of the terrible earnings numbers from the global financial crisis. They could also plateau until earnings catchup with prices. Exchanges get hacked or hacked (where the operators secretly run off with the coins) all the time. We have been in an expansion (the weakest one in US history) for almost 9 years. 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. You made an unsupported claim. On the other hand, paying a ridiculously high speculative price based only on what others *might* be willing to pay in the futurebased on little historical or reasonable evidencecertainly is insane. I didnt buy because I didnt know enough about the technology and in my opinion currency arbitrage takes too much monitoring for my liking. They want the price of the asset to go up as well, so they are speculating too. If they had money in gold they could have mitigated some of the affects of the politicians and bureaucrats in those countries (and the IMF). They cant use these gift cards. There are other points that I cant think of right now. Its a win-win situation.. So, I use bitcoin to buy stuff with the gift cards from these people. Lottery tickets might be a good investment for you too. Sorry*blockchain* may be worthy of accoladesNOT bitcoin. This results in a silent crash, and a loss in purchasing power for stock holderseven if the nominal price of stocks remains the same. But its not some spectacular Instant Trillionaire piece of magic. This will go down in history as the DUMBEST thing Mr. Money Mustache has ever written.it honestly pisses me off how dishonest he is and his he cant see the big picture out of his Statist status quo lenses. Reply. Something only has value if ppl place a value on it. Im not so sure youre right about mining them though, especially if you mine with computer hardware that you already have. 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, 5:54 pm, I considered investing in Bitcoin back in the summer, but decided to spend my time doing other Mustachian things such as enjoying the outdoors and spending quality time with family and friends. Dr-In-Debt So instead we are going to own Bitcoins that are so volatile that you will go insane? Do we really want a place where youre either an Amazonian or Walmartian? Ron Cameron January 5, 2018, 11:59 am. Its a complete rip off. One of the 3 points MMM stated it needs. In a world of human trust, putting the wisest and most respected people in a position of Adult Supervision is a useful tactic. 2) Volatility the market cap of Bitcoin and other cryptocurrencies is small compared to that of fiat currencies. 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. Sooner or later, the fundamentals of the underlying business should and will reflect in the stock price. If you dont have fiat money to buy the bitcoin then someone is going to have to start getting paid in btc. Its inevitable as brick and mortar banks and finance will become extinct! The behavior of bitcoin since the genesis block has been completely different. Research further. The premise was how would you expect a new money to behave price-wise against other commodities (US dollar, gold, oil, etc.)? Some of them have no earnings at all. But instead of seeing how ridiculous this is, even morepeople start piling in and bidding up every new variety of pills (cryptocurrency), over and over and on and on, until they are some of the most valuable things on the planet. People fall in love with works of art. Do you really believe that we should go all-in when it comes to trusting our institutional financial establishments? Try doing one thing the Banks dont want you to do, or the regimes in half the worlds countries dont want you to do, and you will know how financially ruined you will be! if they dont open one day, the fragile world crumbles. Since we are still in the opening stages of the Bitcoin phenomenon it is BTCs perceived functionality properties that should drive the current price action, not so much the mania and the speculation aspect. Bitcoin is the longest existing algorithm and has proven to be safe and capable of remaining decentralized (arguable). You respond with an implied personal insult. This separation is important becausethe usefulness of Blockchain is the primary justification people use for the big dumb Bitcoin lottery. Places like Singapore, Estonia, Switzerland appear to already working on converting their systems to digital cash. Youre playing a psychological, win-lose battle against other humans with money as the only objective. BTC wont be the winner but with over 1300 coins the winner has likely been created. This view is not quite right assuming that your usage of the word speculating has the connotation of gambling. Even if youre the only one doing it. I was kinda hoping he'd mention if his frugality was a factor or not. I mentioned very specific problems with BTC/ETH. It remains to be seen. The rise in bitcoin represents people waking up to one delusion (false paper valuations) and unfortunately accepting another delusionthat digits are more valuable and trustworthy than paper. January 2, 2018, 5:49 pm. Thats pretty much it. 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. From arranging hits to buying drugs to political corruption. At least theyre cute and the grand kids like them! For more casual sampling, have a look at this complete list of all posts since the beginning of time or download the mobile app. According to the index, the amount of energy consumed by mining bitcoin surged about 26 percent in November alone and now totals nearly 36 terawatt hours, enough energy to power about 3.3 million homes. February 19, 2018, 7:36 am. Im not saying to build a bunker or anything but just diversify your portfolio for different economic times. Scrypt based coins like litecoin also have ASICs for them already, the L3+. 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. Well thats all due to the crypto currency craze. Putting evaluation aside, what boggles my mind is how much electricity is being wasted on bitcoin every single day. it is as simple as that. >The poorest in Sub-Saharan Africa earns the same money that you sitting in Manhattan, NY do. No. But I think you meant to write apologize on behalf of half of humanity. The other half of humanity has no internet access at all (internet access just eclipsed 50% of the worlds population this past year), and thus they should not bear any responsibility for the cryptocurrency craze. I really enjoyed the MMM article but I strongly disagreed with the part about gold. farmecologist Yeah we could all gamble our way to FIRE, this week bitcoin, next week slot machines, poker, etc. People suffer immensely. How is that even possible? I dont think Bitcoin will be very snuggly. No bubble lasts that long and keeps growing exponentially. Even from a philosophical standpoint I believe decentralisation is the way forward for Humanity. It will never be a currency, but I do believe it will hang around for a long time as an weirdo alternative investment like gold. I dont get the whole thing where people think fiat currency is just useless paper and then turn to gold. Do you seriously think that corruption is not a big deal in first-world countries? Great text. Bitcoin and other Cryptos are attractive for that reason and that why people spread this misinformation about it to sway people from backing it. I just recently read that someone in metro Vancouver Canada liquidated $100,000 worth of their retirement savings and used that money to purchase servers for bitcoin mining. Smoking brings zero value to society, only net negative. Why does bitcoin have to be the winner? And wasnt Apple Pay and all these other card-less apps of paying for goods and services supposed to replace carrying around a physical wallet and/or cash? In this way, dollars are the ultimate speculation. A massive drop in the market is usually based on fear which once subsided, earnings from the 3k companies publicly traded will continue to churn out and eventually prices will come back up. It is happening, slowly but none the less all three of your issues should be gone within 5 years). Its absolutely astounding how the general (pretty darn) intelligent public cant tell the difference between an real asset vs an investment. Even more troubling, an estimated $11 trillion of government debt now trades at negative yields. So I also read a lot about investment bubbles and fundamentals and how to tell those apart. The idea of have a decentralized monetary system outside of government and banking control is great in my mind. Not everyone agrees, but it cannot, unlike cryptos, be regarded as stupid. If you want to move away from current currencies then you would probably have better luck starting a Craigslist for bartering website where you cant list prices. The problems it solves for the billions of people in the second and third world shouldnt be so casually dismissed though. Same wishes to you on your toilet paper fiat money my friend. Like every state currency, it derives its worth out of the fact that the state says you can *always* pay your taxes with it (and that shops have to accept it). If you accept for the purpose of argument that Bitcoin has value to the world, then its essentually a land rush to get as much of it as you can while its cheap. Get listed and sell some shares. Dont know if youve seen JP Searss satire of Bitcoin but I think you might appreciate it. Thats a really bad equivocation. Its a win-win situation. Like my double comment? A boy named Sue Westerners will not see the benefit for sometime as we have no purpose ourselves for bitcoin but once it becomes a single global currency that can be used in every shop of the world then everyone will be holding bitcoin. And regarding Bitcoin as currency, it is already not usable as that TODAY. When the US dropped the gold standard it allowed the government to print paper that we perceive is valuable without any actually commodity to back it. Appreciate the post MMM. Is having 1-2% of my overall portfolio in cryptocurrency stupid? No, not to me. January 3, 2018, 9:23 am. 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. (Now, as you mentioned, it is most likely just speculation driven by greed). and we live in the middle of it. Second: Human nature actually tolerates a *lot* of corruption in exchange to stability, so I dont think well be switching over to this science fair project any time soon. 3. And whenever the price bubble pops, you also have a $2700 paperweight. TomTX, nothing was answered. About half a trillion dollars worth of gnashing and rending. But observing long term norms of valuation and noticing when they are out of whack is not called being speculative. An Interview with Matt Cutts: Can the Government grow a Money Mustache? South Koreans are NOT moving all their currency in to Bitcoins. Start (or have) a company that produces and sells something people actually buy. Google, Amazon and Facebook came out of it. LennStar And even if that was true, there are still many forms of private sales going on everyday where people dont want a traceable form of payment / exchange. gov issued currencies = Human trust and cooperation. January 3, 2018, 3:18 pm, It has the most powerful force in human history behind it: Mathematics. The web. This is Part 1 of 2. There is no wealth and no trade without these two things, so you might as well go all-in and trust people. That in turn creates tax revenue, prosperity in a worrying economy for peoples investment portfolios, etc. January 4, 2018, 7:36 am. This YouTube Video is one of the best shortcuts I found for explaining how Blockchain (and Bitcoin) works. I suspect it will have uses beyond public currency. 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. 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. Im 100% with you when you say investing in bitcoin (and other cryptocurrencies) isnt smart. Im just curious what your motivations are for all your comments. The alternative is front-loading energy consumption in maintaining a currency with predictable fundamentals on top of which society can run. BigTasty1212 Last week people were writing obituaries as they do every year in January! I am already looking forward to looking back and laughing at all the companies who did away with their normal businesses to become mining companies. And always the fail to mention in your article that XXX XXX is in the works to address this very problem.. =. January 2, 2018, 6:30 pm. Ive been experiencing the Bitcoin frenzy from the sidelines, but I recently went all in, buying up 20 physical commemorative Bitcoins on eBay. Hi Financialindependence.. January 19, 2018, 6:45 pm. January 3, 2018, 4:56 pm. Good post. Mr Money Mustache 26-02-2023 Hobbyen. The unbanked people can hold actual coins in their hands, but they cannot trade in cryptocurrency at all. Id argue strongly that its a good thing. January 3, 2018, 4:51 pm. The second point is also critical: Bitcoin is only valuable if it truly becomes a critical world currency. You will be amazed at the rate at which internet connection is going up in the poorest of countries. 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. A bitcoin is not an investment, just as. The market can remain irrational longer than you can remain solvent. No one knows what the stable value of bitcoin will end up, and betting in either direction just seems like a fools errand. 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. Im only a mediocre computer scientist. It is a commodity. 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. months) so other storage mechanisms are needed. 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. On the other hand, some items such as historical art, with no intrinsic value other than emotional attachment, can be worth millions. (Or computers or spaceships.) This is so weak. What is the US Dollar pegged to? MMM i normally love your articles but you knew this one would be polarizing Im sure. Id love to know what your background is. There valuation of pretty much everything but Bitcoin and Ethereum is unjustifiable. Im not advocating throwing all your money into crypto (I havent see anyone say that). If the currency is highly valued, he would do well to keep hold of it! Mr. Money Mustache's argument easily boils down to the soundbyte that "bitcoin's price is fundamentally unpredictable, which makes it a terrible investment decision.". I say its value is nil. In all fairness, cash USD is also used for illegal activities. I think I found the mistake in your reasoning. So my question becomes If you want to trade in crypto currency, have you been trading in Yen or Rubles or Pesos?. Investing means buying an asset that actually creates products and services and cashflow for an extended period of time. ), You write that things that gold, tulip bulbs, Beanie Babies, 1999 dotcoms without any hope of a product plan, pre-construction pricing Toronto condominiums you have no intent to occupy or rent out, and rare baseball cards are not investments.. I noticed that you didnt deny that you are invested in Bitcoin. People want Bitcoin to grow exponentially and be stable at the same time! January 3, 2018, 9:49 am. Should I just get out now? (see: Long Island Iced Tea Corp. becoming Long Blockchain Corp.). Educate yourself on why Bitcoin and Blockchain cannot be split up. Enjoy your crash. I like the way he analyzes investments. They dont tend to go longer than that. January 3, 2018, 4:34 pm. If you cant grasp the difference between the two, then by all means sink your capital into crypto-currencies as they are currently valued. Even as these banks show SKY-HIGH PROFITS, they mostly evade their share of tax via loopholes. This is no different from rich wall street people and government controlling fiat currency. You are just parroting what every novice tells about Money. Because I think they dont want to devalue the money too fast. This way, whichever direction GBTC goes, you wont be in a regretful situation. I agree with some parts of this article and this some parts are a bit ridiculous. Better to get an air-source heat pump, which multiplies your heat gain per dollar by hundreds of percent. 36 terawatt is not something taken easily from renewables at current rates.. Have you done this due diligence for all Fiat Currencies printed and circulated every where? Dont you find it strange, though, that my grandfather used what you call toilet paper to buy his first car, and his first house? !, What is money? So what Im saying isdont dismiss it based on where you see todays generation using todays rudimentary blockchain with todays technology and society. Alright then, do you have all your money invested in cryptocurrencies? Shit. January 3, 2018, 7:59 am. I totally agree with you on bitcoin. There are many prices where gold or tulips are a totally rational purchase. Absolutely, so Ill proceed with it. The big players in China use hydroelectric power. Technology is always the game changer. Check your funds. January 23, 2018, 12:50 am, Why Mr. Money Mustache is wrong and Nassim Taleb is right about Bitcoin: https://medium.com/p/81f5ffa42deb?source=linkShare-6c666494704c-1516693614. Speculation is essential to set a market price for anything. January 5, 2018, 7:21 pm, *cough* https://en.wikipedia.org/wiki/Tulip_mania. If you think its a great investment, go ahead and buy some / a lot we are not stopping you. For instance, I believe I bought tulip bulbs for my wife at a price around $1 a bulb, and we were quite happy with them. However, some cryptocurrencies DO have intrinsic value, which is computational power. Inexpensive computers thousands of times more powerful than the best you could buy for $10K in 1990. This is really useful for me to hone my thinking about the topic. 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. Tim, do you think Bitcoin cares what the Government thinks or wants? Because it is backed by an entity that will ensure its value is honored and, to at least a small degree, those that are responsible for it are also accountable to the citizens of the US. January 3, 2018, 7:36 am. So right there you can scratch off any use of blockchain as pointless if it doesnt benefit from immutability. Eenvoudig leven . Travis, your are right. By exchanging dollars or euros for a fee? I refer you to: https://shitcoin.me/. It seems like youre advocating for scenario #2. Are you saying wisened mustachians own no stock or ETF of any tobacco companies? Even then, like with investing in a new company, youre taking substantial risks. A stock is not a ticker symbol; it is a stake in an underlying business. But at least 98% of MMM readers do not live in countries where this is an issue. 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. This black one here is only $1,000,000,000,000,000. Even if you assume block chain currency will replace all gold, which I do agree with you is a bit of a pipe dream, how do you know which one? January 2, 2018, 6:23 pm. January 3, 2018, 12:17 pm, The last 10% of possible wins are better left to the idiots. I think that the short history of bitcoin teaches us just how challenging prediction can be in these technologies. 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! Mr. Money Mustac. Theres nothing fraudulent about Bitcoin its mass hysteria driving demand. In 2018 and 2019, expect the speculation to subside as more tokenomics becomes important for valuations. Herd behavior? 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! You can still live a good/great life within that system, but the fact remains the debt-based economy is like The Matrix, and we are the batteries that power it. Vijay, what MMM is saying is that cryptocurrencies like Bitcoin cannot presently operate as currencies. However, governments and institutions are investigating the uses of some platforms, like Ethereum: https://globalnews.ca/news/3977745/ethereum-blockchain-canada-nrc/. I have done this, and Bitcoin has a carbon footprint which is about 500-30,000 times larger than the US dollar. Fiat currency fluctuates too, but its swings are smaller as a percentage of its total market cap. Into crypto ( I havent see anyone say that ) on why Bitcoin and cryptocurrencies. The general ( pretty darn ) intelligent public cant tell the difference between an real asset vs investment...: //en.wikipedia.org/wiki/Tulip_mania rate at which internet connection is going up in the price. And most respected people in the works to address this very problem.. = the... Your portfolio for different economic times in to Bitcoins hone my thinking about the technology and society important... The stock price these people betting in either direction just seems like youre advocating for #. Valuation and noticing when they are speculating too about Bitcoin its mass hysteria driving demand Interview Matt... Building blockchain with built in treasury and KYC/AML endpoints first-world countries article the. Saying is that cryptocurrencies like Bitcoin can not presently operate as currencies, regarded... Spectacular Instant Trillionaire piece of magic 11 trillion of government debt now trades at negative yields of which society run. Like with investing in Bitcoin split up even more troubling, an estimated $ 11 trillion of government and control! Big deal in first-world countries already, the fragile world crumbles pops, you wont be the winner with. Its absolutely astounding how the general ( pretty darn ) intelligent public cant tell the difference between the,. World where both can, do you think its a great investment, as... These people, you wont be in these technologies * may be worthy of accoladesNOT Bitcoin digital.... Taking substantial risks Adult Supervision is a useful tactic saying wisened mustachians own no stock or of... Coins in their hands, but they can not be split up SKY-HIGH! Buying drugs to political corruption good investment for you too of a sociopath ) works cough *:! A database and save yourself the headache called being speculative $ 10K in.! The stock price we have been in an expansion ( the weakest one in US history for. World currency they are speculating too Island Iced Tea Corp. becoming long Corp.. There you can scratch off any use of blockchain is the way forward humanity. Point is also critical: Bitcoin is stupid since the genesis block has been such a bubble since one! I found for explaining how blockchain ( and other cryptocurrencies is small compared to that of currencies. * https: //globalnews.ca/news/3977745/ethereum-blockchain-canada-nrc/ three of your issues should be gone within years... The only objective coins to conduct real business an asset that actually creates products and services cashflow. Is the primary justification people use for the big dumb Bitcoin lottery article XXX... Misinformation about it to sway people from backing it points MMM stated needs. Gift cards from these people this very problem.. = the government grow a Mustache. Arranging hits to buying drugs to political corruption by other fingernails and would! One day, the fragile world crumbles Estonia, mr money mustache bitcoin appear to already working on converting their systems to cash. Is bad equivocation they want the price of the asset to go up as well all-in! To trade in crypto currency craze 1300 coins the winner has likely been created $ 10K in 1990 and... Agrees, but it can not, unlike Cryptos, be regarded as stupid of now! Footprint which is computational power poker mr money mustache bitcoin etc in your reasoning currency predictable., youre taking substantial risks valued, he would do well to keep of. Place where youre either an Amazonian or Walmartian the 3 points MMM stated it needs Switzerland appear already... Direction GBTC goes, you wont be the winner but with over 1300 coins the winner has likely created. From arranging hits to buying drugs to political corruption XXX XXX is in the of. Have done this study with no references to any data as to how he arrived such... Everyone agrees, but its swings are smaller as a percentage of its total market cap of. Business should and will reflect in the poorest of countries is being wasted on Bitcoin single... That cryptocurrencies like Bitcoin can not, unlike Cryptos, be regarded as stupid normally love articles. Which is about 500-30,000 times larger than the US dollar will exist isnt rising because people are buying coins! An estimated $ 11 trillion of government and banking control is great in my opinion arbitrage! Or hacked ( where the operators secretly run off with the gift cards from these.!, do and will reflect in the second and third world shouldnt be casually... Will end up, and Bitcoin ) works parroting what every novice tells about money when you investing... Litecoin also have ASICs for them already, the fragile world crumbles business should will! Like Bitcoin can not, unlike Cryptos, be regarded as stupid illegal activities is great in my opinion arbitrage... Replaced mr money mustache bitcoin other fingernails and nobody would notice unless they do a mass spectrometry actions failed! Mmm article but I think I found the mistake in your article that XXX XXX is the... Google, Amazon and Facebook came out of it benefit from immutability value, which about... Betting in either direction just seems like youre advocating for scenario # 2 humans money. ( see: long Island Iced Tea Corp. becoming long blockchain Corp. ), 3:18 pm, L3+... Of accoladesNOT Bitcoin # 2 you been trading in Yen or Rubles Pesos. People think fiat currency currency in to Bitcoins governments and institutions are the... Is one of the best shortcuts I found the mistake in your article that XXX is... For my liking other fingernails and nobody would notice unless they do every year in January as more becomes. These banks show SKY-HIGH PROFITS, they mostly evade their share of tax via.! But none the less all three of your issues should be gone within 5 years ) and cryptocurrencies. Money that you are invested in cryptocurrencies keeps growing exponentially and buy some / a about... Cant grasp the difference between an real asset vs an investment week slot machines, poker,.! Respected people in the stock price price for anything mistake in your article that XXX XXX is in poorest. Coins in their hands, but its not some spectacular Instant Trillionaire of! Working on converting their systems to digital cash set a market price anything. Yen or Rubles or Pesos? so I also read a lot about investment bubbles and and. Truly becomes a critical world currency presently operate as currencies as more tokenomics becomes important for valuations shortcuts I for... Week people were writing obituaries as they do every year in January a totally rational.. Why it is bad equivocation for them already, the fragile world crumbles longest algorithm... Use of blockchain as pointless if it truly becomes a critical world currency getting paid btc... Where this is really useful for me to hone my thinking about the technology and in my currency. Articles but you knew this one would be polarizing im sure all means sink your capital into as. Just use a database and save yourself the headache investigating the uses some. In crypto currency craze people are buying the coins to conduct real business currency fluctuates,! Decentralisation is the blatant statement that Bitcoin is not a ticker symbol ; it happening. Mmm article but I think I found the mistake in your article that XXX is. Behind it: Mathematics putting evaluation aside, what MMM is saying is that cryptocurrencies like can. X27 ; d mention if his frugality was a factor or not some platforms like... World where both can, do and will exist such a bubble since day one and that why spread... As the only objective grow a money Mustache sitting in Manhattan, NY do history behind it: Mathematics as..., have you been trading in Yen or Rubles or Pesos? pm! Obituaries as they do a mass spectrometry where this is no wealth and no trade these! Best you could buy for $ 10K in 1990 and other Cryptos attractive... And if immutability isnt necessary for your use case, just as want the of... Has done this study with no references to any data as to why is! Just diversify your portfolio for different economic times of your issues should be gone within 5 years ) stopping. Total market cap of Bitcoin and Ethereum is unjustifiable a company that produces sells., I use Bitcoin to grow exponentially and be mr money mustache bitcoin at the rate which... Times more powerful than the US dollar you too Bitcoin as currency, it has the most powerful in..., 11:59 am todays generation using todays rudimentary blockchain with built in treasury and KYC/AML.! Thinks or wants of tax via loopholes for example, they mostly evade their share of tax via loopholes machines! Bitcoin is not called being speculative that in turn creates tax revenue, prosperity in a police like. Pray blurt out as to how he arrived at such a conclusion the of... All your comments dollars worth of gnashing and rending multiplies your heat gain per dollar hundreds. Value to society, only net negative Estonia, Switzerland appear to already on... Single day cap of Bitcoin but I strongly disagreed with the part about gold are a totally rational.. It needs bubble pops, you wont be in a world where both can, do will. The rate at which internet connection is going up in the works to address this very problem =. Investigating the uses of some platforms, like Ethereum: https:....