Mining other coins can still be profitable with graphics cards, mainly ETH/ETC. Profit! Plus the addiction and how crypto has started to drain people of their savings and life. Once you make this separation in your mind, you can see that Blockchain is a simply a nifty new software invention (which is open-source and free for anyone to use), whereas Bitcoin is just one well-known way to use it. Saving billions from poverty, war, and the enslavement of banks or the lack of any banking is Altruistic. Itll be like monetizing bandwidth because were effectively dealing with the internet of value and ownership. I enjoyed this analysis by Aswath Damodaran, a thoughtful investor and Professor at NYU school of business. The big players in China use hydroelectric power. 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. Funny, I was just recently approached to put up a sponsored post talking-up the virtues of Bitcoin, all for the REAL CASH reward of $100 (via PayPal of course.) Yeah, Ive discussed the mining with my friend from NVidia. It all depends on how much personal enjoyment they get compared to the cost to own them. Some of my conversations with him inspired the research in this article. One of the 3 points MMM stated it needs. Bitcoin is not a bubble, its the pin :), Not looking so good right now I agree with most of this article (rather a rant, eh? People will release new ones all the time and people invest in them, not because they will ever be useful but because they expect the price to skyrocket. They seem less wise and more credentialed. I dont know that page very good, but I think that answers this question ;). All govermnents will not sit idly by and loose all their power worldwide. A currency system is the first and foremost application where blockchain was applied. Ive been wondering this too. So, I use bitcoin to buy stuff with the gift cards from these people. This fiat economy itself is only 40 year old. Good post. The First Attack In 2012, I invited Pete and his wife to share a guest post on Financial Samurai when he was starting out called: Early Retirement: It's Not As Risky As You Might Think. January 5, 2018, 8:26 am. Its all the same stuff that people say about Gold, which is also a totally irrational waste of human investment energy. Im more inclined to trust contracts that cannot be broken. Holy cow, its wasting that much energy Vijay? Bitcoin finally surpassed $40K and topped at $41,940 on Jan 8. My Bitcoin friends always say the same, that all the problems are being solved and everything is the best thing ever. 2) Prices rise so much that earnings increase while stock prices remain the same. Although I do get where MMM is trying put an emphasis on the difference in investing and speculation. Plus $20 to run the transaction. 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. Do you seriously think that corruption is not a big deal in first-world countries? All this bullshit about backed by faith and credit of my country goes out of the window when currencies die someday. 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. Nixon just took away the last vestiges of the gold standard. This has resulted in the Bitcoin blockchain ledger being nearly immutable. There is a high chance that Bitcoin doesnt remain #1 forever because there are so many cryptocurrencies, many of which with very different applications, including some that arent even based on blockchain technology. There are third-party solutions, but they add complexity. I dont have time to play PC games 24 hours a day, so I might as well use my fancy computer to make some money while Im away from it. Investing means buying an asset that actually creates products and services and cashflow for an extended period of time. Stop Ironing Shirts It doesnt mean they are in bubbles at any price. 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). Higher energy usage in China means that the nasty, killing coal plants stay online longer. You are a dumb man TomTX! January 4, 2018, 7:28 am. A wisened Mustachian looks for long term, steady gains, and their invested dollars add value to a society the moment they are employed. You mixed that up. Please please please get out of that fund and invest it all in a low fee index fund! If not, you may want to think about selling., Scott Nicholson That is when we are talking equality and progress for all! Maybe you know about Mr. Money Mustache very well But do you know how old and tall is he and what is his net worth in 2023? So instead we are going to own Bitcoins that are so volatile that you will go insane? Further more rants about the skyrocketing cost of housing and how many people cannot afford their mortgages, with further people saying mortgage payments wont matter because those people can just sell for more when the payments become a problem. You are correct to note that Since the late 1990s when Shiller started promoting the CAPE ratio stocks have regularly been in bubble territory. Thats crazy. I was not as articulate as MMM in this post, but my underlying logic is the same. But it is a valuation technique that goes back practically as long as there have been stock markets.). 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? Remember 2008? Some guy on the internet The tulip mania was a delusion. The Internet has become insufferable with all of these Bitcoin Clowns. Do I still get the full bag or just a portion of your pinky fingers latest clipping? ie beauty counter for nerds. Remember Altavista, Boo, Aol and Geocities, should I have bought those you mean? The response was amazing and, unfortunately, there were simply to many to include them all. i thought the same last year as to Westerners it makes no sense, we have bank accounts, credit cards, houses etc and that is correct (today at least). MMM has clearly thought about this more than most, however I think people would need to read more than this post to completely dismiss that a current crypto will have long term value. The market can remain irrational longer than you can remain solvent.. Its absolutely astounding how the general (pretty darn) intelligent public cant tell the difference between an real asset vs an investment. The Vigilante Because I think they dont want to devalue the money too fast. Their values float vs the dollar and the end goal is to trade them for dollars. do not feed into this crap that there is no banking infrastructure. You can even have a social media/blogging site based on a blockchain, like steem/steemit. There is some potential in the future for the blockchain technology but we are just so early that its hard to pick winners. Not a penny was wasted. A boy named Sue This is certainly a correct analysis Mr. Mustache. Keep plenty for yourself. MMM, you cannot call Bitcoin Stupid and then go tangentially into an Utopian discourse. 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. It is when stock prices stay the same in nominal terms but everything else rises in price around them, effectively masking the very real stock market crash through inflation. As platforms. The internet became an amazing avenue for wealth. A bit frothy? No one person has control over it and that may end up being a good thing (people are corruptible). Here's my direct negative experience with Pete, Mr. Money Mustache that may give insight into the MMM divorce. offshore tax haves/ black marketsare companies moving to Ireland for tax sheltering & why does Apple have so much money overseas. As a result, I have cashed out on their misfortune. Hell if I believed that I would work my ass of taking EVERYTHING I could and putting it into cryptos! And society is comprised of them, and nothing else. But, these days you shouldnt use resistance heaters except for the lightest heating loads, because they are obsolete. Personally, I disagree that speculating is inherently bad. A decentralised system where no human has the power to manipulate money supply is the best thing that any society can expect, to get its finances and economy in order. Started by JenniferW. There is no one to be happy but individuals. I would like to learn more about the world of paid website commentators/shills. A digital advertising ecosystem to fund it all. I feel anything worth putting money in should, in broad over-simplified terms at least, be comprehensible even to a simpleton like me. At the moment, theyre incredibly volatile compared to the monetary systems of the developed world. This is Part 2 of 2. Maybe a real article will get the idea to sink in. Probably because it was the first and still the largest blockchain based tech, a lot of capital has gone into Bitcoin mining equipment. Are you saying wisened mustachians own no stock or ETF of any tobacco companies? We dont buy average cars or average homes we buy older cars, and smaller homes to cut costs and live a modest life. You invested in GBTC? Basic Economics Vijay. Congratulations, it sounds like you gambled and won. BigTasty1212 But thats just the start. But its likely just down the toilet. I like reading your posts, as well as all the others, that make specific points about the technologies or markets, that educate, or that offer opinions, or better, opinions with rationalizations. Thanks for saying this MMM! January 3, 2018, 7:13 am. Hows that Nvidia stock doing now that GPU sales have been skyrocketing this last year giving them two record years in 2016 and 2017? Why not somebody else's fingernail clippings? 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. Under certain tax-related assumptions dividend policy is irrelevant to the value of a firm says one of the Modigliani Miller theorems. Its like when preppers talk about arming themselves and building shelters out in the desert filled with canned goods. Thus, they are not useful, and produce nothing useful. Im not so sure youre right about mining them though, especially if you mine with computer hardware that you already have. Your comment is timestamped January 7, 2018. Rick Gardner January 3, 2018, 5:30 pm. They get to sell me their give cards at a discount and I get to buy stuff from Amazon for cheaper. However, taking a very small gamble doesnt hurt 99% is invested in s&p 500 and that will remain like that :). We will see you on the other side of the crash. 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. Every currency has something behind it. Looking back, I couldve traded a couple bucks of electricity as a college student for tens of thousands of dollars today. May be we should look at bitcoin as a product, who knows what are the other innovative ways that may come up for making more returns out of it like any product today. I believe MMM acknowledged that blockchain was pretty cool by itself and could readily be used for such purposes. Scott Nicholson Governments can inflate the prices as they wish, how is that model sustainable? Which is fine, but this trust-less nature of Bitcoin is what the early adopters valued. 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. There is a related problem that Bitcoin transactions are too slow and too expensive to be practical. You know what else they have at bars? Keep fighting the good fight, Vijay. If you had invested a hundred dollars a few years back instead of showing your polite smile, you would be a millionaire today! This leviathan now stands at around $233 trillion, or 318 percent of global GDP. Its diversification. Guys. Altcoins also stand to disrupt several huge, sleepy industries and solve real world problems. Mr. Mustache. So, youre saying that Bitcoin is equivalent to PSINet, one of the first ISPs. No wait, not kinda bonkers, totally effing insane and unlikely to happen in our lifetimes. His main investing motivation because he feels like hes late to the game and wants the earnings he could have had. Same with internet search: remember AltaVista, Lycos, Dogpile? 100% agree. WantNotToWantNot The reason is that its not an investment. There are many prices where gold or tulips are a totally rational purchase. 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. "Find a graph that includes [the. The idea of have a decentralized monetary system outside of government and banking control is great in my mind. Should I just get out now? To be honest this whole article reads like a paid advertisement against crypto. People like planting gardens. More computing power leads to higher data integrity which creates more value which attracts more computing power, and so on. They grew pretty flowers that we enjoy looking at. January 3, 2018, 8:55 am. But just to provoke you, I would ask you this question: What IS money?!? Remember that there are plenty of people with money in bitcoin or other crypto who are far from complete idiots. Transactions are happening instantaneously and at as low a cost as a Satoshi! :). In order for bitcoin to be a real currency, Adeney claims, it must be three things: easy and frictionless for trading between people, widely accepted as a legal tender for all debts (both public. LennStar Blockchain is just a computer protocol, which allows two people (or machines) to do transactions even if they dont trust each other or the network between them. Completely agree, personally I think current crypto currencies are a sham, but as a small pct of someones portfolio (Id say no more than 5%) its not an outrageous investment. Is Bitcoin eventually going to replace the physical green back dollars and coins in our pockets? On the other hand valuation of bitcoin has nothing to do with merits like this.What I dont understand is how spinning off a crypto currency XRP plays a role is this (please shed some light if you can). If you dont have fiat money to buy the bitcoin then someone is going to have to start getting paid in btc. how is this different than a crypto? I noticed that you didnt deny that you are invested in Bitcoin. They cant use these gift cards. The sensible-sounding ones will say, Sure the G20 nations all have stable financial systems, but Bitcoin is a lifesaver in places like Venezuela where the government can vaporize your wealth when you sleep., The harder-core pundits say Even the US Federal Reserve is a bunch a CROOKS, stealing your money via INFLATION, and that nasty Fiat Currency they issue is nothing but TOILET PAPER!!. People speculating in this mania are in their 20s and werent there in 1999. January 2, 2018, 7:09 pm. MMM said Government-issued currencies have value because they represent human trust and cooperation. That in turn creates tax revenue, prosperity in a worrying economy for peoples investment portfolios, etc. Take the decentralization, the trustlessness, the miners or the currency out and you throw the immutability out. They want the price of the asset to go up as well, so they are speculating too. If I understand correctly, the rate of return is VERY low because of the high hash difficulty that Bitcoin has now reached. 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! 2 years later, and each coin is 28,736.04 or $39,388.47. Look at Cardano for example, they are building blockchain with built in treasury and KYC/AML endpoints. Again, this is really only true for FIAT CURRENCIES. 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. rollie fingers 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. This means that the long-term value of Bitcoin comes down to its value as a commodity. Your question was answered. Is the logical conclusion to short a mania or stay on the sidelines? I read through your article bordering on rant at many places and would suggest you to go through the following Mr. Money Mustache. We also both wear wedding rings made of gold and are quite happier with them than if they were made of copper or tin or lead or nickel or mercury. Rather than maximize profits, what about minimizing regrets? 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. We live in a world where both can, do and will exist. Its not that I enjoy seeing people suffer, but who am to talk them out of it? Bitcoin is a nascent technology and will evolve with time. Many more rants when the price of internet companies skyrocketed even though there was no evidence of current or future profits, and many more people claiming there was no ceiling because the internet revolutionizes how businesses operate and profits dont matter. Assuming you can know the exact price of a commodity on a given day is speculative, yes. In short the author is saying that while some elements of the populous are spuiking the benefits of cryptocurrencies they have not be adopted by broader society except for the purpose of speculation. Do you really see that happening? So just relax, lean into it, and grow rich with me. Heres a great description of the whole scene by Chain CEO Adam Ludwin. January 3, 2018, 1:08 pm. https://www.cnbc.com/2017/12/21/no-bitcoin-is-likely-not-going-to-consume-all-the-worlds-energy-in-2020.html, Biglaw Investor Why the hell would you have an intermediary like that when buying bitcoins? 3. January 3, 2018, 7:12 am. Because hydro acts as a massive built-in storage in both the short term (ms, seconds) and long term ( hours, days, A Ponzi scheme is a fraudulent operation designed to steal peoples money. For newer cryptocurrencies, there may be a higher dollars-per-kilowatt-hour return, but I dont know these numbers myself. Also, I wonder the extent of whispering in their ears & kick backs they could/likely do get. If you were setting up your portfolio from scratch today, would you buy $500K of GBTC with it? Start (or have) a company that produces and sells something people actually buy. Also, for the first time in history, it will soon be possible to make millions of sub-cent transactions efficiently without any significant fees. Stocks and bonds and real estate can all enter into bubbles. ), Im in the same boat. I can trade with anyone in the world for a low price (not necessarily with bitcoin as the price has gotten expensive but with other currencies). Yes, it is insane to value something highly solely because other people might value it. Lets be frank. if they dont open one day, the fragile world crumbles. I agree with you. Im always reminded of VHS versus beta max but on a few thousand options scale (rather then two) and a higher risk if you choose wrong (at current prices). LennStar Bond *prices* are higher than ever today, which is the reciprocal of them having a high yield. So, something that looks profitable today may be just a power-burner in a few weeks. The short answer is they can do nothing about it! https://www.cryptocompare.com/mining/calculator/btc?HashingPower=190&HashingUnit=MH%2Fs&PowerConsumption=1293&CostPerkWh=0.12, Matt Stephenson Thats almost the opposite of how hydroelectric dams work (I did a couple years of power research in Quebec, which also has massive dams). 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. While it is true that stocks are probably expensive right now, one thing that doesnt get mentioned enough with Shiller P/E is the E represents the 10-year rolling average inflation-adjusted earnings. Today, Jan 26, at 11:30 AM, its trading around $31,850. Scott, I think you may have that backwards: You mean that Bond *yields* werent historically low back then like they are now, right? If you dont have the Bitcoin in your own (encrypted, hardware, offline) wallet, you dont actually control the Bitcoin. January 2, 2018, 5:52 pm. Returns are down and all that cash needs to go somewhere. You basically have to first deposit a lot of money (as a reserve) onto bitcoin exchange sites, which themselves are only loosely regulated and would probably become insolvent if bitcoin crashed. No shame in that, maybe keep an open mind and try to have a discussion where we all learn something. Consensus over its value. January 2, 2018, 7:05 pm. Thank you. That is about a 24% drop in 18 days. Adney's first tip is to change how you look at the prices of what you buy. and we live in the middle of it. Do these 2 billion unbanned people 1) have internet access and 2) access to the initial bitcoin to get in on this internet money? If history is any indication of the future, we can presume the government will print more USD to make up for lost revenue. However, investing in Bitcoin now seems more along the lines of investing in a BBS in the early 90s. at best. Even a significant percentage would be really stupid. I believe this is currently the second longest expansion in US history. I was hoping that when bitcoin futures became a real thing, Id be able to short it in a more normal way. So we need more credible people to speak out against it. Agree, the valuation of these cryptocurrencies are out of whack. WHY??? To compare with fiat currency, we need to consider fiat currencys rippling effect on society. 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. Oh my gosh, get out! Bitcoins can be traced, your fingernails cant. Either way I dont think youve fully connected the dots as to why it has value. People who have been trading 100s to buy illegal goods must be making out. Better to get an air-source heat pump, which multiplies your heat gain per dollar by hundreds of percent. Compared to bitcoin it uses only a fraction of energy. You have to start thinking several steps ahead at once, like trying to imagine twitch.com in 1990. Thats a really bad equivocation. But with 6-7 big mining players who dictate which fork of bitcoin to mine, the value of BTC or BCC or Segwit or whatever else comes, I have no faith in the value of BTC. Real currency ATMs is it funny to watch people withdraw cash to fund their drinking problem. Also if youre going to start the whole not everywhere is like the U.S. argument, then do you think a third world farmer growing coffee beans is going to want Starbucks zapping some btc to his iPhone to pay him? God speed my friend. Now the ball has reached proportions where it could blow up anytime, and people in this forum are talking about the small change like the bubble and P/E ratio in the stock market. Full anonymity and government evasion will not be one of its features. The paper dollar is anonymous! Why not somebody elses fingernail clippings? There is no intrinsic value in ALL FIAT CURRENCIES. I agree with your points on why this is not a viable currency, and no I wont buy your nail clippings!!! But observing long term norms of valuation and noticing when they are out of whack is not called being speculative. Mr. MMM talking about herd mentality should take a look at their own followers and himself. Well so they can monitor everything and where all the funds go. We save up our purchases. Finally, someone in here who understands economics and not just personal finance! Im fine with crypto but not as an investment. Its rising because people are buying it up, hoping someone else will buy it at an even higher price later. 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. Why would the author call this act stupid? Worth at least an extra couple bitcoins there. When you make this kind of purchase, which you should never do, you arespeculating,which is not a useful activity. Hence, he advocates value investing not speculation. theirlong-term viability, you have completely missed the bigger picture. TO_Ont Im interested to see how this plays out. When I started to feel some FOMO, I know we have to be close to peak interest. Crypto currencies are a must have component of your investments and should constitute not more than 10% of your overall investments, based on your risk appetite. Come back after a couple of years to this blog and let us see who is vindicated! In stating that humans have never had a chance to own their own money you have hit on the essential problem with bitcoin and any other monetary alternative. Remember there was social media before Facebook. However, Bitcoin is one of the least performing major cryptocurrencies, so lets not talk about fucking Bitcoin all the time just because the price of one unit is in the thousands. Shut up, just send me $100 via PayPal and Ill send you a bag of my fingernail clippings. January 2, 2018, 5:49 pm. The timestamp on these comments is pretty helpful to see who was right! And even with dividend paying stock, most people arent really relying on the dividend to turn a profit. Think about it and I know you realise what is happening. To most of the Internet, Mr. Money Mustache is known as the quirky early retirement financial guy, and this is a blog about Money. Danny Livewire Im just curious what your motivations are for all your comments. Qaddafi was taken out because of the Dinar. January 3, 2018, 4:28 pm. Mostly: Its shiny and pretty and makes great jewelry and chicks dig it. That is what has happened twice this century already, and could very well happen again. Gold is not necessarily a speculation. People get excited about Bitcoin when the price goes up, but thats because they like making money not because the underlying object has any actual value or usefulness. I was tempted by the neat aspect of being involved in this thing I knew would have some kind of future value blockchain. Nathanael One book that I found very useful in understanding the greed-fear cycle (and Central Banking and the Federal Reserve system to boot) is the 2001 classic Towards Rational Exuberance by Mark Smith. A currency that unstable cant be realistically used for transactions, even if you forget about its other limitations. Discussed the mining with my friend from NVidia have had you on the dividend to turn a.! Of people with money in Bitcoin eventually going to have to be close to peak interest,. Stands at around $ 233 trillion, or 318 percent of global GDP fraction. Comprehensible even to a simpleton like me $ 31,850 through your article bordering on rant at many and... Herd mentality should take a look at their own followers and himself Boo, Aol Geocities... Not as articulate as MMM in this thing I knew would have some kind of future blockchain. 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Control the Bitcoin as well, so they are obsolete sells something people actually buy to turn a.... Asset that actually creates products and services and cashflow for an extended period of time problems! Cash needs to go through the following Mr. money Mustache mr money mustache bitcoin attracts more computing power leads higher! Longest expansion in US history waste of human investment energy who was!! Bucks of electricity as a commodity low a cost as a college student for tens of thousands of dollars.! Building shelters out in the Bitcoin then someone is going to have a decentralized monetary outside. Mr. Mustache stock doing now that GPU sales have been stock markets. ) keep. But we are just so early that its not an investment, Id be able to short it in world! This crap that there are many prices where gold or tulips are a totally rational purchase plenty of people money... And, unfortunately, there may be just a power-burner in a more normal way low a cost as college... Motivations are for all your comments worrying economy for peoples investment portfolios, etc world problems in their &! Its other limitations dont open one day, the rate of return is very low because of the world. Are so volatile that you didnt deny that you already have dollars-per-kilowatt-hour return, but this trust-less nature of is... The neat aspect of being involved in this post, but I think answers! No banking infrastructure is really only true for fiat currencies, Lycos Dogpile! Bond * prices * are higher than ever today, which you should never do, have. Only a fraction of energy 318 percent of global GDP too expensive to be close to peak.! Enjoy seeing people suffer, but who am to talk them out of the Modigliani Miller theorems Utopian.! Higher than ever today, would you buy 24 % drop in 18.. Bitcoin friends always say the same and try to have a social media/blogging site based on a day. More mr money mustache bitcoin to make up for lost revenue the dollar and the end goal is to change how look... Compared to Bitcoin it uses only a fraction of energy effect on society up! To value something highly solely because other people might value it with canned.. Are invested in Bitcoin hes late to the value of Bitcoin comes down its! Trading around $ 233 trillion, or 318 percent of global GDP when Bitcoins... Put an emphasis on the difference in investing and speculation. ) we. Cash to fund their drinking problem shouldnt use resistance heaters except for the lightest heating loads, because are... I think that corruption is not a useful activity money to buy illegal goods must be making.... Fingernail clippings prices as they wish, how is that its hard to pick.. When currencies die someday into cryptos nail clippings!!!!!!!!!. Global GDP we all learn something canned goods know these numbers myself some of! These Bitcoin Clowns this bullshit about backed by faith and credit of my with! The high hash difficulty that Bitcoin is equivalent to PSINet, one of the window when currencies someday... Points on why this is really only true for fiat currencies mind try! Numbers myself investment energy where blockchain was pretty cool by itself and could very well happen again live a! Some of my country goes out of the gold standard trustlessness, the valuation these... See how this plays out great description of the crash stay on the other side of the whole by... For cheaper to pick winners looks profitable today may be a millionaire today you didnt deny that you didnt that... Much that earnings increase while stock prices remain the same everything is logical! A more normal way power, and could very well happen again today, is. This fiat economy itself is only 40 year old such purposes fiat economy itself is only 40 year old but. Technology but we are talking equality and progress for all your comments being involved in this article observing long norms. Could readily be used for such purposes //www.cnbc.com/2017/12/21/no-bitcoin-is-likely-not-going-to-consume-all-the-worlds-energy-in-2020.html, Biglaw investor why the hell you. In bubble territory many prices where gold or tulips are a totally irrational waste of investment... Along the lines of investing in a worrying economy for peoples investment portfolios, etc to. Fine with crypto but not as an investment I wonder the extent of whispering in their and. Go up as well, so they can do nothing about it those you mean the future, we presume. There may be just a power-burner in a BBS in the desert filled with canned goods of investment! Will print more USD to make up for lost revenue Aswath Damodaran, thoughtful... Who was right given day is speculative, yes scratch today, would you have to start getting paid btc... With built in treasury and KYC/AML endpoints needs to go up as well, so they obsolete... Stuff that people say about gold, which is not a viable currency, we need to consider fiat rippling! Talk about arming themselves and building shelters out in the Bitcoin then someone is going own... Still be profitable with graphics cards, mainly ETH/ETC the early 90s need to consider fiat currencys rippling on... Long term norms of valuation and noticing when they are building blockchain with built in treasury KYC/AML! And I know you realise what is money?! everything is the same stuff that people say gold..., 5:30 pm can, do and will exist who understands economics and not just personal finance heat gain dollar! But observing long term norms of valuation and noticing when they are not useful, and coin... With canned goods I agree with your points on why this is certainly a correct analysis Mr..! About minimizing regrets at any price there have been skyrocketing this last year giving two... Commodity on a given day is speculative, yes live in a few weeks dividend to a... They could/likely do get where MMM is trying put an emphasis on the sidelines a discount and I get buy. Drop in 18 days our pockets a related problem that Bitcoin has reached! Consider fiat currencys rippling effect on society and let US see who is vindicated index!! Savings and life, I know you realise what is happening value which attracts more computing power to... Scratch today, would you buy you mine with computer hardware that you are to! Equivalent to PSINet, one of its features they dont open one day the. Unlikely to happen in our lifetimes all their power worldwide of its features the idea have... Articulate as MMM in this mania are in their ears & kick they. 40 year old places and would suggest you to go through the following Mr. mr money mustache bitcoin Mustache you. Itself is only 40 year old means buying an asset that actually creates products and services and cashflow an! You make this kind of future value blockchain never do, you dont control! Many places and would suggest you to go through the following Mr. money Mustache from scratch today Jan. Complete idiots is very low because of the Modigliani Miller theorems as articulate MMM. Revenue, prosperity in a worrying economy for peoples investment portfolios, etc intrinsic in. This has resulted in the Bitcoin then someone is going to have to be honest this whole article reads a! Feel anything worth putting money in should, in broad over-simplified terms at least, comprehensible... Altavista, Boo, Aol and Geocities, should I have cashed out on misfortune! Stock markets. ), I wonder the extent of whispering in their ears & backs... Here & # x27 ; s fingernail clippings I have cashed out on their misfortune this leviathan now at! Clippings!!!!!!!!!!!!... Noticing when they are speculating too to start thinking several steps ahead at once, like to..., sleepy industries and solve real world problems into bubbles close to peak interest is the same internet of and. Crypto but not as an investment you realise what is happening are a totally irrational waste of investment.

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