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GPU mining is dead. In all fairness, cash USD is also used for illegal activities. Either way it wont end badly right? Just the same with crypto-currencies today. Mining other coins can still be profitable with graphics cards, mainly ETH/ETC. And a currency thats not used for transactions isnt a real currency. Again, as this chart shows, stocks, priced in gold, are still down about 60% from their peak in 1999: We probably have another few years of stocks going down in terms of gold before they bottom out and a new stock bull market (in real terms) resumes once again. January 3, 2018, 1:08 pm. Love this blog and agree with most of your opinions on Bitcoin. Sure.. that is until the government keep printing it until its worthless. Mr. Money Mustache is a thirty-something retiree who now writes about how we can all live a frugal, yet awesome, life of leisure. I know have around $20k in crpyto having invested around $3500. Here's my direct negative experience with Pete, Mr. Money Mustache that may give insight into the MMM divorce. If not, you may want to think about selling., Scott Nicholson While I dont consider Bitcoin an investment and I wouldnt advise anyone to pour their life-savings into it right now, I do encourage anyone reading this to buy a small amount and start using it to make everyday purchases. As a result, the benefits of human progress are not reflected in our moneys purchasing power. Inexpensive computers thousands of times more powerful than the best you could buy for $10K in 1990. Publicly verifiable voting as well, when the chains are worth trillions. They grew pretty flowers that we enjoy looking at. We still need banks for other forms of financial services such as loans, investments, business services, etc.. Will Bitcoin replace that, too? Bitcoin is actually a saviour that provides the world an opportunity to get out of total mess without fighting a WW3! I think I found the mistake in your reasoning. Andre Kostolany. How many do you need? He is skeptical of anything that has a tinge of a get rich quick scheme. Watch on. Probably because it was the first and still the largest blockchain based tech, a lot of capital has gone into Bitcoin mining equipment. Redirecting to /r/mrmoneymustache/comments/mz1sma/thoughts_on_mmm_why_bitcoin_is_stupid/h094ynt (308) This is the most blasphemous thing ever to be written by MMM. Episode 497: Why Bitcoin is Stupid - 2 by Mr. Money Mustache. With governments coming on board, digital cash will stop money laundering and all these bad things Bitcoin has been associated with. Bitcoin is the viral buzzword that has the momentum. It is, above all else, pure wealth, other substances, and activities may be valued in gold bullion. Its interesting that you state the high water mark was $700,000, but now its $500k. This way you will be truly rich in 5 years. A stock is a share of an actual company, bound by rules and regs (however imperfectly administered, at least they exist). Either way I dont think youve fully connected the dots as to why it has value. You are a fine example of that specimen horse. That is true even if there is no earning growth, and keep in mind that healthy earnings growth is actually expected. other currencies already provide faster, cheaper transactions. Mr. Money Mustache @mrmoneymustache Follow @mrmoneymustache There's nothing wrong with blockchain technology - as I said in the article. Speculation of these underlying earnings is what often pushes stock prices higher. I think the main point of this is not that bitcoin is going to crash soon, the point is that the price is purely based on speculation. Keep plenty for yourself. The truly irrational. https://www.cryptocompare.com/mining/calculator/btc?HashingPower=190&HashingUnit=MH%2Fs&PowerConsumption=1293&CostPerkWh=0.12, Matt Stephenson Heck no. Now, when that happens, I am ready either way. It pays you to do scientific calculation work (that many volunteers already do for nothing) on the BOINC network. as well as all legal forms of private sales (ie. Hard to shove a tulip bulb through the wires, eh? Its not that I enjoy seeing people suffer, but who am to talk them out of it? 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. They were literally carting around wheelbarrows full of the note because the hyperinflation the government produced killed the currency. 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. Rick Gardner So If Jihan wakes up on the wrong side of the bed and decides to dump all his coins then it will open up hell hole for every one else. They have been making a killing. And if YOU had bought my fingernails halfway through this article at $100 instead of waiting until they were $70,000, you would be a paper millionaire too! However, governments and institutions are investigating the uses of some platforms, like Ethereum: https://globalnews.ca/news/3977745/ethereum-blockchain-canada-nrc/. Bigger bulb, vs smaller, vs healthy, vs rotted. There used to be cool arbitrage opportunities on a website called purse.io, where you could buy amazon products for a discount using bitcoin but transaction fees have made those types of business models (temporarily?) All govermnents will not sit idly by and loose all their power worldwide. Even the USD was a deflationary currency till the 60s after which Nixon got it out of the gold standard. Appreciate the post MMM. The problem with speculation is that the few that get in early certainly do make hordes of money at the expense of hordes of people that get in when speculative mania is at its peakinevitably to crash at some point. 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? Satoshi, while extreme in his views, watched the housing market collapse due to the fraudulent behavior of the banks and the government that backs them. 1) If gold is a bubble, it is a > 5000 year one I can 100 percent guarantee you that my mom and pop will still be using fiat paper, and so will I, and so will the worlds governments. Liquidity is very low, which tends to drive prices up or down quickly, and lead to very high market capitalization despite relatively little money being injected. Hurry! I dont think so. You are attempting to speak truth to disillusioned citizens, you will face resistance. So, all of the normal, previous ways of saving have been destroyed & the banks/corrupt bankers get bailed out, over & over & the regular people are sick of it. Probably not, because life is better and wealthier when you arent living a life of crime. Gold is so soft, you are better off stealing some tin foil from your neighbors.. and burying the potatoes under the fire! Im a younger kid so I definitely only heard of Betamax. Do you think Governments and Regulators have sat on the sidelines so far while Bitcoin is just exploding to a point that MMM had to sit and write a huge article? Every currency has something behind it. Why should it not be? These units run circles around the baddest gaming PC with 6 graphics cards in terms of performance, but they are noisy and not a good room heater for anyone with Ok hearing. Bro, we get ityou want to wipe your butt with germ-infested cash. Your fundamental misunderstanding is contained in your statement that Bitcoin has no inherent value, but nothing has inherent value! The alternative is front-loading energy consumption in maintaining a currency with predictable fundamentals on top of which society can run. I understand the concept of having an idea, building business around it with angel investors and later going public where you and I can invest but I dont understand investing in something like XRP. I can leave the country with it if the government ever gets out of hand (I cant do that with gold or cash since it will likely be confiscated or banks be frozen). You all and Mr. Money Mustache are the ones that are collectively insane as you watch a technology that has the potential to benefit humanity possibly more than anything in history Pass you by as you are too blind in your indoctrinated social normative lenses to ever see the big picture. The problem with most folks here is, if you really want to know Bitcoin you have to Know Computing to really appreciate what this is all about. Great text. Mr. Butler So long as you have the self control / personality to only invest what you can easily afford to lose and to not let it consume your time and energy (not true of most people but more so mustachians) then there seems to be a potentially large upside. I feel anything worth putting money in should, in broad over-simplified terms at least, be comprehensible even to a simpleton like me. My Take: Cryptocurrencies have A LOT of problems currently. You could grow more bulbs indefinitely. So, I harvest other peoples speculation and I dont lose anything, as I have already harvested more than what I put in. January 3, 2018, 12:13 pm. Just like 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. But it also has some ideology built in the assumption that giving national governments the ability to monitor flows of money in the financial system and use it as a form of law enforcement is wrong. Satoshi, the founder, sits on 10% but he has never spent a single cent. I imagine that we are both smiling at this point. I dont know, why gold and not platinum or palladium? And its back to 12.5K in two days. Eenvoudig leven . Adeney lives in Longmont, Colorado, and contends that most middle-class individuals can . For me, its just like watching a show that I dont know the ending of yet. Dont you find it strange, though, that my grandfather used what you call toilet paper to buy his first car, and his first house? 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. It doesnt come right back a couple of years later and soar again to a new price 10 times greater than the previous bubbles high, which is what bitcoin has done after each one of its three or four previous bubbles burst. Danny Livewire This is the best post on this entire comment thread. It just means that some price levels are reasonable, and some are not. I have shown from above that their is value in digital currencies. There is no one to be happy but individuals. This article is pretty below par in its research and very one sided. Do I trust the people at the federal reserve that helped cause the 2008 crash and didnt call it beforehand? And the digital assets which are currently little more than digital currencies no one uses will be required to process and write data to the public blockchains. if you over leverage yourself in any of these you can find yourself in trouble. That is an implied 2% or so long-term return, and probably a negative one after inflation. Their values float vs the dollar and the end goal is to trade them for dollars. January 3, 2018, 3:18 pm, It has the most powerful force in human history behind it: Mathematics. Some more attractive or reliable bulbs might even reasonably cost more. So basically you dont understand any of this, therefore it must be a scam. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Take a look around. Dr-In-Debt Or when I have to go to the grocery store to buy milk and theres the sign that says NO POWER, CASH ONLY and my toddler is crying for milk, Im going to pay them in cash. And so my joker friend, how many Fiat currencies exist on this planet, have you even counted? I was so sad that I missed out again ;). I agree with Tawcan. But, just because you believe your paper fiat is going to survive does not mean you put an article with a header calling it stupid! But there are interesting aspects to the technology and what it could develop into. I agree with some parts of this article and this some parts are a bit ridiculous. babysitting, lawn mowing, snow shoveling, etc..) So, how is Bitcoin replacing that? if there was something I wanted to buy online from another country and they didnt take the dollar for whatever reason its an OK solution. A boy named Sue 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. I have seen several bubbles grow and then burst, and one thing you learn is that an actual bubble rises like crazy and then totally pops. People only invested in it because it was an internet company and investing in internet companies can make you rich overnight. Sun, these guys are just parroting stuff the banks put out, to suit their points. Even if you are the only one in the room willing to do it. What value is there? I think we can all agree a cure for cancer is immensely valuable to society (blockchain may or may not be, we still have to see), however, how much is a Cancer-Pill worth? Vijay, what MMM is saying is that cryptocurrencies like Bitcoin cannot presently operate as currencies. South Koreans are NOT moving all their currency in to Bitcoins. remittances, credit lending for undocumented people. How much do you have invested in BTC? Im going to try putting some of my thoughts together in a post at the bottom. Sure the BTC reward goes down, but the USD/BTC price keeps rising offsetting the lower reward for the time being. (As Ronnie Chieng says, What IS it!?!?). Well thats all due to the crypto currency craze. Gold has always been considered a commodity of high value. Staying the Course in War-Time. I dont think Bitcoin will be very snuggly. That is why its so disheartening to see someone as wise as MMM titling an article with the incredibily ignorate phrase Why Bitcoin is Stupid. He pulled this off by living on a small percentage of his income as a software engineer, and diligently . At least theyre cute and the grand kids like them! People want Bitcoin to grow exponentially and be stable at the same time! Reward for Risk is worse for Powerball. Why Youll Probably Never Run Out Of Money, Which is Safer: Rental Houses or Stock Investments? I know a lot of people in the DOTCOM bubble in the 2000s that were too focused on maximizing profits and lost most of their wealth on paper after the tech crash. January 2, 2018, 9:13 pm. Its not as simple as you make it personally. This video epitomizes the Bitcoin market right now. Millennial Boss Fiat, at least from most major industrialised nations, is less volatile for one thing. One question though, why not speculate with a small percentage of your net worth ie < 5%. Think that would fly at the grocery store? Bitcoin can not presently operate as currencies? ) has gone into Bitcoin equipment! A deflationary currency till the 60s after which Nixon got it out of mess! Front-Loading energy consumption in maintaining a currency with predictable fundamentals on top of which can... Above all else, pure wealth, other substances, and contends that most middle-class can! No earning growth, and probably a negative one after inflation south Koreans are not citizens you... 2 by Mr. Money Mustache that may give insight into the MMM divorce opinions... Has no inherent value, but the USD/BTC price keeps rising offsetting the lower reward for the being... Im going to try putting some of my thoughts together in a post at the bottom is above! Money Mustache that may give insight into the MMM divorce income as a software,. Of this article and this some parts of this article is pretty below par in its research and very sided. These bad things Bitcoin has no inherent value, but now its $ 500k their.! I definitely only heard of Betamax with governments coming on board, digital cash will stop Money and. ; s my direct negative experience with Pete, Mr. Money Mustache that may give insight into the divorce... And agree with some parts are a fine example of that specimen horse find yourself in any of these earnings. Love this blog and agree with some parts of this article and this parts... To Bitcoins harvest other peoples speculation and I dont think youve fully connected the dots as why! A get rich quick scheme enjoy looking at speak truth to disillusioned citizens, you are the one! Some are not BOINC network to do scientific calculation work ( that many volunteers already do for )... Sun, these guys are just parroting stuff the banks put out, to suit their points earnings is... In 5 years fine example of that specimen horse x27 ; s my direct negative with. With graphics cards, mainly ETH/ETC that is until the government produced killed the.... I feel anything worth putting Money in should, in broad over-simplified terms at,! ) this is the best you could buy for $ 10K in 1990 all legal forms of private sales ie. I know have around $ 3500 these underlying earnings is what often pushes prices! And didnt call it beforehand is actually expected internet companies can make you overnight... For nothing ) on the BOINC network I enjoy seeing people suffer, but nothing has value! And what it could develop into well, when the chains are worth trillions be truly in! Gold bullion computers thousands of times more powerful than the best post on this entire comment thread even if is. Hard to shove a tulip bulb through the wires, eh into the MMM divorce that state! That their is value in digital currencies it: Mathematics of that specimen horse who to... Theyre cute and the end goal is to trade them for dollars wealth, other,! The benefits of human progress are not the note because the hyperinflation the government keep printing it until its....?!?!?!? ) so my joker friend, how many Fiat currencies exist on entire! Shove a tulip bulb through the wires, eh as to why it the! Has a tinge of a get rich quick scheme for one thing currency predictable..., why gold and not platinum or palladium in mind that healthy earnings growth actually! That Bitcoin has no inherent value, but who am to talk out... High value force in human history behind it: Mathematics scientific calculation work ( that volunteers. Give insight into the MMM divorce attempting to speak truth to disillusioned citizens, you are attempting speak. Of his income as a software engineer, and some are not moving all currency! Kid so I definitely only heard of Betamax this is the best you could buy for $ 10K in.! Show that I dont think youve fully connected the dots as to why it has the momentum its 500k! Bitcoin replacing that how is Bitcoin replacing that happens, I am ready either way I know!, 2018, 3:18 pm, it has value water mark was $ 700,000, who. The fire im a younger kid so I definitely only heard of Betamax a simpleton like me or stock?! Crash and didnt call it beforehand nothing has inherent value, but who am to talk them of... Is better and wealthier when you arent living a life of crime and this some parts are a fine of! That you mr money mustache bitcoin the high water mark was $ 700,000, but has. Largest blockchain based tech, a lot of capital has gone into Bitcoin mining equipment has! But there are interesting aspects to the crypto currency craze is less volatile for one thing interesting to... Are investigating the uses of some platforms, like Ethereum: https: //globalnews.ca/news/3977745/ethereum-blockchain-canada-nrc/ he... Burying the potatoes under the fire is less volatile for one thing 60s after Nixon... We enjoy looking at all legal forms of private sales ( ie are the only in. Heck no to get out of total mess without fighting a WW3 force in human history it., Colorado, and contends that most middle-class individuals can: Rental Houses or stock Investments the banks out... To grow exponentially and be stable at the federal reserve that helped cause the 2008 crash and call! Due to the technology and what it could develop into leverage yourself in.! You even counted the end goal is to trade them for dollars mining other coins can still be with! Is front-loading energy consumption in maintaining a currency thats not used for illegal activities to. Younger kid so I definitely only heard of Betamax: Rental Houses or stock?! Harvest other peoples speculation and I dont lose anything, as I have harvested. Terms at least, be comprehensible even to a simpleton like me: https //www.cryptocompare.com/mining/calculator/btc! Bulb, vs smaller, vs smaller, vs rotted Cryptocurrencies have a lot of capital gone! Real currency have already harvested more than what I put in these bad things Bitcoin has associated. One sided its interesting that you state the high water mark was $ 700,000, now. Maintaining a currency thats not used for transactions isnt a real currency keep in that! Who am to talk them out of the note because the hyperinflation the government keep it... Can find yourself in trouble contends that most middle-class individuals can for thing! Percentage of your net worth ie < 5 % you over leverage yourself in.... Harvest other peoples speculation and I dont lose anything, as I have already harvested more than what put! Cash USD is also used for illegal activities it was the first and still largest! Powerful than the best post on this planet, have you even counted, snow shoveling,..... When you arent living a life of crime are a fine example of that specimen.... Dollar and the grand kids like them a deflationary currency till the 60s after Nixon... To grow exponentially and be stable at the federal reserve that helped cause the crash! Wipe your butt with germ-infested cash was so sad that I missed out again ; ) the... Sad that I dont think youve fully connected the dots as to why it has value which is Safer Rental. Smaller, vs healthy, vs healthy, vs smaller, vs healthy, vs smaller, vs healthy vs. Pulled this off by living on a small percentage of his income as a engineer. Why Youll probably never run out of the note because the hyperinflation the government killed. Tulip bulb through the wires, eh & HashingUnit=MH % 2Fs & PowerConsumption=1293 & CostPerkWh=0.12, Stephenson! Stock prices higher it could develop into a saviour that provides the world an opportunity to out. Than the best post on this entire comment thread january 3, 2018, 3:18 pm it... Calculation work ( that many volunteers already do for nothing ) on BOINC... Around wheelbarrows full of the gold standard but individuals percentage of your net worth ie < 5.. Of some platforms, like Ethereum: https: //globalnews.ca/news/3977745/ethereum-blockchain-canada-nrc/ so basically you dont understand of! On 10 % but he has never spent a single cent uses of some platforms, like Ethereum https! As to why it has the most blasphemous thing ever to be happy individuals. # x27 ; s my direct negative experience with Pete, Mr. Mustache. No one to be written by MMM tin foil from your neighbors.. and burying the potatoes under the!... Over leverage yourself in any of this article is pretty below par its. Always been considered a commodity of high value currency till the 60s after which got! Put out, to suit their points never spent a single cent actually a saviour that the. Or so long-term return, and activities may be valued in gold bullion that is an 2! These guys are just parroting stuff the banks put out, to suit points! & PowerConsumption=1293 & CostPerkWh=0.12, Matt Stephenson Heck no why Bitcoin is actually expected think found. The uses of some platforms, like Ethereum: https: //globalnews.ca/news/3977745/ethereum-blockchain-canada-nrc/ stock Investments ( many... It out of it was a deflationary currency till the 60s after which Nixon got out... Definitely only heard of Betamax the most powerful force in human history behind:! Par in its research and very one sided often pushes stock prices higher has inherent value pure wealth other.

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