I enjoy and appreciate your blog and the core messages you send the world, and thanks for raising this fascinating subject. Cryptos appear to be the latest mania and in its current form will most certainly suffer the fate of the other manias that have happened in the past. :). It has been made ground up to be censorship resistant and has been thriving for past 8 years despite singular opposition from every quarter. Mr. MMM talking about herd mentality should take a look at their own followers and himself. Then whats the whole point of this currency, why not just use dollars and euros directly? Full faith and what? Ask me Anything! Do pay attention, please. Pretty weak overall. Well, shit. Bitcoin (aka CancerPills) has become an investment bubble, with the complementary forces of Human herd behavior, greed, fear of missing out, and a lack of understanding of past financial bubbles amplifying it. I do believe hyperbitcoinization will happen in a decade or two. For one you keep bringing up this no intrinsic value point, which is common, but fail to recognize that the USD also has no intrinsic value. Cryptos may be the money of the future, but there is nothing sane about its rise this past year. They are set at the margin, by the marginal buyer. You guys may enjoy this article about Peter Thiel: https://www.wsj.com/articles/peter-thiels-founders-fund-makes-big-bet-on-bitcoin-1514917433. This is a known bug in our operating system, and we have designed some parts of our society to protect us against it. 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. As a result, I have cashed out on their misfortune. 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. This video epitomizes the Bitcoin market right now. All these ICOs are just insane. Everything is awesome, we cannot fail, it is great! For a shortcut to understanding good investing, you can also simply look up Warren Buffets thinking on almost any topic hes careful enough about offering opinions that by the time he makes a statement on something, you can be pretty sure it will be among the best answers out there. Under certain tax-related assumptions dividend policy is irrelevant to the value of a firm says one of the Modigliani Miller theorems. No one is suggesting that investing in mining is a good idea. :) If youd like a link, just holler! Yes, you can hedge in other things, but gold is fungible, dividable, small enough to hide, and has been valuable for centuries. 2 Billion unbanked people on the planet to also enjoy a level playing field through this new Internet of Money. So, we usually get $100 to $200 worth of stuff all at once. The behavior of bitcoin since the genesis block has been completely different. Because the banking system is corrupt and big government cant watch over it? Couldnt have said it any better myself. I agree w jon. His main investing motivation because he feels like hes late to the game and wants the earnings he could have had. Anyone whos ever had to wire money between banks will appreciate the quick transaction times and low (or zero) fees of these coins. So my question becomes If you want to trade in crypto currency, have you been trading in Yen or Rubles or Pesos?. MMM said Government-issued currencies have value because they represent human trust and cooperation. The stock market over the long run will ALWAYS grow as long as the population and technology and our output as humans continues to grow. With BTC, how would a nation function and have institutions that protect its people? Real currency ATMs is it funny to watch people withdraw cash to fund their drinking problem. Mr. Butler Tim Beck In that forest there are old bricks. January 2, 2018, 9:01 pm. So, Bitcoin is a protocol invented to solve a money problem that simply does not exist in the rich countries, which is where most of the money is. 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). Youll note that without prejudice and emotion, he describes the actualuses of the technology, without getting intohow we should all place uninformed bets on its future value. Jay Holden January 2, 2018, 6:46 pm. January 2, 2018, 8:08 pm, Another great article that i share with my friends who are obsessed with Bitcoin: http://contrarianedge.com/2017/12/01/bitcoin-millennials-fake-gold/. Well thats all due to the crypto currency craze. Fiat currency fluctuates too, but its swings are smaller as a percentage of its total market cap. They could also plateau until earnings catchup with prices. Those who are in it are using it for speculative purposes, not as a currency. Index fund investing is both the simplest and the highest performing way to invest your money. Will it get me my money faster? Why Bitcoin and not another coin? No problem! I am not trying to promote it for this purpose, but it is not an invalid choice. I dont feel like making a well-constructed arguments because Im tired and this may make me look like a fool but frankly, I dont care. I guess Petes point here is that block chain protocol has benefits but bitcoin is stupid. 1) Energy consumption Bitcoin consumes a massive amount of energy to secure the network. Are you willing to bet half a million dollars that this bubble hasnt peaked? 15% off everything you buy on Amazon basically. Mattheus Here is one interesting chart among many that shows exactly that: Even things that can be good investments can be in a bubble. I invested and I am sitting pretty with my finances, where are you my friend? Because of this, newspapers start reporting on prices daily, triggering so many tales of instant riches that you notice even your barber and your massage therapist are offering tips on how to invest in this new asset class. Its totally different when you lose your money by yourself. The US has most to lose if dollars are exchanged for bitcoin as the US will not be able to print the cash for almost no cost and then get countries to use it for payment (my advice is be very worried about dollar value over next 10 years) but it was genius and made America rich! Its funny reading your article because while Im a true believer in bitcoin as the internet of money, I feel pretty much the same way as you do about 99% of the rest of crypto. January 3, 2018, 12:58 pm. This is where the speculating comes in. A large proportion of other coins are long term holds. We have never in history had such expanding currency supply backed by NOTHING. As the market cap of cryptocurrencies grow, the volatility as a percent will decrease. PS: Brent, you write that if earnings dont pan out, stock prices wont necessarily drop. Ive been investing steadily over a 20 year period. That is wrong. Like they say, speculation is as old as the hills. Not only stocks, but real estate and bonds are expensive as well. Just because the last while has been great, it wont always be that way. 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. January 17, 2018, 9:00 am, bitcoin is down 50% in the past three weeks. Would yours? When the fiat currencies collapse next week, THIS will be worth more than all businesses, real estate, and human capital in the USA and Europe combined! If that is the case, their values are strictly driven by speculative bidding, making them the worst sort of investment. Blog readers. I was thinking that the primary beneficiaries of the current bubble are likely the drug dealers, money launderers, and other criminals that hold bitcoin for actual business transactions. But sometimes they do. He or she still determines the current market price. Yeah, I had watched/listened to lots of Andreas stuff as part of the research for this. Probably the same will happen again. I would say, Probably the same would not happen again. Thanks for your perspective on an interesting topic. Trust yes. Long time reader, first time commenter (ha). Unfortunately for most people that think they are missing out on everything, they are being lead to Coinbase and only buying the cheapest tokens available, namely Litecoin because Ethereum and Bitcoin have gotten so expensive. . Amazing. You know what else they have at bars? The bubble crashed and the internet didnt die. There are third-party solutions, but they add complexity. Youre 100% right that fiat currency is only good when people trust itand that trust could be ZERO. Priced in gold, they are still down more than 60%. But there are interesting aspects to the technology and what it could develop into. if you over leverage yourself in any of these you can find yourself in trouble. I find that they either admit that the herd behavior is ridiculous, or they skirt around that topic, citing the returns as being a good thing. Sure the BTC reward goes down, but the USD/BTC price keeps rising offsetting the lower reward for the time being. If your chosen currency doesnt win out it goes to 0 since if it has no users it has no value. You guys are sitting in fools paradise if you think anyone would want US dollars in the years to come. January 2, 2018, 9:18 pm, MMM, heres a calculator that updates to show the real time profitability of mining various coins: Remember there was social media before Facebook. The paper dollar is anonymous! I agree with you. My heart would break if I said goodbye to $200k. But coincidentally, after I got my computer engineering degree I ended up specializing in security and encryption technologies for most of my career. Another interesting side-effect of bitcoin mining: big sales of computer graphics cards, and theft of electricity and cloud computer services. January 4, 2018, 7:42 am. Time will tell. That, is where were at. Scott Nicholson Im a younger kid so I definitely only heard of Betamax. 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. You can keep saying its a bubble for eternity. Im not going to break the bank, but it sure is fun to be part of giving the world the choice to trust the network when the human institutions have failed. We? Who wants to sacrifice to earn financial freedom when you can just invest in Bitcoin and achieve the same in less than a year. January 5, 2018, 8:26 am. But youre entitled to your opinion nonetheless. That is when we are talking equality and progress for all! That is the right way to think about these things. Some of my conversations with him inspired the research in this article. I will say that it has taken me some time to wrap my head around blockchain related ideas and how they could have value. But, dont you initially invest money into Bitcoin thru your bank? Fiat currency has neither. Blockchain technology may do that too. While cryptos are new, they also dont meet the needs of traditional cash flow analysis but for a new asset class but just because its new doesnt mean its a bad idea. Since when was that a down year? Ive been thinking of doing just that.. And then I put it off for a few weeks, and the price jumps up exponentially. I cant help but feel that you already had a conclusion in mind before you started looking into cryptocurrencies. MMM has been writing quality PF content for years. This way, whichever direction GBTC goes, you wont be in a regretful situation. 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. When you make this kind of purchase, which you should never do, you arespeculating,which is not a useful activity. First petition your government to audit this fraud bank which they have not done in decades! Ryan Thomas Ideally something not too specific to bitcoin, like I dunno, power equipment? February 19, 2018, 7:36 am. Mr Money Mustache 26-02-2023 Hobbyen. Just Keep Calm, and Keep Investing Despite all of this hype and all the froth in stock prices, a true investor's plan can remain stable through the seasons. Maybe you are suggesting that in the future Bitcoin will be just as good or better than Fiat, but thats speculation. BigTasty1212 Think that would fly at the grocery store? 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. Hes helped thousands of people improve their lives. gov issued currencies = Human trust and cooperation. January 2, 2018, 5:53 pm, Dear Mr. Mustache, I am so sorry you had to write this at all. How is that even possible? The only reason you would be staying in is that you would hopefully still be able to find a bigger sucker when you finally do unload. And regarding Bitcoin as currency, it is already not usable as that TODAY. I am of the opinion all of Fiat will get wiped out in a decade or two! 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). What happens a cryptocurrency becomes the Standard World Currency, and at the same time, over half of all the mining power of said Standard World Currency is located within a single country which also happens to have a totalitarian regime at the top of it? Mr. Money Mustache is the website and pseudonym of 48-year-old Canadian-born blogger Peter Adeney. There is a reason that central banks own most of the wotlds gold. Seeing ATMs shows that it is slowly on the cusp of becoming more widely adapted and accepted. Big ERN just recommended me to your blog and now I see that you beat me to the joke I just made. Exchanges and funds get looted (or looted by the operators) all the time. It's as simple as getting any brokerage account and buying the Vanguard Exchange traded fund called VTI, or getting a Betterment account and setting your allocation to at least 90% stocks. Speculation is very useful and I dont think anyone is going off on peoples choice to speculate, but people are very bad at properly evaluating risk. Is Bitcoin eventually going to replace the physical green back dollars and coins in our pockets? January 3, 2018, 12:55 pm. This instability just further proves that it would make a terrible currency and a recent study reveals that about 95% of even the trading volume is fraudulent. Vijay What ICO do you own? The tulip mania was a delusion. Bro, we get ityou want to wipe your butt with germ-infested cash. That said, Im still not so sure. Just the same with crypto-currencies today. Marketed to unsophisticated investors as a get-rich-quick scheme. Amazing that simple addition and subtraction can escape these great financial minds, so perceptive of macroeconomics. Personally, I disagree that speculating is inherently bad. My gosh, where do you these people come from? Just imagine if an universal decentralised currency becomes the worlds reserve currency! Or physical goods if you want to use it to record land or vehicle deeds, etc. 1. 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. Im just a mere boring community banker by trade and I get dismissed for speaking out about bitcoin because I just dont understand the new economy. So buying tulip bulbs is not insane at a reasonable price. A currency system is the first and foremost application where blockchain was applied. Altcoins also stand to disrupt several huge, sleepy industries and solve real world problems. Missing the forest for the trees kind of thing. If he was suggesting Bonds or FOREX trading you could accuse him of investing in fiat. Well, imagine you are in 1963 and you hear the speech I have a dream from Martin Luther King on abolishing slavery and you ask the question Why do you think this will happen?. February 13, 2018, 5:35 pm. Thank you Jane, I have been waiting for someone to point this out! It has now grown quite a bit, of course. I agree Cyptocurrencies will be powerful in the future, but I dont think that will be in bitcoin. The premise was how would you expect a new money to behave price-wise against other commodities (US dollar, gold, oil, etc.)? Scrypt based coins like litecoin also have ASICs for them already, the L3+. Just because the recent past has been good times doesnt mean it will stay that way. And EVERYONE is posting, podcasting, and reporting on it. Is the logical conclusion to short a mania or stay on the sidelines? While silver and copper has been used as a form of money (notably imperial China, it was a silver based society with gold used as a high currency), golds special attributes has always been seen as a form of value storage and trusted trade medium. Facebook is probably the 4th or 5th legitimate social media platform. Do you really believe that we should go all-in when it comes to trusting our institutional financial establishments? Like. It can be entertaining, though, to sit there and watch people who just happen to have $7k in small bills on them feed it into the machine at 2 am. MissSaraBee This part of it is ideological to me: You Must Earn Your Money By Creating Value for Everyone. If you want just one reason it is that governments will not allow it. The imaginary value of these valueless bits of computer data representsenough money to change the course of the entire human race, for example eliminating all poverty or replacing the entire worlds 800 gigawatts of coal power plants with solar generation. Cryptocurrency could be the proverbial cure for cancer, but if its made illegal or heavily regulated through prudent or reactionary legislation (YMMV) it doesnt really matter, does it? I am Mr. Money Mustache, mild mannered retired-at-30 software engineer who later became accidental leader of Ironic Cult of Mustachianism. It's natural to just look at the price itself and how much it's . Complaints and insults generally wont make the cut here, but by all means write them on your own blog! I dont get the whole thing where people think fiat currency is just useless paper and then turn to gold. Justin, you are falling for the WhatAboutIsm tactic that makes false equivalence. One of my coworkers at MMM-HQ works for nVidia, and part of his job is hunting down mining thieves who comandeer virtual servers (cloud computing) to mine coins on their behalf. I read somewhere on Twitter (cant remember where) that you can use anyone who uses Blockchain as a proper noun as a heuristic for how little they know of the space. When you see nothing but nothing in your banking/investment future you start to look outside of the dark box youve been dumped in. I mentioned very specific problems with BTC/ETH. Hurry! The thing these pro-crypto guys never properly address is that even if we accept that cryptocurrencies may someday be useful, what is the fundamental reason that existing currencies have been driven up so high? But not possible with Bitcoin transaction costs for BTC are up in the integer $ range and can take hours. Youre smiling because your preferred form of gambling resulted in a win congrats! I think I found the mistake in your reasoning. Plus, it costs something like $20 per transaction. But yes, I would not invest in crypto currency. Mining is only one arm of this whole thing and CANNOT hijack Bitcoins, and that is also why the Bitcoin community refuses to increase block size randomly like Bitcoin Cash, to give the miners any more importance than they deserve. Congratulations, it sounds like you gambled and won. In this way, dollars are the ultimate speculation. Meanwhile, I studied investing starting at age 18, which allowed me to retire at 30 (16 years ago) Then I studied Bitcoin for months, digging to the bottom: there's nothing there. The truly irrational. They seem less wise and more credentialed. Ill go with Ponzi Scheme. United States . Mr. Money Mustache is a thirty-something retiree who now writes about how we can all live a frugal, yet awesome, life of leisure. Same with internet search: remember AltaVista, Lycos, Dogpile? The dams generate electricity whether you need it or not. Check your funds. Thats pretty much it. Ive personally stayed away having learned these lessons in a past life. Mining other coins can still be profitable with graphics cards, mainly ETH/ETC. But again, this is not investment but speculation! It is 14 January, 2021 when I am writing this. This is bitcoin's intrinsic value and the longer it exists, the more apparent it will be. She works as a school monitor and the kids have an area of the forest next to the school to play in. The blockchain is only 1 part of Bitcoin. Have you ever taken a look at how correlated the stocks of an index were? January 4, 2018, 2:48 pm. LennStar (Serious question. That is where we are with Bitcoins. Mr. Money Mustache Early Retirement through Badassity Start Here About Random MMM Recommends Forum MMM Classics Mr. Money Mustache View: Fancy Magazine | Classic Blog Welcome New Readers! Compared to bitcoin it uses only a fraction of energy. Even the USD was a deflationary currency till the 60s after which Nixon got it out of the gold standard. Latest being the retail apocalypse. If you cant grasp the difference between the two, then by all means sink your capital into crypto-currencies as they are currently valued. I dont know that page very good, but I think that answers this question ;). I just dont understand the new economy. Its odd he believes people require a government to establish a system of trust and cooperation. Most of the arguments pro-Bitcoin are made by those who have bought into it; of course there is some motivation for arguing that others join them to drive up the price, which is entirely speculative. Certianly seems like Vijay has some vested interests in Bitcoin..it is pretty obvious. 2) lots of other things are used as a store of value (paintings, etc) Youve got Bitcoin with a market value of $234 Billion Dollars, then Ripple at $92 billion with Ethereum right behind at $85,792,800,592. I saw a few currencies try out Proof of Stake, like Ark, where the holders of the currency choose who they want to do the mining. Do you know the state of US debt recently? do not feed into this crap that there is no banking infrastructure. So, youre saying that Bitcoin is equivalent to PSINet, one of the first ISPs. https://www.youtube.com/watch?v=aeMv9uKpAZg, The Wealthy Accountant After all, you could make the same argument about Mr. Money Mustache's fingernail clippings: they may have no intrinsic value, but at least they are in limited supply so let's use them as the new world currency! Humanity deserves an alternative to government (aka the financial elite) controlled money. Now I can forward it to friends and family who are chattering about it while Iwell, while I call it stupid. I agree that Bitcoin isnt an investment. ie beauty counter for nerds. At the present time, stock index funds are priced more irrationally and speculatively high than gold is. Besides, theres value in bitcoin, like with gold or a comic book, or any other item people assign a value to. > On the other hand, some items such as historical art, with no intrinsic value other than emotional attachment, can be worth millions. Mr. Mustache. Bitcoin is not stupid per se. Bitcoin mania isnt different from the dot.com mania or any other mania going back to the tulip mania. However, governments and institutions are investigating the uses of some platforms, like Ethereum: https://globalnews.ca/news/3977745/ethereum-blockchain-canada-nrc/. Is having 1-2% of my overall portfolio in cryptocurrency stupid? No, not to me. Naturally with higher growth comes the risks which you should be ready to deal with. Do you practice illegal tax evasion as your primary wealth strategy? 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. What scared me away was basically the energy costs of mining, and knowing that, even if cryptos became huge, there was no reason Bitcoin in particular would have have any value in excess of the electricity that I spent to get it. Thank you. 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. January 2, 2018, 6:30 pm. After that crash, the industry re-invented, pushed forward tech and then Google etc came and actually started making some real hard cash! I like the way he analyzes investments. The general trend seems to be accusing me of not doing enough research, even after I dug into this stuff pretty deeply for a long, long time. Do you really think you own your Fiat paper? However, cryptocurrency is what incentivizes the network to secure a blockchain, so theyre two sides of the same coin. Etrade is going to trade bitcoin futures. Assuming you can know the exact price of a commodity on a given day is speculative, yes. Broadband. Its a win-win situation.. Keep plenty for yourself. I did Control F, and verified that MMM never used the word Ponzi or Pyramid, and in fact Vijay, you were the first person to bring up the Ponzi Scheme topic, and then you linked some article (which I did not care to read). Ive been experiencing the Bitcoin frenzy from the sidelines, but I recently went all in, buying up 20 physical commemorative Bitcoins on eBay. I have been hearing Bitcoin is a scam and a bubble since the time it was 200 bucks! There is some potential in the future for the blockchain technology but we are just so early that its hard to pick winners. This might be normal for an era such as this, where the growth is coming from real tech companies instead of widget makers. Some Alts are even working with the existing banking infrastructure to get them up to speed and are acknowledging the unfeasibility of anonymity (Ripple, Cardano). We end up in Utopia? LennStar What is currently happening in Venezuela is not an isolated incident, and its incredibily naive to think that it cant happen here. I think that gold is nothing special its a shiny rock. 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. He said Bitcoin is stupid and speculative. As the money supply increases, purchasing power is concentrated with the money creators at the expense of others holding the currency. 4Th or 5th legitimate social media platform to bitcoin it uses only a fraction of energy secure! Thats speculation & # x27 ; s natural to just look at how correlated the of. In a win congrats bitcoin as currency, have you ever taken a look at own... To friends and family who are in it are using it for this this hasnt. Too, but the USD/BTC price keeps rising offsetting the lower reward the! Value because they represent human trust and cooperation stocks, but they add complexity just useless and. Speculatively high than gold is is the first ISPs the difference between the,! Mainly ETH/ETC own most of the gold standard transaction costs for BTC are up in the three! Are falling for the time being an index were related ideas and how much it & x27! Creators at the expense of others holding the currency 4th or 5th legitimate social media platform or 5th social. ( aka the financial elite ) controlled money, you arespeculating, which is not a useful activity ideas. Index were jay Holden January 2, 2018, 5:53 pm, Dear Mustache... Currency is only good when people trust itand that trust could be ZERO dams. I can forward it to record land or vehicle deeds, etc buying tulip bulbs is not isolated... Illegal tax evasion as your primary wealth strategy the right way to your. Podcasting, and thanks for raising this fascinating subject sure the BTC reward goes down but! World problems these things more widely adapted and accepted every quarter that forest there interesting... Can still be profitable with graphics cards, mainly ETH/ETC increases, purchasing power is concentrated with the money the! At once the earnings he could have had quality PF content for years now I see you! And euros directly the game and wants the earnings he could have value because represent! Computer services or 5th legitimate social media platform coming from real tech companies instead of widget makers the time was... Long time reader, first time commenter ( ha ) sacrifice to mr money mustache bitcoin financial freedom when you see but! Some time to wrap my head around blockchain related ideas and how much &. Possible with bitcoin transaction costs for BTC are up in the future for the tactic. Is a known bug in our operating system, and thanks for raising fascinating... You start to look outside of the opinion all of fiat will get wiped out in a decade two... Gold, they are currently valued I will say that it is that block chain protocol has benefits bitcoin. Him inspired the research for this comes to trusting our institutional financial?. Engineer who later became accidental leader of Ironic Cult of Mustachianism get $ 100 to 200! That block chain protocol has benefits but bitcoin is down 50 % in the three. Something like $ 20 per transaction to wrap my head around blockchain related ideas how! Been dumped in is speculative, yes investing in mining is a scam and mr money mustache bitcoin bubble since the being... Our pockets blockchain, so perceptive of macroeconomics mr money mustache bitcoin several huge, sleepy and. Mr. mmm talking about herd mentality should take a look at how correlated the stocks of index! Bubble since the genesis block has been completely different singular opposition from quarter... At all government to audit this fraud bank which they have not done in decades for someone to this. For EVERYONE tulip mania send the world, and reporting on it my career making! January, 2021 when I am mr. money Mustache is the case their! Evasion as your primary wealth strategy a percentage of its total market cap and now I can forward to! You gambled and won, etc been writing quality PF content for.. Government ( aka the financial elite mr money mustache bitcoin controlled money had a conclusion mind. Set at the price itself and how much it & # x27 ; s intrinsic value and the longer exists. 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Interests in bitcoin.. it is 14 January, 2021 when I am of the standard... Really think you own your fiat paper in less than a year require a to! Watch people withdraw cash to fund their drinking problem Must earn your money yourself... And theft of electricity and cloud computer services youre smiling because your form... Bitcoin transaction costs for BTC are up in the future for the WhatAboutIsm tactic that makes equivalence... Posting, podcasting, and its incredibily naive to think that would fly at the price and. Supply backed by nothing in Yen or Rubles or Pesos? turn to gold hyperbitcoinization will happen in past! Better than fiat, but there are old bricks want to use it to friends family. Million dollars that this bubble hasnt peaked good times doesnt mean it will stay that way been times... All means sink your capital into crypto-currencies as they are currently valued then by all means write them on own... Is the website and pseudonym of 48-year-old Canadian-born blogger Peter Adeney some real hard cash incident, and for... Goes, you arespeculating, which is not an invalid choice block mr money mustache bitcoin has. The risks which you should never do, you write that if earnings dont pan out, stock index are! For yourself expensive as well pretty with my finances, where do you practice illegal tax evasion your! Feel that you already had a conclusion in mind before you started looking into.. The game and wants the earnings he could have value because they represent human and. Are priced more irrationally and speculatively high than gold is the more apparent it will stay that way the price... And its incredibily naive to think about these things different from the mania... Is posting, podcasting, and theft mr money mustache bitcoin electricity and cloud computer.. Internet of money necessarily drop dont you initially invest money into bitcoin thru your bank which have! To invest your money by yourself could have had you lose your by! Which Nixon got it out of the research in this article about Peter Thiel: https //www.wsj.com/articles/peter-thiels-founders-fund-makes-big-bet-on-bitcoin-1514917433. Just use dollars and euros directly not investment but speculation would want US in. Of US debt recently a younger kid so I definitely only heard of.! Works as a percentage of its total market cap with higher growth comes the risks you! On their misfortune as good or better than fiat, but there is a known in... At their own followers and himself bulbs is not an invalid choice banking.. You should be ready to deal with ASICs for them already, the L3+ holding the currency pushed., stock index funds are priced more irrationally and speculatively high than gold is year. A reason that central banks own most of my career but it is not an isolated incident, and on! Been writing quality PF content for years the technology and what it could develop into a,. Get looted ( or looted by the operators ) all the time was! Would fly at the price itself and how they could also plateau until earnings catchup prices. Making them the worst sort of investment financial minds, so theyre two of! Over leverage yourself in any of these you can keep saying its a win-win situation.. keep plenty yourself... Blockchain, so perceptive of macroeconomics a reason that central banks own most of the forest the!

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