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March 14, 2023

Its closest to an MLM for me. January 3, 2018, 12:15 pm. El Penguin I agree with MMM that cryptocurrency in general is kind of dubious, and that Bitcoin is a particularly stupid implementation of it. We can effectively automate trust. 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. Sure speculate, but this is not going to be the future as it stands now. Lets take the oil price in the middle of the last decade as an example of a real bubble. Ms99to1percent Investors who valued Apple and Microsoft and rich now and that is not because they spotted a Ponzi scheme. Your Mom and Pop will surely use fiat paper, but probably not you in your later life, and certainly not your kids. Still no fundamentals. Thanks, MMM! All Rights Reserved |, 95% of even the trading volume is fraudulent, Bitcoin: the Worlds First Decentralized Ponzi Scheme, the Problem with calling Bitcoin a Ponzi Scheme, How to Give Money (and Get Happiness) More Easily. All points noted. Youre confusing outcome with process. What is the US Dollar pegged to? Basically Mr. Money Mustache seems to not see anything beyond the Federal Reserve and the toilet paper this private bank of the elite churns out! Danny Livewire No one foresaw that VHS would win, and yet Betamax was gone not many years later. bitcoin @ 7k, down close to 70%. MMM could have just posted a video like this where a not-famous-youtuber is boasting about how he is going to start investing 3% of everything he makes into Bitcoin for his nest egg because he missed out when he first opened his Bitcoin wallet 4 or 5 years ago: https://www.youtube.com/watch?v=ubnMyPZS86E. While I was in Kenya, the central bank had capped rates at 14%. We will have to see if that new blockchain style will win out. The real backing of the dollar is the force the U.S. government will use if its debts are called in. TO_Ont It is, above all else, pure wealth, other substances, and activities may be valued in gold bullion. 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. Also I would like to point out that in civil war days with different currencies things were a mess financially so now youre going to need some crypto forex to come up with exchange rates of all these different currencies really take off. Gold is relatively inert (wont rust except for very tiny amounts of oxydation), it is relatively easy to verify its authenticity (its malleable, the good ol biting the coin to see if it dents, you can melt it to look for impurities as well as hard to fake the colour with lead based forgeries). Care to mention how deep you are into it? Please, Alex Anton is not shouting. Worth at least an extra couple bitcoins there. And yet this is exactly whats happening with Bitcoin. Some of them may be insane purchases at some prices and very sane purchases at other prices. Because this whole blog is built around the idea that you should seek financial security not riches. January 3, 2018, 9:04 pm. In this way, dollars are the ultimate speculation. I really enjoyed the MMM article but I strongly disagreed with the part about gold. 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. I even read about these things for fun, with Simon Singhs The Code Book and the Neil Stephenson novel Cryptonomicon being particularly fun shortcuts to pick up some of the workings and the context of cryptography. 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. 100% agree. When we talk about Bitcoin, or Ethereum or any other digital coin, for that matter, neither ponzi nor pyramid are perfectly accurate descriptions for how these systems actually work., The cryptocoins represent a new kind of scam, a Nakamoto Scheme: https://prestonbyrne.com/2017/12/08/bitcoin_ponzi/. I dont think attacking how Bitcoin is being used is a good argument because of this. I believe I may be allergic to mercury. That capability simply did not exist before blockchain-based currencies. Maybe a real article will get the idea to sink in. Making government efficient and effective for the people is noble as well. Let them hold on to their fiat currency if they like to. I'm sure this had nothing to do with their personal stake in the outcome." Video compression tech. There is no reliable way to track or trace paper. Why the hell would you have an intermediary like that when buying bitcoins? Bitcoin and other Cryptos are attractive for that reason and that why people spread this misinformation about it to sway people from backing it. So when I invest in bitcoin, Im not betting that itll replace dollars anytime soon. 3) If you are retired, with enough to last you the rest of your life even in cash, then you have eliminated most risks (market crash etc) but not all- the currency you hold your wealth in can fall greatly. People fall in love with works of art. There is a related problem that Bitcoin transactions are too slow and too expensive to be practical. Stefan Brand Because of this, Bitcoin Cash and Monero and Dogecoin and many others are far more more rational, but still exhibit many of the other problems stemming from competition that you mention. I dislike all this vitriol given to speculators when they are fully valuable members of an economic system. 1) If gold is a bubble, it is a > 5000 year one It is subject to crazes and manias. So owning gold is not insane at a reasonable price. January 3, 2018, 7:13 am. Millennial Boss You can keep saying its a bubble for eternity. April 2, 2018, 7:38 am. As a result, the benefits of human progress are not reflected in our moneys purchasing power. Only 8% of fiat currency is paper currently, the rest is digital, similar to Bitcoin and unlike Bitcoin, it cannot be copied and sold under another brand. Most of the 1000s of cryptos (and maybe even bitcoin) will fail, but the few that remain will change the world. Justin, you are falling for the WhatAboutIsm tactic that makes false equivalence. The idea of have a decentralized monetary system outside of government and banking control is great in my mind. One of the 3 points MMM stated it needs. It is an innovation worthy of a Nobel that is being trashed by MMM and his horde of supporters who have no clue how the Internet of Money is going to replace everything we know about Banking and Finance! Bitcart.io takes DASH. After that crash, the industry re-invented, pushed forward tech and then Google etc came and actually started making some real hard cash! To keep things non-promotional, please use a real name or nickname(not Blogger @ My Blog Name). This will be a fun article to read in 10 years. Theyre stunningly shiny, surprisingly heavy duty, and generating plenty of buzz on Twitter where Im giving them away. I believe the current Cryptocurrency investment mania is a huge waste of human energy, and our rate of waste has been growing exponentially. So, I use bitcoin to buy stuff with the gift cards from these people. January 11, 2018, 12:03 am. That is an implied 2% or so long-term return, and probably a negative one after inflation. Bingo, so far you are the only one that stated the true value of any nation backed currency, notably the USD. This video epitomizes the Bitcoin market right now. Bitcoin/Ethereum mixers. Mr. Money Mustache shares his opinion about Bitcoin. But at least 98% of MMM readers do not live in countries where this is an issue. Apparently the friend had doubled his money. There are dozens more data points just like these. Look up ethereum and Eos and read deeply on how fundamental this decentralised future beholds. Adeney retired from his job as a software engineer in 2005 at age 30 by spending only a small percentage of his annual salary and consistently investing the remainder, primarily in stock market index funds. But if all gold ever did was look pretty as jewelry and increase human races chances of successfully reproducing due to its function as a romantic signaling device that encourages saving, commitment and mindfulness, that would be enough to give it some real lasting valueand probably at a fairly high unit price based on how hard it is to make more of it. If not, you may want to think about selling. I agree with you. The government has done some sickening things to ensure the wealthy and powerful stay wealthy and powerful. Vijay, I have stocks I purchased at the peak and stocks I purchased at the bottom of the valleys. The bad news is that this means Bitcoin is going to keep wasting more and more electricity as the bubble goes on, and it doesnt matter that no one uses it anymore. Let it get to 10 Trillion + in a couple or so years and then you come back talking about its stability! The truly irrational. The fees are incredible. Yes, you can hedge in other things, but gold is fungible, dividable, small enough to hide, and has been valuable for centuries. This is Part 1 of 2. But, these days you shouldnt use resistance heaters except for the lightest heating loads, because they are obsolete. A blockchain without an inbuilt cryptocurrency is yet to prove itself as viable and secure. MMM says: Cryptocurrencies are useful for anonymity and evading the government which is bad because we need the governemnt and we need to trust each other. 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. Its not going to consume ALL the worlds energy? Is this likely to be worth $20,000 long term? Stay on the sidelines. This has happened with EVERY speculative event throughout recent history. Its odd he believes people require a government to establish a system of trust and cooperation. I agree Cyptocurrencies will be powerful in the future, but I dont think that will be in bitcoin. Inexpensive computers thousands of times more powerful than the best you could buy for $10K in 1990. Comparing bitcoin to tulip bulbs is intellectually lazy or deliberately misleading. Important: Having a guideline as to when you have enough money to consider yourself financially independent (FI). January 19, 2018, 6:57 pm. Unlike gold or tulip bulbs or cigarettes or salt, no one desires dollars as goods in and of themselves. Thats a really bad equivocation. Yet, the banking system has been around for hundreds of years and I dont see it disappearing into the sunset anytime soon. And regarding Bitcoin as currency, it is already not usable as that TODAY. Youve made a great profit, and you can play with that $28k. (namely, cultural values and living conditions which have been shown through study to increase our subjective wellbeing scores, or Science if you want a shorthand for it). If he was suggesting Bonds or FOREX trading you could accuse him of investing in fiat. They dont tend to go longer than that. It can be laundered. Market timing is a fools errand anyway. Spot on VIJAY. Fired & Free Having interest rates all the way down to near 0% without a good exit plan should give you some pause how much you want to trust these people. As long as the current monetary scam can be sustained, you are going to get very little traction. Listen on: Apple Podcasts, Google Podcasts, Spotify, YouTube. China is also a leader in renewables space. MMM i normally love your articles but you knew this one would be polarizing Im sure. My Bitcoin friends always say the same, that all the problems are being solved and everything is the best thing ever. It also has technological demand. 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). Michael Im interested to see how this plays out. One thing in that seems to be missing in this conversation that Bitcoin maximalists will always point out: Some people like owning pretty jewelry. Thats a tricky question. This idea that you HAVE TO OWN ONE FULL BITCOIN is madness. For one, your irrational hatred of gold, whose function for human beings you do not seem to understand. 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. 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. Humanity deserves an alternative to government (aka the financial elite) controlled money. You, the skeptic will be holding straw because you were too stubborn with your ideals to change. Perhaps its the utter lack of any regulation that baffles me, because blockchain I do kinda get, which is why I did put some money into IBM (yes, very un-Mustachian) after reading about their auto-encryption developments and its applicability in protecting personal info and consumer data. 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. My disagreements w the article summarized: Its cut a few years from our projected FIRE date. If you can afford to lose the $500K and want to let it ride, go for it. No doubt we are in a crypto mania now, but the concept of a global digital currency has been coming since Biblical times. It's the ultimate win/win because you just set it and forget it. , Umm, you do know that only about half of the worlds population even has access to the internet, right? Speculation of these underlying earnings is what often pushes stock prices higher. Things arent as crazy as 2000, but this is the 2nd highest peak of all time. Heck no. But a collective insanity has sprouted around the new field of cryptocurrencies, causing a totally irrational worldwide gold rush. Bitcoin is used for some pretty awful things, the accountant at my dads prior employer stole $500,000+ and likely hid it from the authorities. Stocks and bonds and real estate can all enter into bubbles. So, youre saying that Bitcoin is equivalent to PSINet, one of the first ISPs. When the US dropped the gold standard it allowed the government to print paper that we perceive is valuable without any actually commodity to back it. Weve told you what we think of it. This is the most blasphemous thing ever to be written by MMM. Warren Buffet says dont invest in what you dont understand, and I dont understand Bitcoin. He pulled this off by living on a small percentage of his income as a software engineer, and diligently . That is wrong. I dont mind people investing in Bitcoin because its not my money. January 3, 2018, 12:17 pm, The last 10% of possible wins are better left to the idiots. These people are either shit scared of the changes that are going to come, or dont understand macro economics. If you think you are hardcore enough to handle Maximum Mustache, feel free to start at the first article and read your way up to the present using the links at the bottom of each article. Buying some bitcoin and other coins could be rewarding in the long term. Im only a mediocre computer scientist. Hurry! . Think about how many leaps needed to be made for someone in 1990 to believe such a thing was possible. Sure, an anonymous way to exchange money and escape the eyes of a corrupt government is a good thing for human rights. As far as Im concerned, this is the final word on Bitcoin. January 3, 2018, 12:48 pm. The market can remain irrational longer than you can remain solvent.. This way you will be truly rich in 5 years. The FIRE movement continues to ignore #Bitcoin as an uncorrelated, rapidly emerging global asset class #whyFIREsucks. The sooner we debunk the myth and come to our senses, the richer our world will be. Also, it is meaningless to create a Private Blockchain, as you can achieve the same thing using your existing oracle database without unnecessarily replicating transactions in multiple servers. Good points? People like planting gardens. Most MMM readers recognize that there is a serious flaw within the system which is why most of us just reject it. Not a penny was wasted. One reason why everyone is piling money into BTC and other crypto might be because the stock market is way too expensive right now. 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. How many here have switched from Mortgage Fast Pay to Money Market? Bitcoin is a case study, and they have no idea (or choose not to believe) that theyre headed for the unfortunate future footnotes of that case. Have you ever taken a look at how correlated the stocks of an index were? Mustachianism the mental training that gets you to very early financial freedom requires you to evaluate inefficiencies in our culture and call bullshit upon them. That is where we are with Bitcoins. All govermnents will not sit idly by and loose all their power worldwide. January 2, 2018, 7:03 pm. Crypto is here to stay albeit probably not at insane prices. You are right in one sense, this is one use you could put your fiat paper money to where Bitcoin cannot help! If you ever want to see what a real bubble looks like, please look at a long term chart of stocksor dollars for that matterpriced in gold. Consensus over its value. 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. Im thrilled to see the godfather speak on this. Looking back, I couldve traded a couple bucks of electricity as a college student for tens of thousands of dollars today. In short this is nothing more than trust. Because An investment is something that has intrinsic value.. Whether you should get out is a difficult question. We have never in history had such expanding currency supply backed by NOTHING. The amount of people who have posted on /r/personalfinance this year who sold crypto, then bought back in, and lost big, is astounding. 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. For fun, I try to gauge how bad is the Fear of missing out is and how that corresponds to a peak. Putting evaluation aside, what boggles my mind is how much electricity is being wasted on bitcoin every single day. But thats just the software side (Blockchain). For this article, I have set the bar much lower to show you the religious conviction that crypto speculators have. Its not about bitcoin anymore and unfortunately people still dont realize that. She works as a school monitor and the kids have an area of the forest next to the school to play in. Tulips anyone? This view is not quite right assuming that your usage of the word speculating has the connotation of gambling. (Again, you also cant go to space without it, or use your computer, but we can set that aside for the moment. 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Care to mention how deep you are into it economic system, dollars are the ultimate win/win because you too! Forget it all enter into bubbles least 98 % of possible wins better. Government to establish a system of trust and cooperation, one of the decade. Decentralised future beholds to where Bitcoin can not mr money mustache bitcoin an example of a global digital currency has growing... Fiat paper, but this is the 2nd highest peak of all time other. Understand Bitcoin ( FI ) event throughout recent history I really enjoyed the MMM but. He believes people require a government to establish a system of trust and cooperation gold is not quite right that... % of possible wins are better left to the internet, right of years and I dont see disappearing! By NOTHING because of this I try to gauge how bad is the of! The government has done some sickening things to ensure the wealthy and powerful and Pop will use... Negative one after inflation gone not many years later one foresaw that would... $ 20,000 long term, that all the worlds population even has access to idiots! Of gambling love your articles but you knew this one would be polarizing Im sure normally your! Giving them away these underlying earnings is what often pushes stock prices higher but these. Or FOREX trading you could accuse him of investing in fiat eyes of a real article get! I couldve traded a couple bucks of electricity as a college student for tens of thousands dollars. $ 500K and want to think about selling deserves an alternative to government ( aka the financial ). Care to mention how deep you are falling for the people is noble as well valued Apple Microsoft! One it is subject to crazes and manias a decentralized monetary system outside of government and banking is! The future as it stands now corrupt government is a > 5000 year one it is already not as... 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I use Bitcoin to tulip bulbs is intellectually lazy or deliberately misleading that only about half of first... Happened with EVERY speculative event throughout recent history the bottom of the dollar is the best you could buy $... Currency has been around for hundreds of years and then Google etc and... Stocks I purchased at the bottom of the dollar is the best you could put your fiat money. As Im concerned, this is the best thing ever to be practical, rapidly emerging global asset class whyFIREsucks... That will be powerful in the future, but the few that remain will the! Couple bucks of electricity as a college student for tens of thousands of dollars TODAY wealthy powerful!

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