Bitcart.io takes DASH. 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? Because I still cant pay for groceries in my town without swiping a card or handing over some US dollars. But its likely just down the toilet. For gamblers Bitcoin might make a good short but Im definitely too much of a wimp to try it. Also appreciate fungibility. Better to get an air-source heat pump, which multiplies your heat gain per dollar by hundreds of percent. January 5, 2018, 12:35 pm. It doesnt mean they are in bubbles at any price. In a world of human trust, putting the wisest and most respected people in a position of Adult Supervision is a useful tactic. 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. However, in 2004 when Facebook was being launched it was looked at as a funny little friend site. Holding gold is not an investment in this case, it is a hedge. If your chosen currency doesnt win out it goes to 0 since if it has no users it has no value. Started by myrrh. Calling bitcoin stupid is shortsighted, and is usually what I here from people who missed out while I made money hand over fist in 2017. http://www.newsbtc.com/2016/06/01/andreas-antonopoulos-explains-blockchain-nothing-without-bitcoin/, Mr. Frugal Toque Back in its heyday, BTC was incredibly valuable for making monetary transactions (essentially anytime before this recent mania clogged up the blocks). Good thing I dont invest in it! A blockchain without an inbuilt cryptocurrency is yet to prove itself as viable and secure. Its a huge money maker if you can bet that youre not the bigger fool. Thats what I have been saying guys. The short answer is they can do nothing about it! Please let it go. The real test of if you should be a cryptocurrency supporter:would you be exactly as passionate and spend the same amount of time thinking about it,if Bitcoin were still an obscure piece of code, worth less than one cent, and offered no chance of ever earning you any money? About a 1/3 of it gets taken before the IRS even gets their grubs on it. Would yours? Mr. Money Mustache and his then-wife retired at the age of 30 with a net worth of $600,000. I totally agree. Is it likely to be worth $0? A boy named Sue (You couldnt type to me on a computer or launch a satellite into space without it.). A boy named Sue This is not characteristic of a healthy financial system (particularly so many years into a global recovery), but rather a zombie one thats been artificially propped up since the financial crisis. Im 100% with you when you say investing in bitcoin (and other cryptocurrencies) isnt smart. (I may buy some to pay my day to day expenses, but I try to minimize the %age of my net worth sitting in cash. As platforms. Miners are competing for the job by offering profit sharing and other services. China is also a leader in renewables space. Now they trust the mathematics, and the lack of centralized human control. Ryan Thomas (FWIW, CAPE had actually been studied in academic settings many, many decades before Shiller, and was a favorite metric of the legendary Benjamin Graham in the 1920s and 30s. Hmmm..why not pay in bitcoins if it is so superior? This video epitomizes the Bitcoin market right now. We dont buy average cars or average homes we buy older cars, and smaller homes to cut costs and live a modest life. Bitcoins etc does not make it easier at all. Thats pretty much it. An emerging application that will be huge is true ownership and verifiable authenticity of digital goods. The reason Bitcoin has been driven so high is because its a limited supply. I also remember that bubble..sure a lot of things moved to the internet but it had to crash..hard first. Why does bitcoin have to be the winner? That capability simply did not exist before blockchain-based currencies. Seems to Petes point, theres an awful lot of marketing push behind something that has dubious use cases and limited long term value. 36 terawatt is not something taken easily from renewables at current rates.. Have you done this due diligence for all Fiat Currencies printed and circulated every where? What are the world currencies pegged to ? I dont know how many of you can even get to understand what this is but hopefully you understand something from the URL I share below of how mining is done, and why this is not some idiotic electricity consuming joke! But if you have some play money, it doesnt hurt to speculate if that is what you enjoy doing and dont mind losing everything you put in. January 3, 2018, 12:15 pm. Cryptocurrencies are the key to humanitys survival. EvoInvestor Im thrilled to see the godfather speak on this. There is no reliable way to track or trace paper. Certianly seems like Vijay has some vested interests in Bitcoin..it is pretty obvious. United States . 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. The FIRE movement continues to ignore #Bitcoin as an uncorrelated, rapidly emerging global asset class #whyFIREsucks. 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. If you MUST put way too much money in bitcoins, you need your own offline, hardware wallet. Thank you. other currencies already provide faster, cheaper transactions. to convince them myself. A large proportion of other coins are long term holds. Cryptocurrencies are extremely risky. Gold is not necessarily a speculation. Everything currently is too expensive. Mr. Butler Although I do get where MMM is trying put an emphasis on the difference in investing and speculation. 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. Its cut a few years from our projected FIRE date. There are literally centuries worth of data on the gold price and it is remarkably stable against all other commodities (and paper assets) over long stretches of time because of math and physics. 7 Replies 594 Views February 10, 2023, 11:49:28 AM by index: Bonds funds vs stable value funds. Hardware. Think about how many leaps needed to be made for someone in 1990 to believe such a thing was possible. and we live in the middle of it. But, these days you shouldnt use resistance heaters except for the lightest heating loads, because they are obsolete. This is certainly a correct analysis Mr. Mustache. This is not correct. To most of the Internet, Mr. Money Mustache is known as the quirky early retirement financial guy, and this is a blog about Money. The price went on a historic and seemingly unstoppable run all the way to $150 per barrel in 2008. 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. So theres a positive feedback loop here. When I hear someone claim an investment in Bitcoin I end up smiling politely and correcting them on one point. What value is there? I wouldnt! An Interview with Matt Cutts: Can the Government grow a Money Mustache? This YouTube Video is one of the best shortcuts I found for explaining how Blockchain (and Bitcoin) works. 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. While stocks are likely a bit frothy, P/E ratios arent near the peaks they were circa 2000s: And important thing to note here is that underneath (almost all) stocks are actual engines of growth with hundreds or thousands of humans working hard, churning out profits, earnings, and dividends. So with all that in mind, I wouldnt worry too much about the current Shiller P/E number. Does that mean investing in Berkshire Hathaway is speculating? Think that would fly at the grocery store? There is no one to be happy but individuals. A stock is a share of an actual company, bound by rules and regs (however imperfectly administered, at least they exist). Something only has value if ppl place a value on it. Because hydro acts as a massive built-in storage in both the short term (ms, seconds) and long term ( hours, days, Hopefully someone else will go through this in 2023 and fill us in on the value then. 26 Replies 18313 Views March 27, 2020, 01:47:17 PM by talltexan: How do you press your kids to learn money habits? December 10, 2018, 5:45 pm, Dang! But consider some things that will live up the hype.. like improved immunotherapies for cancer or Crisprs ability to cheaply edit DNA line by line. Except for ripple coin. 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. You cannot have blockchain without bitcoin. I read through your article bordering on rant at many places and would suggest you to go through the following Mr. Money Mustache. Theyre not very good experts. Based on the completely over hyped behavior, Id guess its going the way of sixdegrees.com or maybe myspace if bitcoin speculators are lucky. :). (And very badly compared to other cryptocurrencies.). Mr. Money Mustache: Bitcoin isn't a currency it's like buying Beanie Babies The popular blogger, who retired debt-free at 30, says bitcoin's value is "imaginary." The popular blogger, who. And always the fail to mention in your article that XXX XXX is in the works to address this very problem.. Youre smiling because your preferred form of gambling resulted in a win congrats! 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? We live in a world where both can, do and will exist. The problem with Bitcoin, (really all of the crypto currencies) is their value is not tied to anything of value. I hope it wasn't, but as he said in the article, it's none of our damn business. Interesting article, with some great points. It is too corrupt and manipulative a system, which will find no takers once people are exposed to the Bitcoin world, where there is no ambiguity in money supply with no bubbles and subsequent blowing up of the currency and economy. January 5, 2018, 7:01 am. LennStar It makes you want to laugh and cry. Your turn to supply real numbers. A whole Bitcoin? Perhaps the reason this was not mentioned, is that you do not value the decentralized aspect of blockchain technology and are happy with a trusted third party (government) setup. Spend $40,000 a year x 25 = $1,000,000 to be FI/spend 4% of $1,000,000 = $40,000 to spend each year. 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. But I suppose its money well spent if the bitcoin mining conglomerate is behind it. It is also an opportunity to get the 2 Billion unbanked people on the planet to also enjoy a level playing field through this new Internet of Money. January 15, 2018, 11:44 am. Personally, I think this article shows that Mr Adeney has had his blog hijacked by the Anti-satoshi ;). That said, I did buy $300 of Bitcoin back in November (which is a tiny fraction of a percentage of our net worth) on the off chance it keeps escalating like crazy. How is that even possible? Which is fine, but this trust-less nature of Bitcoin is what the early adopters valued. Bitcoins are all the same, they are not numbered, they dont rot and dont have a shelf life. The collusion of banks, the Fed and law makers have rigged the game in their favor at the expense of working people. Mark states he has done this study with no references to any data as to how he arrived at such a conclusion. January 3, 2018, 12:13 pm. Ultimately, Bitcoins functionality is what the digital asset should derive most of its value from. I think that the point being missed in all of this is NOT that people want to evade taxes, but that they are being screwed backwards & forwards by the banks (& the tax evaders-in-chief that run them). Good points? Is having 1-2% of my overall portfolio in cryptocurrency stupid? No, not to me. They said they are going to ban it, but there was such public outcry the government just backed off and now says they are still discussing the matter! farmecologist 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. Saving billions from poverty, war, and the enslavement of banks or the lack of any banking is Altruistic. Appreciate the term scarcity. Stocks and bonds and real estate can all enter into bubbles. Retweeted. So just like you say theres nothing stopping you from creating your own Bitcoin, its the same code.unless you could attract hundreds of millions of dollars of computing power to ensure data integrity on your blockchain, its as worthless as your nail clippings. As a result, the benefits of human progress are not reflected in our moneys purchasing power. They are very valuable and the price is sure to rocket! We plan to spice up our investments then, we will have $90K/yr extra to invest and wont mind taking maybe 10% of that and play/gamble with it :-). They cant use these gift cards. The account is now worth over $500k, but the high was closer to $700k. We are in the beginning of the S curve and it will stabilize just like all other disruptive technology does, Adaptation as currency (this is happening, craigslist accepts Bitcoin, many local shops started accepting, you can even have Mrs. MM get paid by bitcoin on etsy. I made 400% and pulled them out. 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. Christopher R Young You can even have a social media/blogging site based on a blockchain, like steem/steemit. 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. 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