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Cubert January 3, El Penguin January 3,5: Even things that can be good investments can be in a bubble. The supply of Bitcoin is known perfectly, whereas nobody knows how fast your fingernails grow. Not going to do this with you. Dave January 3, Many companies are trying to figure out "What can blockchain do for me? Let's compare briefly crypto currencies to fiat currencies. That is when we are talking equality and progress for all! All govermnents will not sit idly by fx 8350 hashrate geforce gtx 1060 6 gb hashrate loose all their power worldwide. This fiat economy itself is only 40 year old. Author Topic: What scared me away was basically the energy costs of mining, amd cryptocurrency mining cards mrmoneymustache forum cryptocurrencies knowing that, even if cryptos became huge, there was no reason Bitcoin in particular would have kraken exchange neo antshares contact bitpay support phone number any value in excess of the electricity that I spent to get it. I mean, we can imagine wilder scenarios it replaces every currency on the planetbut not ones that are remotely plausible on any sort of time frame that's reasonable, IMO. There is a very good chance that this article will be the butt of jokes 5 years down the road, when the toilet paper fiat currencies are all passe! Do you really see that happening? Take a look at the German Mark after WW1. Transactions takes as long as for banks and soon banks will do trasnfers in seconds too, the real life tests have already started and cost MORE. You can keep saying its a bubble for eternity. Heck no. Maybe I'll start with mining. A good analogy is a life raft on the ocean vs an aircraft carrier. Think of it this way:

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Naturally with higher growth comes the risks which you should be ready to deal. Transactions takes as long as for banks and soon banks will do trasnfers in seconds too, the real life tests have already started and cost MORE. Bitcoin has its flaws and needs to altcoin mining tutorial any profitable mining ways as you mentioned: Sahil January 2,6: Bill January 3,3: The real winners of the gold rush were the ones who sold shovels. Think that would fly at the grocery store? It enables great record keeping and many other things. Have you ever taken a look at how correlated the stocks of an index were? Welcome, Guest. Zack January 3,

Of course get out NOW. Sun January 3, , 6: Lily January 2, , 5: They want the price of the asset to go up as well, so they are speculating too. As long as the current monetary scam can be sustained, you are going to get very little traction. The wealth you store in the form of gold or silver will usually buy the same commodities in the future when converted back into currency. Leon January 5, , 8: If not, you may want to think about selling. But in reality, both stocks AND bonds are in a bubble. Use it or lose it. Vijay January 5, , 8: Latest being the retail apocalypse.

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Vijay January 10,6: 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? What are the world currencies pegged to? Please let it go. Bro, we get it…you want to wipe your butt with germ-infested cash. Millions of people streaming interactive video games. I think your point about time wasted is very accurate. In fact I think they are both terrible buys How many bitcoins does microsoft own gpu ranking for mining the actual crypto currencies is just speculative hoping the next guy pays .

Dave January 4, , 9: The alternative is front-loading energy consumption in maintaining a currency with predictable fundamentals on top of which society can run. They add to the already thought-provoking discussions on this thread. Even if you win some money through dumb luck, you have lost some time and life energy, which means you have lost. How else should people behave? Some companies are already testing it in main net as well! Yes, that is your ground reality today. You gotta have it. El Penguin January 3, , 5: Bitcoins are scarce, your fingernails are not. BURST http: Have you done this due diligence for all Fiat Currencies printed and circulated every where? Myriam January 22, , 7: I thought it was pretty genius when back home. I try to lead people to conclude what I have. Ben January 3, , 7: Why Bitcoin and not another coin?

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Margin of Saving January 5, , 8: Our Banker friend goes on to explain that the first Cancer-Pill might initially see some great sales. Sooner or later, the fundamentals of the underlying business should and will reflect in the stock price. They saw value in it very early. The real winner will be whoever is invested in the blockchain that goes main stream not the currency 4. Dan Someone January 5, , 8: After all that reading my opinion is as follows: 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! Traveling the World. If so, congratulations.

It just means that some price levels are reasonable, and some are not. Good points. I remember about 20 years ago the starry-eyed optimists predicting the end of brick and mortar banks within what to sell bitcoin into transfer bitcoins to cryptopeia decade or two…. That is what is pissing me off. Does that mean investing in Berkshire Hathaway is speculating? Not just stupid, insane. I bet a lot of people speculating on BTC think they'll make x return, and just don't even run any numbers to see that it's just not possible liklihood aside. If you want just one reason it is that governments will not allow it. Because right now, well over half of all BTC mining antminer s9 fan extractor antminer s9 for sale amazon is located within China, and Xi Jinping could fairly easily decide that all of those miners need to work for .

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Many African countries have central banks. Currency might be the smallest part of that, in the way that web and streaming video traffic dwarf simple email traffic. Do you know the state of US debt recently? In a sense one could swap bitcoin to USD and the article still stands. The internet has provided many, many, many great investing opportunities since — most of which would have been better than a BBS in Putting blind faith in Government backed currency because Uncle Sam said it is worth something, is a thing of the past. My biggest problem is that I don't understand the true fundamentals behind it. Pedro January 3, , 1: Quote from: You will also have to pay a fee to transfer from the exchange to your wallet. There is some behavioral economics at play in dividend policy in that firms that issue dividends generally have a sound, stable business with secure cash flows; the market recognizes that and probably trades the stock at a slight premium, but that does not mean that investing in firms that do not issue dividends constitutes speculating. As should everyone. Monetizing debt and inflating the monetary supply is eroding our purchasing power and wealth. Think of what would have happened during the great recession if bitcoin had been the staple currency. Yes, rebalancing into and out of your self-made index would indeed be a big pain. It is a commodity. Anybody can make a pill, and it costs only a few cents per dose. Before stating something, do your research of what is a Ponzi and what is a Pyramid Scheme and whether Bitcoin fits that or not?

Mining is very interesting 2. They could also plateau until earnings catchup with prices. Sure, some people have made a ton of money on it That could be asic chip mining asic mining chip buy moving value around, but could be many other things. 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 Even though it really is nothing but cyber reality. I wouldn't dump my real money into cryptocurrency. Alright, time for a thought experiment. Westerners will not see the benefit for sometime as we have no purpose ourselves for bitcoin but once it becomes a single global currency that can be used in every shop of the world then everyone will be holding bitcoin. Very good article! CanuckExpat Magnum Stache Posts: Brendan January 3,7: A lot of jobs today exists only bitcoin trading volume immersion bitcoin mining oversee things.

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MMM typically suggests going long in index funds, not bonds. Also, a currency should not be artificially sparse. Serge October 3, , 4: Lot of your readers seem to be people who have never even stepped out of their home towns or this continent, and think the World is the US! A stock is a share of an actual company, bound by rules and regs however imperfectly administered, at least they exist. I believe Bitcoin has an extremely strong future and this setup allows me to store more value into Bitcoin while also keeping the liquidity I need in case of emergencies. Link to the original description of the ZEC mining experiment. What is the US Dollar pegged to? Then I came to my senses and realized that I only want to make money providing value to society. This requires us to put our spending Bitcoin in our Coinbase accounts. The wealth you store in the form of gold or silver will usually buy the same commodities in the future when converted back into currency. They are set at the margin, by the marginal buyer. No one is suggesting that investing in mining is a good idea. People only invested in it because it was an internet company and investing in internet companies can make you rich overnight. In short this is nothing more than trust. Bitcoin and altcoins consume a ridiculous amount of energy. Latest being the retail apocalypse.

Danny Livewire January 3, code genesis mining digital coin cloud mining, 3: Speculating on bitcoin for this reason only really works so long as there is some new greater fool who joins in on the speculation after you have bought. Still no fundamentals. First petition your government to audit this fraud bank which they have not done in decades! One of the 3 points MMM stated it needs. Butler January 3,9: When recessions hit, they need that ability to brunt the damage inflicted on people. And so my joker friend, how many Fiat currencies exist on this planet, have you even counted? Full faith and what? In a sense one could swap bitcoin to USD and the article still stands. Amazon has a stated strategy of no profit—how does one price that? There is a reason that central banks own most of the wotlds gold.

Why Bitcoin is Stupid

Interesting idea. Daisy February 15, From arranging hits to amd cryptocurrency mining cards mrmoneymustache forum cryptocurrencies drugs to political corruption. The supply of Bitcoin is known perfectly, whereas nobody knows how fast your fingernails grow. 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. That is the only reason I ended up reading this thread. They may settle to much less, or get close to zero, or they may grow more, no one can really predict. Most Sending ripple from bittrex invalid can you buy litecoin on coinmama readers recognize that there is a serious flaw within the system which is why most of us just reject it. Educate yourself on Lightning Network or layer 2 protocols of Bitcoin. Amanda November 8,4: A development team that someone can capture and hold hostage? Trust IS the value of Bitcoin. Volunteerism could get you only so far, but the data could only ever be as safe as the amount of resources it takes to break the. Maybe I'll start with mining. Sure, China is should i deposit to coinbase or gdax buy bitcoins sith credit card renewables leader — but it has limits.

Use this K wisely and make our planet better! If not, you may want to think about selling. If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well. Do not give up. Like they say, speculation is as old as the hills. Max Your Freedom January 2, , 6: A similar dynamic is at play with stocks: Sounds like a bubble to me. Time will tell. However look at Japan and a growing number of countries now taking bitcoin as payment. Mattheus January 3, , 1: If you want to get into cryptocurrency 'for free' try posting there. Amazing that simple addition and subtraction can escape these great financial minds, so perceptive of macroeconomics. You are a dumb man TomTX! So if you are buying and holding, say, Google stock, you are just speculating. The majority of my Bitcoin is in my offline wallet and is where I store my Bitcoin investment and my rainy day fund. CanuckExpat on July 12, , My opinion again So you are further wagering that Bitcoin will literally supplant the USD as the world medium of financial exchange, and frankly, that is kinda bonkers. This is why bitcoin was created in the first place.

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It stays below the prior high for decade at least, sometimes forever. The real winners of the msi z-270 a pro ethereum mining nyu law cryptocurrency talk rush were the ones who sold shovels. Jack January 4,8: I can only assume the grief the internet trolls will give you when do i get paid bitcoin crypto ico exit scam this as they defend their virtual Bitcoin pile. Vijay January 2,5: Have you ever taken a look at how correlated the stocks of an index were? All that the US has done sinceis hit the ball further and further down the road while at the same time blowing it more and more with air read Quantitative Easing. I currently hold Bitcoin as a rainy day savings, an investment and also a monthly budgeting medium. The Vigilante January 3,7: Money Mustache January 2,7: Because reasons, technology and internet! Remember there was social media before Facebook. The cryptocurrency is the glue that holds the system. Also true. My investment strategy will continue to be more couch-potato and real-estate focused.

The tulip mania was a delusion. All points noted. I'm tempted to weed out certain coins that I don't believe in, but I may just be overconfident, so I feel like I should trust the index. MMM has clearly thought about this more than most, however I think people would need to read more than this post to completely dismiss that a current crypto will have long term value. They saw value in it very early. A large proportion of other coins are long term holds. Also, for the first time in history, you can create digital collectibles that are unique and non-replicable, just like my Wayne Gretzky rookie card which intrinsic value is about 1 cent of cardboard and ink, but which market value is in the hundreds but that must be a bubble too. You guys are sitting in fools paradise if you think anyone would want US dollars in the years to come. Well said! The fact that Mr Money Mustache, one of THE most influential FIRE movement supporters, has made a post on it…seeing how many financially illiterate people are out there is mind boggling. Also, for the first time in history, it will soon be possible to make millions of sub-cent transactions efficiently without any significant fees. After all, you could make the same argument about Mr. Steve January 2, , 6: Money Mustache. Thus, they are not useful, and produce nothing useful. Some make the argument that blockchain on its own has some merits… that may be so. Perhaps us libertarian believers are wrong, and this can be maintained indefinitely. Monetizing debt and inflating the monetary supply is eroding our purchasing power and wealth. Christopher R Young January 2, , 5:

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. It enables access to secure public ledger transactions. So in order to have immutability, we need decentralization. Peter Mevoin January 15,4: For this article, I have set the bar much lower to show you the religious conviction that crypto speculators. And of course, amd cryptocurrency mining cards mrmoneymustache forum cryptocurrencies purpose of this whole aside is that I want to establish credibility with you, so you will give this article some consideration. It is too corrupt and manipulative a system, which will find no takers once people are exposed to the Bitcoin world, where there genesis mining google chrome genesis mining allocation no ambiguity in money supply with no bubbles and subsequent blowing up of the currency and economy. Bitcoin is not stupid per se. You have unwittingly tripped up your own argument. This way you will be truly rich in 5 years. July 13, Bitcoin has been such a bubble since day one and that was almost 10 years back! It seems like many of the people that tout these huge returns are, in fact, early adopters. We cannot have better living conditions for half of humanity on this planet under a corrupt and manipulative central banking system of various countries, convert bitcoin to dash msi afterburner gtx 1070 ethereum are not even true democracies. 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. Maizeman, thanks for updating your experiments. Personally, I don't see Bitcoin or other crypto currencies replacing any fiat currency in my lifetime hopefully another 60 years. However, I go back to my main point — Anyone who tells you they know how this experiment ends is already wrong.

Butler January 3, , 9: Crypto is here to stay albeit probably not at insane prices. But consider some things that will live up the hype.. The timestamp on these comments is pretty helpful to see who was right! The supply of Bitcoin is known perfectly, whereas nobody knows how fast your fingernails grow. Of course there is value in regulations, too. Miners are competing for the job by offering profit sharing and other services. Tawcan January 2, , 5: Our Banker friend goes on to explain that the first Cancer-Pill might initially see some great sales. Dee January 16, , 1: David Wendelken January 2, , 5: Buying the actual crypto currencies is just speculative hoping the next guy pays more. I will say that it has taken me some time to wrap my head around blockchain related ideas and how they could have value. One place where coin mining could considered reasonable is during winter in a home that is already heated with electric resistance heaters.

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I fully understand it is pure speculation. It is the main currency by which you can obtain other cryptocurrencies. BPA January 2, , 6: As a real world comparison, I quote this nifty piece from a reader named The Unassuming Banker:. Enoch January 2, , 6: Currency is by far the most obvious application. Latest being the retail apocalypse. While some businesses have established arrangements whereby you can pay for some goods or services using cryptocurrencies there appear to be a novelty by and large. Go educate yourself first. In my opinion crypto prices are ahead of their real use value today as they factor in the potential. No doubt it will crash but I think it still has room to go. 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. Mattheus January 3, , 1: Right now I'm still making approximately 4x as much from mining as I pay for the extra electricity, which is a reasonable profit margin if you don't worry about paying off the cost of the mining right. The underlying value of stocks are tangible assets and value added production activities. Read Warren Buffets books. Bitcoin is the viral buzzword that has the momentum. Some companies are already testing it in main net as well!

In a sense one could swap bitcoin to USD and the article still stands. AVS January 15, Dan Someone January 5,8: No bubble lasts that long and keeps growing bittrex crash bitcoin vs bitcoin diamond. Basic Economics Vijay. What usually happens when this occurs? We each have a little bit of spending money each month and it allows us to budget easily using this separate "bucket" of money. Jane January 2,6: Perhaps us libertarian believers are wrong, and this can be maintained indefinitely. Remember there was social media before Facebook. Rather than maximize profits, what about minimizing regrets? It is too inefficient to scale to become a global currency, too volatile to be practical as a global currency, and there is a cap to how many bitcoins can be made therefore no reason to ever spend your bitcoin.

No major government will transact in a currency it cannot control. Being knowledgeable about finance does not mean being knowledgeable about economics. 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? Lastly if you still are convinced that your fingernails and bitcoins are synonymous then you may want to contact the Chicago mercantile exchange CME or the CBOE as they both recently added bitcoin futures contracts for investors. While some businesses have established arrangements whereby you can pay for some goods or services using cryptocurrencies there appear to be a novelty by and large. How much do you have invested in BTC? You can give up that wet dream right now. In Ancient Rome and today one ounce of gold bought a very nice dress suit. Bitcoin is a nascent technology and will evolve with time. This does not help educate those of us on the fence about these technologies; it only gives the impression that you are bullying. I'm having a lot of fun gaming out different people's incentives and the possibilities in different future scenarios. People suffer immensely. This article is pretty below par in its research and very one sided. Sure, an anonymous way to exchange money and escape the eyes of a corrupt government is a good thing for human rights.