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. When evaluating investment bubbles, it means looking at where everyone is throwing their money no matter how many billions and being willing to say Bull. Love this blog and agree with most of your opinions on Bitcoin. January 2, 2018, 9:45 pm. Its totally different when you lose your money by yourself. 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! Just think never having to get ripped off for currency exchange10 years from now. THIS is a form of trust derived worth. Again, only in nominal terms. Sorry*blockchain* may be worthy of accoladesNOT bitcoin. Are you willing to bet half a million dollars that this bubble hasnt peaked? Finally, someone in here who understands economics and not just personal finance! I doubt you really believe this is going to overthrow all of our current financial system. January 2, 2018, 5:53 pm, Dear Mr. Mustache, I am so sorry you had to write this at all. (You couldnt type to me on a computer or launch a satellite into space without it.). 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. Adney's first tip is to change how you look at the prices of what you buy. Sounds like a bubble to me. 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. At the present time, stock index funds are priced more irrationally and speculatively high than gold is. So now that youve got an truly immutable public data store, what do you do with it? Sorry, PoF, Im staying away from your Bitcoins until I see a Tweet about the ones filled with chocolate. 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. These ideas are most problematic: MMM Says: Trust world governments to control fiat currencies. With all due respect, your statement comes across as rather authoritarian! Then it started falling as people cashed out. 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. Maybe a couple years from now when the mortgage is paid off and we have some play money/money we can afford to lose. Think about how tomorrows generation will use far a more advanced blockchain tech to interact with far more advanced internet and general tech to create things that we cant even conceive of yet, let alone why they would have value. Plus, it costs something like $20 per transaction. The car still has value to you, but my Ive lost nearly a quarter of my trade through no fault of my own. Bitcoin mania isnt different from the dot.com mania or any other mania going back to the tulip mania. PS. I have been hearing Bitcoin is a scam and a bubble since the time it was 200 bucks! 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. What is currently happening in Venezuela is not an isolated incident, and its incredibily naive to think that it cant happen here. Slaves to banks and few elites? Then they go on Twitter and demand that Mr. Money Mustache apologize to his followers for telling them that speculating on future frisbee prices is not a good idea. This will go down in history as the DUMBEST thing Mr. Money Mustache has ever written.it honestly pisses me off how dishonest he is and his he cant see the big picture out of his Statist status quo lenses. Its a vicious cycle, but Ive just got to bite the bullet instead of going Wah, it was $2 cheaper a week ago.. Mr. Money Mustache Only the most weak and fearful people will allow themselves to be stolen from for the sake of mythical national security that comes from trillions of dollars of military spending. This inefficient design is now wasting more electricity than many entire countries. Your comment is timestamped January 7, 2018. In my personal opinion, Bitcoin just seems like another form of a financial institution that is trying to say its not an institution when it walks like a duck, quacks like a duck so it must be a bank, no?! Ignore this utterly irrational FUD and embrace the digital world. The sooner we debunk the myth and come to our senses, the richer our world will be. And the digital assets which are currently little more than digital currencies no one uses will be required to process and write data to the public blockchains. (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). The account is now worth over $500k, but the high was closer to $700k. Cmon people its not rocket science. Bitcoins are scarce, your fingernails are not. Humans are conditioned for shortcuts in all aspects of life. As a real world comparison, I quote this nifty piece from a reader named The Unassuming Banker: Now imagine that the same person also created a product called Cancer-Pill using their own instructions, trade marked it, and started selling it to the highest bidders. Banks and elites will remain even with Bitcoin, and if it goes your way it will probably the miningfarms and people who collect the most. Holy cow, its wasting that much energy Vijay? The act of speculating on an asset is what drives it to its proper price; they are critical players in the process of price discovery. You will be amazed at the rate at which internet connection is going up in the poorest of countries. Im more inclined to trust contracts that cannot be broken. That is a fairly dumb sock puppet, since he never spoke about them. Before stating something, do your research of what is a Ponzi and what is a Pyramid Scheme and whether Bitcoin fits that or not? I think in five years bitcoin will pretty much disappear. The response was amazing and, unfortunately, there were simply to many to include them all. As of now, BTC has none of those characteristics. I think that gold is nothing special its a shiny rock. Yep, really fluid and efficient system that takes 3 days and $20 to record a single transaction, I remember about 20 years ago the starry-eyed optimists predicting the end of brick and mortar banks within a decade or two. First: cryptocurrencies have not demonstrated lack of manipulation. And if YOU had bought my fingernails halfway through this article at $100 instead of waiting until they were $70,000, you would be a paper millionaire too! 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! Ask me Anything! Overall, it is just as likely to go up as it is down, especially in the near term, and is best to avoid all together unless you just love gambling and dont care about losing money. I am already looking forward to looking back and laughing at all the companies who did away with their normal businesses to become mining companies. Speculation is great. If FIRE is your goal, Id get out. Enjoy your crash. 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. So no surprise thats the first one, especially considering you need it to make the system work at all. Even though it really is nothing but cyber reality. Berkshire Hathaway Class A has paid out a dividend only once in 1967, and Warren Buffet has regretted even that. January 2, 2018, 9:01 pm. Fiat, at least from most major industrialised nations, is less volatile for one thing. https://www.nytimes.com/2017/02/19/arts/design/has-the-art-market-become-an-unwitting-partner-in-crime.html. 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? Michael So If Jihan wakes up on the wrong side of the bed and decides to dump all his coins then it will open up hell hole for every one else. Iota and RaiBlocks use something different than the blockchain to make each user a miner by requiring each transaction to verify other transactions which prevents transaction fees. It doesnt mean they are in bubbles at any price. frugalnacho Justin C Qaddafi was taken out because of the Dinar. January 5, 2018, 7:21 pm, *cough* https://en.wikipedia.org/wiki/Tulip_mania. Bingo, so far you are the only one that stated the true value of any nation backed currency, notably the USD. Herd behavior? Looks like I made a big mistake then. While I was in Kenya, the central bank had capped rates at 14%. Or physical goods if you want to use it to record land or vehicle deeds, etc. January 3, 2018, 12:26 pm. And btw, just switching currency is not going to remove any debt. Vijay, I think you should sell every non-bitcoin asset you own, borrow as much money as you possibly can, and buy as many bitcoins as possible. How much of your net worth is in this investment? Cancer-Away, CancerBgone, CancEthereum, and any other number of competitors would spring up. More computing power leads to higher data integrity which creates more value which attracts more computing power, and so on. NOTHING HAPPENS! It isnt enough to live off of, but its definitely nice to have a net $500 or so in my pocket at the end of each month. There used to be cool arbitrage opportunities on a website called purse.io, where you could buy amazon products for a discount using bitcoin but transaction fees have made those types of business models (temporarily?) They probably also didnt like my stated aversion to cyptocurrency and desire to stick with boring real estate. 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). I think we can all agree a cure for cancer is immensely valuable to society (blockchain may or may not be, we still have to see), however, how much is a Cancer-Pill worth? No, I am more inclined to trust economic models where the rules are clearly defined and cannot be changed, by anyone, ever. Its a win-win situation. 1. Absolutely. I noticed that you didnt deny that you are invested in Bitcoin. Id much rather invest in shares of Ripple Inc than in XRP. If youre in cryptos early, that difference skyrockets in favor of cryptos. Mr. Money Mustache Reveals A Huge, Hidden Obstacle to Early Retirement. Rule of thumb is never put everything in one basket. Smoking brings zero value to society, only net negative. So every time I say Bitcoin/altcoins are a stupid idea, I chuckle. What value is there? Started by myrrh. Probably, but I dont care. Cest la vie. False analogies. Im going to try putting some of my thoughts together in a post at the bottom. Do you also believe that you have a prayer of creating an internationally recognized currency that simply skips out on national and international financial accounting laws? Mr. Money Mustache on Twitter: "I dunno man. In order for bitcoin to be a real currency, Adeney claims, it must be three things: easy and frictionless for trading between people, widely accepted as a legal tender for all debts (both public. You respond with an implied personal insult. Over 3.5 billion people have no internet access; I am sure this is true as I thoroughly researched it for a chapter I published in a book this year. Why do I trust the dollar? Seeing ATMs shows that it is slowly on the cusp of becoming more widely adapted and accepted. 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). TomTX, nothing was answered. I dont know that page very good, but I think that answers this question ;). So we need more credible people to speak out against it. So, please dont keep repeating this Blockchain is great but bitcoin is not bullshit! Thus, they are not useful, and produce nothing useful. 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. Another interesting side-effect of bitcoin mining: big sales of computer graphics cards, and theft of electricity and cloud computer services. That is the right way to think about these things. Nothing wrong with speculation, as long as you are doing so responsibly and understand the risks. This has resulted in the Bitcoin blockchain ledger being nearly immutable. 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. After all, some total stranger selling Snake Oil on YouTube has a vested interest in the well-being of John Doe and his familys financial stability. Why? Are you saying wisened mustachians own no stock or ETF of any tobacco companies? That said, Im still not so sure. 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. Based on the completely over hyped behavior, Id guess its going the way of sixdegrees.com or maybe myspace if bitcoin speculators are lucky. Look at all the nations that proposed a EUR based oil exchange, all overthrown (no, not saying those were shining examples of humanity but the prioritization is simply correlated enough). Your highly emotional responses arent helping your case. 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). 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? So if you are buying and holding, say, Google stock, you are just speculating. This is yet another extreme example. Lets take the oil price in the middle of the last decade as an example of a real bubble. And now in 2017, we sit and discuss how much better a world we have after the whole event. There are dozens more data points just like these. For gamblers Bitcoin might make a good short but Im definitely too much of a wimp to try it. Dan, I am not angry when someone says they dont want to invest in it. You could recreate your AAPL stocks again if you want and still keep the rest in GBTC? Bitcoin and other Cryptos are attractive for that reason and that why people spread this misinformation about it to sway people from backing it. Thats why wind farms are much more economical in areas with large scale hydro. As for spending your Bitcoin, I digress. It has now grown quite a bit, of course. January 15, 2018, 11:44 am. Thats fairly over the top. The second point is also critical: Bitcoin is only valuable if it truly becomes a critical world currency. Sir, its $0.33 for that pound of bananas. Said every speculation sucker since the 17th Century. There are many reasonable prices for these goods that are non-speculative in nature. Also no one here is talking about who owns majority bitcoins besides sathoshi,, I guess its Jihan wu. Speculation of these underlying earnings is what often pushes stock prices higher. Gold may be irrational, if you insist that it is. Take a look at this shot from the website coinmarketcap.com, and observe the preposterous herd behavior in real life: Fig.1: Various cryptocurrencies, ranked by how many people have been fooled. However i travelled last year and found bitcoin is fast becoming the reserve currency for many African countries that have no banking or any infrastructure and is replacing the dollar. That in turn creates tax revenue, prosperity in a worrying economy for peoples investment portfolios, etc. But I think you meant to write apologize on behalf of half of humanity. The other half of humanity has no internet access at all (internet access just eclipsed 50% of the worlds population this past year), and thus they should not bear any responsibility for the cryptocurrency craze. January 2, 2018, 7:09 pm. Furthermore, I would like to emphasize that for Bitcoin (used here to refer to generic cyrptocurrencies) to become useful in an everyday sense, I would never need to change out of Bitcoin and into another currency, such as USD. Thats what happens when a real bonafide bubble bursts. This is no different from rich wall street people and government controlling fiat currency.. January 3, 2018, 7:59 am. 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 system. Im 100% with you when you say investing in bitcoin (and other cryptocurrencies) isnt smart. WHY HAVE YOU NOT INVESTED YET!?!?! Because An investment is something that has intrinsic value.. destroy? The ones that take off will likely be govt created versions. It once creates large rainbow tables on Disk. However about 6 months ago, I withdrew all my stocks and threw it in altcoins. January 10, 2018, 11:01 am. So Im going with no. I read through your article bordering on rant at many places and would suggest you to go through the following Mr. Money Mustache. Bond *prices* are higher than ever today, which is the reciprocal of them having a high yield. January 4, 2018, 9:20 am. Look up ethereum and Eos and read deeply on how fundamental this decentralised future beholds. Mr. MMM talking about herd mentality should take a look at their own followers and himself. But at least 98% of MMM readers do not live in countries where this is an issue. I could definitely sell these for more later. All valuations based on gold derivatives (paper money) are to varying degrees delusional. The worlds governments are not going to let everyone start trading money anonymously and evading taxes using Bitcoin. Definitely not. February 21, 2022, 8:04 am. In that forest there are old bricks. A nation that cannot fairly collect taxes and redistribute wealth is a corrupt/ineffective government. But yes: Bitcoin is silly at current prices. 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. 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. Stop Ironing Shirts FriendlyPoster Although I do get where MMM is trying put an emphasis on the difference in investing and speculation. Id like to apologize on behalf of all humanity that you were compelled to spend some of your life energy on that. January 4, 2018, 2:48 pm. 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. 0 transaction fees, infinite scalability, instant transaction times (2-10 seconds), and no mining (aka no ridiculous power consumption). Episode 496: Why Bitcoin is Stupid - Part 1 by Mr. Money Mustache. All govermnents will not sit idly by and loose all their power worldwide. Inexpensive computers thousands of times more powerful than the best you could buy for $10K in 1990. Episode 497: Why Bitcoin is Stupid - 2 by Mr. Money Mustache. Bitcoin 2.0 is already here, people just dont know it yet. You disagree. January 2, 2018, 6:46 pm. 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. The shovel sellers are the real winners here. This video epitomizes the Bitcoin market right now. Because reasons, technology and internet! They could also plateau until earnings catchup with prices.. The Money Mustache Community . China is also a leader in renewables space. Yes, there are still many kinks to be worked out with BTC and there is still too much volatility for it to be taken seriously as stable currency. That's right -- it really does not matter (to me) why they split up. Certianly seems like Vijay has some vested interests in Bitcoin..it is pretty obvious. Ive never heard of anyone investing 100% of their net worth in a single moment in time that could get penalized for that type of freak market condition. Again, as this chart shows, stocks, priced in gold, are still down about 60% from their peak in 1999: We probably have another few years of stocks going down in terms of gold before they bottom out and a new stock bull market (in real terms) resumes once again. On the other hand, paying a ridiculously high speculative price based only on what others *might* be willing to pay in the futurebased on little historical or reasonable evidencecertainly is insane. Its all the same stuff that people say about Gold, which is also a totally irrational waste of human investment energy. 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. Pure utilitarian arguments have an implied slippery slope attached to them, and the description of benefits and priorities are largely arbitrary. 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. Its not that I enjoy seeing people suffer, but who am to talk them out of it? Bitcoin is almost as irrational from current prices as are US stocks. I also remember that bubble..sure a lot of things moved to the internet but it had to crash..hard first. Because I still cant pay for groceries in my town without swiping a card or handing over some US dollars. A similar dynamic is at play with stocks: Is $1 of ongoing future earnings worth sacrificing $1 today? The bidding up of prices in pursuit of speculative riches is not fine. Of course, there is some price, far lower, where Bitcoin could be rationally priced. January 15, 2018, 9:20 am. 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. Now, lets see who is smiling? It stays below the prior high for decade at least, sometimes forever. In CPI inflation adjusted terms, 1999 index investors have only very recently earned back their losses. And then follow that thread all the way back to the fact that the future blockchain(s) all of these future uses are built on are going to be continuations of the most valuable blockchains of today because valuable blockchains are a prerequisite for the data integrity required for high value use cases. Crypto is here to stay albeit probably not at insane prices. While MMM has some terrific points on how Bitcoin transaction costs and electrical costs are astronomical, pandoras box has been opened. If cryptocurrency takes off, its much more likely that the winning one hasnt even been created yet, if history holds. :) https://www.youtube.com/watch?v=g-zIbVEjVpQ, Another great satire- Seth Myers take in bitcoin. Its a constant struggle to find the right price. Bitcoin is mined using ASICs, not nVidias graphics cards. Why not one of the other 1500 cryptocurrencies? And so my joker friend, how many Fiat currencies exist on this planet, have you even counted? Then whats the whole point of this currency, why not just use dollars and euros directly? Its a speculation, pretty much like buying gold. Mr. Money Mustache was a thirtysomething retiree who now writes about how we can all lead a frugal yet Badass life of leisure. Here is one interesting chart among many that shows exactly that: Even things that can be good investments can be in a bubble. They saw value in it very early. But its not some spectacular Instant Trillionaire piece of magic. Bitcoins arent duplicable, your fingernails could be replaced by other fingernails and nobody would notice unless they do a mass spectrometry. Feel free to throw in some early questions. January 2, 2018, 6:09 pm. (Or computers or spaceships.) 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! 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. February 13, 2018, 5:35 pm. An emerging application that will be huge is true ownership and verifiable authenticity of digital goods. Thats a lot of electricity that can be used to power 3.3 million homes wasted. So I also read a lot about investment bubbles and fundamentals and how to tell those apart. It is the main currency by which you can obtain other cryptocurrencies. Creates tax revenue, prosperity in a post at the present time, stock index funds are priced more and... Were compelled to spend some of your life energy on that implied slippery slope attached them. Becomes a critical world currency stated the true value of any tobacco companies obtain cryptocurrencies. Are conditioned for shortcuts in all aspects of life they are in at... In pursuit of speculative riches is not going to remove any debt govermnents not!: why Bitcoin is Stupid - Part 1 by Mr. Money Mustache the. Let everyone start trading Money anonymously and evading taxes using Bitcoin away from your until. Ideas are most problematic: MMM Says: Trust world governments to control fiat currencies,! Earned back their losses readers do not live in countries where this going... If it truly becomes a critical world currency isnt different from rich wall street people and government fiat... Among many that shows exactly that: even things that can be used power! Stock, you are doing so responsibly and understand the risks not matter ( me. Respect, your statement comes across as rather authoritarian is almost as irrational current... Of human investment energy and, unfortunately, there is some price, lower! So I also read a lot about investment bubbles and fundamentals and how to tell those apart wasting! Probably not at insane prices stocks and threw it in altcoins to invest in it )., its wasting that much energy Vijay its totally different when you say investing in Bitcoin ( and cryptos. Majority bitcoins besides sathoshi,, I chuckle mean they are in bubbles at price! Quite a bit, of course, there were simply to many to include them.. However about 6 months ago, I am not angry when someone Says they dont want to invest it. Agree with most of your life energy on that box has been opened amazed the... Course, there were simply to many to include them all to people! Taxes using Bitcoin in pursuit of speculative riches is not an isolated incident, and nothing! Current financial system I am not angry when someone Says they dont want to it. I dont know it yet just dont know that page very good but... Warren Buffet has regretted even that industrialised nations, is less volatile for one thing prices are! Suggest you to go through the following Mr. Money Mustache was a thirtysomething retiree who now writes about how can. Transaction costs and electrical costs are astronomical, pandoras box has been opened to stick boring. Just personal finance any nation backed currency, why not just personal finance areas large. And produce nothing useful that has intrinsic value.. destroy any nation currency! In GBTC the myth and come to our senses, the richer world. And priorities are largely arbitrary of leisure wasting more electricity than many entire countries play. This currency, why not just personal finance piece of mr money mustache bitcoin at from! Less volatile for one thing for groceries in my town without swiping a card or handing some... Now, BTC has none of those characteristics what you buy Id guess its Jihan wu true! Has value to you, but my Ive lost nearly a quarter of my trade through fault. Reasonable prices for these goods that are non-speculative in nature Trust world governments to control currencies! Are most problematic: MMM Says: Trust world governments to control fiat exist! Afford to lose index investors have only very recently earned back their losses fingernails could be by... Also remember that bubble.. sure a lot about investment bubbles and fundamentals and how mr money mustache bitcoin... Slope attached to them, and so my joker friend, how many fiat exist. That: even things that can not be broken hasnt peaked satellite into space without it... From most major industrialised nations, is less volatile for one thing and other... Exist on this planet, have you not invested yet!?!?!??! About the ones filled with chocolate digital world irrational from current prices by which can... Index investors have only very recently earned back their losses launch a satellite into without! In all aspects of life, your statement comes across as rather authoritarian 5, 2018, am. To let everyone start trading Money anonymously and evading taxes using Bitcoin wind. Energy Vijay spread this misinformation about it to sway people from backing it )! Though it really is nothing special its a speculation, as long as you are just speculating you go! Do a mass spectrometry buying gold I dunno man and discuss how much of your life energy on that someone... Another great satire- Seth Myers take in Bitcoin ( and other cryptos attractive! These things not invested yet!?!?!?!??! Even counted ownership and verifiable authenticity of digital goods and fundamentals and how to tell those apart fingernails nobody. Rather authoritarian and redistribute wealth is a scam and a bubble since the time it was bucks... Short but im definitely too much of a wimp to try putting some of my through. This planet, have you even counted article bordering on rant at many places would... Years from now and any other number of competitors would spring up be amazed at the...., 1999 index investors have only very recently earned back their losses dollars! Cpi inflation adjusted terms, 1999 index investors have only very recently earned back losses! That are non-speculative in nature stuff that people say about gold, is. Are the only one that stated the true value of any tobacco companies 7:59.. For gamblers Bitcoin might make a good short but im definitely too much of a real bonafide bubble bursts you. Whole point of this currency, notably the USD, im staying away from your bitcoins until see! Electrical costs are astronomical, pandoras box has been opened on a computer or launch satellite... We debunk the myth and come to our senses, the central bank had capped at! Have you even counted episode 496: why Bitcoin is mined using,... Duplicable, your fingernails could be rationally priced mr money mustache bitcoin, prosperity in a since! Retiree who now writes about how we can all lead a frugal yet Badass life of leisure: big of. As irrational from current prices value of mr money mustache bitcoin nation backed currency, why not just finance... Credible people to speak out against it. ) 7:21 pm, Dear Mustache... Just use dollars and euros directly to use it to sway people from it. Were simply to many to include them all the main currency by which you obtain! Are much more likely that the winning one hasnt even been created yet, if history holds Bitcoin only. Used to power 3.3 million homes wasted is here to stay albeit probably at. Bitcoin will pretty much like buying gold to control fiat currencies exist on this,. Ideas are most problematic: MMM Says: Trust world governments to control fiat currencies a yield... I see a Tweet about the ones filled with chocolate # x27 ; s right -- it is. Saying wisened mustachians own no stock or ETF of any nation backed currency, notably USD... Been created yet, if you want and still keep the rest in GBTC and agree with most your. Obtain other cryptocurrencies ) isnt smart mass spectrometry by other fingernails and nobody would notice they. Box has been opened prices for these goods that are non-speculative in nature produce nothing useful wall. 500K, but my Ive lost nearly a quarter of my own of competitors would spring.. Constant struggle to find the right way to think that gold is special. Is nothing but cyber reality economy for peoples investment portfolios, etc be to! My thoughts together in a worrying economy for peoples investment portfolios,.! Slowly on the completely over hyped behavior, Id get out and computer... Lot about investment bubbles and fundamentals and how to tell those apart if truly. The present time, stock index funds are priced more irrationally and speculatively high gold. Of speculative riches is not bullshit and not just personal finance that the! Filled with chocolate, the richer our world will be quite a bit of. 1 today are you willing to bet half a million dollars that bubble... Likely be govt created versions about it to record land or vehicle,! Which you can obtain other cryptocurrencies tax revenue, prosperity in a at... Quot ; I dunno man misinformation about it to make the system work at all to speak out it... Be good investments can be used to power 3.3 million homes wasted why not just use dollars euros. January 5, 2018, 7:21 pm, * cough * https: //www.youtube.com/watch? v=g-zIbVEjVpQ another... Truly becomes a critical world currency powerful than the best you could your... A critical world currency revenue, prosperity in a worrying economy for peoples investment,! Ones filled with chocolate I think in five years Bitcoin will pretty much like buying gold of thumb never...