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Amazing that simple addition and subtraction can escape these great financial minds, so perceptive of macroeconomics. Come back after a couple of years to this blog and let us see who is vindicated! Blog readers. Do we really want a place where you’re either an Amazonian or Walmartian? 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! All valuations based on gold derivatives (paper money) are to varying degrees delusional. Read your history, it happens occasionally. I really would hope that MMM doesn’t sell out like most “social influencers” but regardless not understanding the technology is no excuse for spreading fear, uncertainty and doubt about it. I’m 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. 1) Adoption curve and network effect, 2) people buying & holding (hodling), 3) people using it to buy stuff or services. If they talk about investing in BTC or any crypto CURRENCY, I say, “well, I think I’ll invest in Mexican Pesos”. The Cambridge Bitcoin Electricity Consumption Index estimates annualized consumption at 139.15 terawatt-hours – more than that of Argentina. While I agree with your sentiment about Bitcoin — I have been echoing similar warnings to friends and family since it’s mid-2017 breakout to $2k — I think several other cryptos are definitely deserving of a portion, albeit small, of an investment portfolio. Probably because it was the first and still the largest blockchain based tech, a lot of capital has gone into Bitcoin mining equipment. This part of it is ideological to me: You Must Earn Your Money By Creating Value for Everyone. Heck no. And btw, just switching currency is not going to remove any debt. So, I use bitcoin to buy stuff with the gift cards from these people. Doesn’t mean you can’t speculate to help you get to FIRE sooner though. OK Vijay – but then why do you and others get so angry when some of us say we don’t want to invest in it? You may be smart enough to recognize why one currency is going up and another isn’t and to not go all-in on something. Note that he didn’t say the underlying technology (blockchain) is stupid. Then you are in at twice the actual price of Bitcoin. http://www.newsbtc.com/2016/06/01/andreas-antonopoulos-explains-blockchain-nothing-without-bitcoin/. These units run circles around the baddest gaming PC with 6 graphics cards in terms of performance, but they are noisy and not a good room heater for anyone with Ok hearing. Absolutely! You know things aren’t a good “investment” when there are Bitcoin ATM’s at bars. Have you ever taken a look at how correlated the stocks of an index were? Gold has always been considered a commodity of high value. Think that would fly at the grocery store? Yes, it is true that bonds are *also* in a bubble at the present time—and that the bond bubble is so big that it makes stocks look relatively cheap by comparison. Maybe a couple years from now when the mortgage is paid off and we have some play money/money we can afford to lose. The price went on a historic and seemingly unstoppable run all the way to $150 per barrel in 2008. A good analogy is a life raft on the ocean vs an aircraft carrier. But they don’t have to go down for there to be a US stock market crash in real terms. Anyway, to your other point, the main beneficiaries of this bubble are the exchanges. Nothing is promised. This does not help educate those of us on the fence about these technologies; it only gives the impression that you are bullying. Think about how tomorrow’s generation will use far a more advanced blockchain tech to interact with far more advanced internet and general tech to create things that we can’t even conceive of yet, let alone why they would have value. Bitcoin is extremely risky, but it is not dumb and its value is also based on consensus. But if each individual email involves effort and cost, then the spam becomes uneconomic, and so less likely to happen. Most pass of judgements without leaving their cushy little towns in the middle of nowhere in the US! Your risk is your own, but understand that bitcoin is gambling. 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 why wind farms are much more economical in areas with large scale hydro. I did Control F, and verified that MMM never used the word Ponzi or Pyramid, and in fact Vijay, you were the first person to bring up the Ponzi Scheme topic, and then you linked some article (which I did not care to read).

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