The topic I would rather talk about is the situation that’s taking place in Georgia with the Senate race, and then of course whatever madness is going to happen on Wednesday. But, since we don’t know the outcome to either, I’d like to just take a minute and chat about Bitcoin for a minute.
The topic I would rather talk about is the situation that’s taking place in Georgia with the Senate race, and then of course whatever madness is going to happen on Wednesday. But, since we don’t know the outcome to either, I’d like to just take a minute and chat about Bitcoin for a minute.
If there was anyone that missed the whole bitcoin thing, it was me. When it was first introduced, it was dirt cheap, and I remember all the fanfare there was way back then, when someone actually conducted commerce with them for the first time. One guy actually made the news because he bought a Pizza for 13 bitcoins.
Today his 13 bitcoins would be worth 409,000 dollars. Something tells me he regrets spending his coins way back then.
So, why didn’t I hop onto the bitcoin train? Stubborn. Old school. I just didn’t see how it was any different than monopoly money. They say it’s backed by scarcity. That there’s only so much of it, and that’s why it will be so valuable.
In reality, the only reason it would have any value at all, is because someone thinks it does. I had several “issues” with the whole idea of it. One being that it transacts over the Internet. For that to happen, you need 1) an internet connection and 2) some form of power (Electricity) In a worst case scenario, ( an EMP for example) you might not have either. What could suck more than having 50 grand in bitcoin, but because terrorists have taken down the grid, you can’t get to it?
Secondly, my feeling was that the central bankers, and individual sovereign state nations, were NOT going to allow unfettered competition to their precious “dollars.” Look at China for instance. Bitcoin cannot be used for commerce in China. It’s illegal. Well, what kind of “money” is it that you can’t spend??
So the bottom line is that I never trusted it, didn’t buy it and now it’s over 30 grand. I could have bought all I wanted in 2010 for a couple bucks. So yes, I absolutely missed what could have been lifechanging. Am I sad about it? Yeah to a certain degree. Why not?
The question is, can us dinosaurs that didn’t buy when it was 2 bucks, 20 bucks, 100 bucks, 2000 bucks…. Buy now? Well the hard core believers say it could go to 450K. JPM has said it has a “value” of about 145K. So by those metrics, you’d have to say yes, it still makes sense to buy into this stuff.
Me personally however, will not. And it might once again prove to be a stupid move. I understand that manias can run a lot further than you would ever think, but I still don’t think they’re going to allow a competing currency that clashes with the dollar and whatever digital currency they’ve created. I think there will be a time that they pull a “china” and say you can’t use this stuff.
But my bigger worry is this; With all this covid baloney, tracking, tracing, forcing people to stay home, their control grid is getting bigger every day. They now want to use a form of social credit monitoring in determining who gets a good credit score. I’m not making this up folks, the IMF wants to look at your social media history to judge if you’d be a worthy candidate for a loan.
Reading between the lines that means this… you want to buy a house. You go to the bank. The banks don’t look at your Experian credit score, they sic a team of social justice warriors onto your facebook and twitter and Instagram. Uh oh, you’ve said politically incorrect things! Uh oh, you’ve show pictures of firing weapons at the range! Uh oh, you’ve said bad things about “the system” including banks. Your loan gets turned down.
Well, if they can do that, are you trying to tell me this precious digital coin won’t somehow be confiscated, or that they think you’re using it for nefarious purposes and they cut off your internet? If you believe they won’t, you’re much more trusting than I.
The average person has two means of connecting to the Internet. They might have a cable service like Comcast, or they get wireless from Verizon. Either one can shut off your access to the internet instantly. They can remotely shut off your ability to connect to wifi, effectively keeping you from signing on at StarBucks.
I might miss another 130K dollar run up in this thing. I’ll be sad about it. But I don’t trust Governments. I don’t trust central banks. If the socialists pull off a win here, my fears would be compounded by 10.
My bottom line is that like everyone, I love the idea of a decentralized currency, that could remain anonymous and it was stable and all the rest. It would be great. But “they” aren’t going to allow that, are they? I have my doubts. If you’re in it, God bless you. I hope it continues higher and higher. If you’re not in it, you’d best do some soul-searching research before spending 30 grand for something you can’t hold or see. That’s over my paygrade. Good luck!