Written November 27th, 2017
CRYPTO CURRENCY - As some of you know, I have been a fan, and user for about 10 years. I liked the idea of this disruptive technology, so I wanted to help it move forward. I got involved for that reason. I still use it today.
Over the past 10 years, I've used crypo-currencies in their intended way...as money. I've bought things like furniture on Overstocked with crypto. I've made campaign contributions. I've supported barter using crypto. It's worked fairly well over the years, but there have always been challenges associated with it's usage.
I'm posting this today, as a warning.
With the recent explosion of the price of Crypocurrencies, a lot of people are getting excited, and getting involved. I'm fine with people getting into crypto. I got involved, because I liked the idea, and I wanted to see it move forward...so of course, I'm happy about it's recent advances in popularity.
That being said: KNOW WHAT YOU ARE DOING.
I cannot think of a single more volatile place to put your money, than into bitcoin right now. It presently looks too good to be true. You know what that usually means.
And if you do decide to get involved: understand that bitcoin only has value IF YOU USE IT. People are buying it as an investment. That is a problem, because if it's just sitting, bitcoin is even more of a fiat currency than Federal Reserve Notes (U.S. Dollar). At least you can wipe your ass with a FRN if the face value goes to zero. That is more than you can do with a bitcoin.
The value is the utility. If there is no utility (because it is all sitting) it becomes valueless. I'm afraid this is what people are going to realize eventually, after they start understanding what they own in bitcoin.
I can't lose. I bought cheap ($11.00 each) and have been using them along the way (as they are intended to be used), so I already have far more value in tangible goods, than my original investment.
But if you get greedy here, it's not going to end well.
You heard it here first. Be careful out there.Et
Since I originally posted this back on Nov 27th, 2017, this is the chart for Bitcoin:
Especially notice the ad at the top of the chart: "Bitcoin is dead". This is what you hear all the time now. Anyone who has been in cryptos for any period of time, has heard this phrase over and over again. Everytime the price fluctuates wildly, the doomsday folks come out. Happens all the time.
What you should do as a seasoned Bitcoiner:
What did I do in the last "boom"? I did what always do: I spent some, and I held a lot more.
And that's why it is where it is today. Keep spending. Keep trading. Keep enjoying bitcoin. Don't panic.
It's new. It's dynamic. It's revolutionary. It's volitile. But...it's how it was meant to work, and if people don't act like frightened herd animals, it will be around and enjoyed by many folks, all over the world, for the rest of our natural days.
I want people to read this article, when Bitcoin makes it's next leap forward. Remember this advice.