Just to be clear, I’m all for the crypto technology, as a technology, but bitcoin is not gold, or silver, or even copper as a store of wealth.
I love when wanna be cryptologists say, “You can’t make anymore bitcoins, there’s only 21 million that will ever be mined.” I just shake my head when I hear that. My reply to that is, “So, what if someone just makes another bitcoin, just like the first one? That’s another 21 million bitcoins right there, just duplicate the system. It’s open source, right?”
See, this should give you an indicator into the psyche of people. They look at something like bitcoin and get involved thinking they are free from the establishment, but yet, they allow themselves to be placed yet under another system. Wait, I hear an echo. “You can only mine 21 million coins!”
So bitcoin is not setting anyone free. It is just revealing that people find security in systems, and if the right system comes along, they feel they’ll have a chance of freedom-doesn’t happen.
Some people made a lot of money, good for them. There is still a lot of money to be made I believe. But what kind of money are you making? Did you build something and sell it? Did you start an asset that is now giving you perpetual income? Did you hone a craft or help the economy go round and round in any way? Did you provide a service that people enjoy or need? Uhm, nope, in fact, can you tell me the difference between putting down a hundred dollars on etherium vs. putting down a hundred dollars on 24 Black?
You may say, “Well, there are a lot of bitcoin businesses now? A lot of people are being put to work because of bitcoin, the crypto currency you so despise One Page Punch, whoever you are.” My reply to that is "It's probably temporary, and unless you take any winnings (if you have any) and re-invest into yourself, that includes skills, knowledge and relationships, then all bitcoin did for you is make you spin your wheels. You'll look back on your life and realize you accomplished nothing and maybe just wasted all your time.
We always hear of lotto winners whose life turned worse off than when they were broke. I wonder if the same thing will be true for bitcoin winners and bitcoin losers. That they got so wrapped up in a get rich quick scheme that they completely overlooked the functionality of bitcoin and went straight to the winnings. And while they were on that drug, they’re life really wasn’t as satisfying as they were led to believe it was. Time will tell.
I really like Steemit, it’s using the blockchain while building something. A place where the collective can share ideas and information, unhindered from the powers that be…for now anyway. So let’s see what other ways we could use the blockchain that benefits others and let’s support them.
But if you find yourself saying, “Dude, I just made $320.00 on poopoo-coin!” Then you’re part of the greed, and greed does not build character.
One Page Punch
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I agree, many people, including day-traders are making massive amounts of money partaking in ICOs and/or trading altcoins when they are low vs when they are high. I am not saying one can't make money off of trading some of the more dubious coins out there--you can definitely have profit in trading trashcoins. However, it is my prediction that in the very long-term, most of these altcoins will disappear. In the short-term, there is profit to be made for day-traders.