When my parents were trying to teach me a lesson about the value of money they used to say things like, “money doesn’t grow on trees young man.” If the concept of Bitcoin takes off, parents of the future (when trying to cheap out) will probably end up saying things like, “crypto currency doesn’t mine itself young man.” Did I say cheap out? I meant to say, when they teach their children a very valuable life lesson. Sorry about that. I didn’t mean to sound so bitter about my childhood. Anyway, enough about me.
What is Bitcoin?
Is it a crypto currency, an algorithm, a new banking system, or maybe a tool for Libertarians to use in their revolt against The Man? I don’t know, and I don’t think that anybody else does either. The crypto currency market just seems to be a whole new way for some guys to screw some other guys out of their hard earned cash. I’d be all for it if I got in early, but no, it looks like I missed the boat again. Oh boy, more bitterness. I probably should have written about how shitty life is and left Bitcoin for another day. My apologies, I promise to suck it up and stay on topic from here on in.
Who is this mystery man who calls himself Satoshi Nakamoto?
Maybe the guy that invented Bitcoin could tell us about it, but no, Satoshi Nakamoto isn’t talking. As a matter of fact, nobody even knows who or where this guy is. He just invented Bitcoin and then disappeared. He has left us to fend for ourselves in the new world of computerized mining for money.
The proponents of this new crypto technology will try and convince you that it is the greatest invention since the internet. My take so far would not be so positive. I think that a believer in the concept of Bitcoin is like a follower of religion in the dark ages, (and now, if you really think about it). Trusting and allowing the fanatical wackjob leaders to translate and interpret their versions of the concept for you. That works well. NOT!
A Little History:
When Bitcoin first emerged in 2009, it sold for less than a dollar. In 2013 it skyrocketed to over thirteen hundred dollars and now sits at around five hundred. I really hope that crypto currencies are a fad. I like to deal in real dollars, thank you very much. Although the real dollar does fluctuate in value relative to other currencies, it is not nearly as drastic as the crypto version. Imagine if the boss paid you in Bitcoin, somedays you might make fifteen dollars an hour and the next day, eight, or maybe twenty, depending on the market. No thanks, I’ll stick with the greenback for now.
By design, there is a finite number of Bitcoin that can ever be produced (21 million) and that’s it, no more. When that day comes, mining for Bitcoin will become exactly like growing money on trees. Impossible!
At least with our current system the fed can just print more money. Like if we need it for war or to bail out a few psychopathic bankers. It’s a brilliant system, leave it alone. Why would anybody want to change something so fantastic?
Please leave your thoughts or comments below. Thanks, Don