Bitcoin, Bitcoin, Bitcoin…
I can almost hear people shouting from the rooftops about how excited they are about making money from this new and often misunderstood technology. I want to share my view on all this from the perspective of an entrepreneur who is surrounded by tech entrepreneurs, investors and those with wealth in Bitcoin and many other assets as well. Oh, and I also knew about it since it became available in 2010…
Historically we have seen that human beings make most decisions emotionally, not out of logic. If something seems exciting and like it will make a quick buck, often the masses will gobble it up in hopes of getting rich overnight.
But can Bitcoin really make you rich? Is it really a stable asset that will be around in 50 years?
My theory is that cryptocurrency and most importantly blockchain technology will be a game changer but Bitcoin won’t last…
Here is why I believe that. In America, the FED prints our money and works to keep the economy stable via a system in which consumption and debt are rewarded. In our capitalist economy we have ups and downs but overall there is a pattern. When we face an economic depression, banks lend less money, people spend less and the economy slows down but when we have lots of “money”, consumption is rampant and most choose to buy consumer goods instead of invest in their education or assets. That is why so many are flocking to Bitcoin, it’s an easy way to get “rich” that the common lazy American will jump on to make a quick buck instead of educating themselves about wealth and building real value based assets like real estate, businesses, and intellectual property because that requires “work”. Who wants to do “work”?
This isn’t exactly what the FED looks like but you get the point lol.
With Bitcoin and all cryptocurrencies, there is no government regulation and our government doesn’t like that so what will very likely happen is they will do the following.
- Begin heavily taxing profits made on cryptocurrencies.
- Make their own cryptocurrency to be the standard that is equivalent to the USD and backed in the same way so they control how much is made and use their own FED built Blockchain ledger to control the flow of money and track how we use our money as the FEDs love to do.
- They will then ban ALL other cryptocurrencies in America and make the criminal penalties, fines, and taxes so harsh that people will just decide it’s easier to use the USD coin over any of the black market currencies that can’t be used at the local gas station anyway…
- Lastly, they may do something very scary, the FED may then say “Hey, why not get rid of cash so we can always know where people have money to tax them and prevent laundering?” They have been wanting to get rid of cash for years because they can’t track it, they gave us the crack pipe of debit and credit cards to digitize money with the banks so they can track and control it but now they can take it to a whole other level…
So you may be wondering “Dan, have you invested in Bitcoin?”
I’ve known about Bitcoin since it first started in 2010 and I have ZERO regrets not investing in it.
Why?
Because making money with an asset that has no basis of actual value to back it isn’t how I want to make my money and profit isn’t just profit, how you make your money in life matters. If it didn’t we would all just steal, scam and shit on people. Not only that, but I don’t want to contribute to a bubble that I know will leave many people with heavy losses due to their emotional decision to invest in something they barely understand because it looks “shiny”. Keep in mind, now anyone can make cryptocurrencies so there are hundreds of them, how do we control and stabilize the value of a currency anyone can make in their garage? You don’t, the FED does.
So before you run off and tell your Mom and Dad they will never have to work again check the assets in your balance sheet and don’t forget your liabilities like debt, a home, and other money suckers. If the main way you are making serious money is Bitcoin, you should probably sell now or soon before this bubble bursts in your face and leaves you broke as shit living in Mom’s basement. The person or organization who made Bitcoin is anonymous and owns BILLIONS worth of Bitcoin, why? Because they made it and kept a bunch, that’s why.
Sounds like a Ponzi scheme? Not quite but pretty close to it regardless of his/her or their intentions. Think twice before you pull the trigger on buying, especially now when it’s inflated at over $16,000 per BTC as of this post.
Greed and ignorance is a dangerous combination.
If you feel I’m wrong I’d love to hear your thoughts. If you like this post please LIKE, COMMENT and SHARE to educate your friends and help them not go broke so we don’t have to repeat 2008…
Much Love,
Dan San