“Why Bitcoin is Stupid” – Mr Money Mustache | $13,672.76

Last updated on January 11th, 2018 at 01:22 am

No, you should not invest in Bitcoin. The reason is that it’s not an investment. Just like gold, tulip bulbs, Beanie Babies, 1999 dotcoms without any hope of a product plan…

When you make this kind of purchase, which you should never do, you are speculating, which is not a useful activity… Investing means buying an asset that actually creates products and services and cashflow for an extended period of time.

…the usefulness of Blockchain is the primary justification people use for the big dumb Bitcoin lottery.

Blockchain is a simply a nifty new software invention (which is open-source and free for anyone to use), whereas Bitcoin is just one well-known way to use it.

Bitcoin is a protocol invented to solve a money problem that simply does not exist in the rich countries, which is where most of the money is.

If cryptocurrency does take off, it will be in a government-backed form, like a new “Fedcoin” or “G20coin.” Full anonymity and government evasion will not be one of its features.

Eulogy made by Mr Money Mustache

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