To most of the Internet, Mr. Money Mustache is known as the quirky early retirement financial guy, and this is a blog about Money. Who wants to sacrifice to earn financial freedom when you can just invest in Bitcoin and achieve the same in less than a year. This will go down in history as the DUMBEST thing Mr. Money Mustache has ever written.it honestly pisses me off how dishonest he is and his he cant see the big picture out of his Statist status quo lenses. Same wishes to you on your toilet paper fiat money my friend. Id like to apologize on behalf of all humanity that you were compelled to spend some of your life energy on that. Mr. Money Mustache and his then-wife retired at the age of 30 with a net worth of $600,000. Update, three years later: Since I wrote this, the imaginary price of Bitcoin has continued to be all over the map it initially dropped over 70%, then it went back up many hundreds of percent, over and over. (like ATMs were supposed to replace Tellers years ago *eye roll*) And Bitcoin is replacing the banking system? Why do I trust the dollar? The potential upside outweighs the risk of the initial cost. But nobody seems to be able to put together a real reason why Bitcoin isnt the next Pets.com, Uberartist If it works out, its a windfall. Im selling because I agree that cryptocurrencies have entered the bubble phase, but when it comes to theirlong-term viability, you have completely missed the bigger picture. Yes, its unstable, and you wouldnt say trade it, but as a long term investment it has been proven itself. Eenvoudig leven . Most people cant afford to drop huge amounts in crypto at one time, so you have college kids paying $2-3 every week buying $50 worth of BTC. In this video from Motley Fool Live, recorded on Feb. 23, Adeney joined. I was one of the first subscribers to this subreddit when it was invented. Comparing bitcoin to tulip bulbs is intellectually lazy or deliberately misleading. Mr. Money Mustache is. Its not that I enjoy seeing people suffer, but who am to talk them out of it? And you should be prepared for it. Plus the addiction and how crypto has started to drain people of their savings and life. Said every speculation sucker since the 17th Century. I own my currency as it is today (EUR and USD), how come you do not own yours? Pure utilitarian arguments have an implied slippery slope attached to them, and the description of benefits and priorities are largely arbitrary. If not, you may want to think about selling. A REAL currency must be low risk+ zero (better subzero) return+good liquidity, and all those three things MUST go together. Wow, you really have no idea how hydroelectric power works. How is that even possible? Ask me Anything! Bingo, so far you are the only one that stated the true value of any nation backed currency, notably the USD. Sure, China is a renewables leader but it has limits. Im always reminded of VHS versus beta max but on a few thousand options scale (rather then two) and a higher risk if you choose wrong (at current prices). Mr. Money Mustache was a thirtysomething retiree who now writes about how we can all lead a frugal yet Badass life of leisure. Good points? > However EVERY SINGLE BITCOIN TRANSACTION IS PERMANENTLY RECORDED AND TRACEABLE. Its totally different when you lose your money by yourself. Its like saying they are investing in lottery tickets. The strategy isnt sustainable. Keep fighting the good fight, Vijay. Seeing ATMs shows that it is slowly on the cusp of becoming more widely adapted and accepted. Of course get out NOW. Think about it and I know you realise what is happening. These are all things that people have bought in the past, and driven to completely irrational prices, not because they did anything useful or produced any money and value to society, but solely because they thought they would be able to sell them to someone else for more in the future. Anyway, in real terms, US stocks have been in a secular bear market since 1999. A Ponzi scheme is a fraudulent operation designed to steal peoples money. >The poorest in Sub-Saharan Africa earns the same money that you sitting in Manhattan, NY do. Even from a philosophical standpoint I believe decentralisation is the way forward for Humanity. Ah yes silly me :). The fees are incredible. January 5, 2018, 8:26 am. Is the logical conclusion to short a mania or stay on the sidelines? If you do not know, We have prepared this article about details of Mr. Money Mustache's short biography-wiki, career, professional life, personal life, wife, girlfriend, dating, divorce, kids, today's net worth, age, height, weight, and more facts. People like planting gardens. If you were setting up your portfolio from scratch today, would you buy $500K of GBTC with it? Yes, it is true that bonds are *also* in a bubble at the present timeand that the bond bubble is so big that it makes stocks look relatively cheap by comparison. 36 terawatt is not something taken easily from renewables at current rates.. Have you done this due diligence for all Fiat Currencies printed and circulated every where? Scott Nicholson I believe the current Cryptocurrency investment mania is a huge waste of human energy, and our rate of waste has been growing exponentially. Because I advocate something, I am not raving Mad! Time will tell. A boy named Sue Either one will get your CAPE ratio back into whack. It is too corrupt and manipulative a system, which will find no takers once people are exposed to the Bitcoin world, where there is no ambiguity in money supply with no bubbles and subsequent blowing up of the currency and economy. Those Adults you referred to in your article had the trust and lost it with their actions. 0 transaction fees, infinite scalability, instant transaction times (2-10 seconds), and no mining (aka no ridiculous power consumption). You mixed that up. If cryptocurrencydoestake 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. No problem! But youre entitled to your opinion nonetheless. And a currency thats not used for transactions isnt a real currency. Even the Bogleheads forum has not been immune. Lady Dividend People fall in love with works of art. But yes: Bitcoin is silly at current prices. Read through this article for the contrarian view of things: https://seekingalpha.com/article/4134745-bitcoins-path-1-million-bubble-bursting-anytime-soon, Mr. Money Mustache Noticed this ad on the corner of a website recently because we ALL need daily updates on an obscure piece of niche software technology! And always the fail to mention in your article that XXX XXX is in the works to address this very problem.. And society is comprised of them, and nothing else. People went off on many rants back when a single tulip bulb could have the same value as a ocean going ship, just as back then we had many people who couldnt stop talking about how great tulip bulbs are and why we should all be buying them. Unless, of course, it starts rolling *in* terrible new earnings compared to price, which is certainly possible. Full faith and what? Chris Urbaniak You are a fine example of that specimen horse. Yes, you can buy index funds with fiat money and not with Bitcoin. He is skeptical of anything that has a tinge of a get rich quick scheme. Bitcoin (aka CancerPills) has become an investment bubble, with the complementary forces of Human herd behavior, greed, fear of missing out, and a lack of understanding of past financial bubbles amplifying it. Bitcoin is not a bubble, its the pin :), Not looking so good right now Human Kind has never had the opportunity to truly own their money ever, and Bitcoin and Cryptocurrencies are the first time we even have that opportunity. Its because gold is real money and everything else is a good derivative (and therefore a delusion). Just because the last while has been great, it wont always be that way. Ive been watching this with fascination as its been a while since we have seen a hype and crash investment (because we only know which way this is going to go, right)??? Do you seriously think that corruption is not a big deal in first-world countries? You basically have to first deposit a lot of money (as a reserve) onto bitcoin exchange sites, which themselves are only loosely regulated and would probably become insolvent if bitcoin crashed. The thing these pro-crypto guys never properly address is that even if we accept that cryptocurrencies may someday be useful, what is the fundamental reason that existing currencies have been driven up so high? Cmon, only wealthy people evade taxes in amounts that would matter & theres a cottage industry made of tax lawyers doing just that for them. Mr. Money Mustache You will not own your money more with virtual currencies. Its interesting that you state the high water mark was $700,000, but now its $500k. 1) If gold is a bubble, it is a > 5000 year one farmecologist Even the USD was a deflationary currency till the 60s after which Nixon got it out of the gold standard. Darn things didnt even pace with inflation. It needs to expand with the supply of goods and services in the world, otherwise we end up with deflation and hoarding. Although I do get where MMM is trying put an emphasis on the difference in investing and speculation. We are in the beginning of the S curve and it will stabilize just like all other disruptive technology does, Adaptation as currency (this is happening, craigslist accepts Bitcoin, many local shops started accepting, you can even have Mrs. MM get paid by bitcoin on etsy. There used to be cool arbitrage opportunities on a website called purse.io, where you could buy amazon products for a discount using bitcoin but transaction fees have made those types of business models (temporarily?) TomTX, nothing was answered. (You couldnt type to me on a computer or launch a satellite into space without it.). In all fairness, cash USD is also used for illegal activities. If the standard institutions werent a (govt-supported) bunch of crooks & were not in place to help only their cronies, this whole bitcoin situation would likely never have happened. > There is a high chance that Bitcoin doesnt remain #1 forever because there are so many cryptocurrencies, many of which with very different applications, including some that arent even based on blockchain technology. It is 14 January, 2021 when I am writing this. Michael The Ramsey Show is a podcast by Dave Ramsey, a financial guru and bestselling author. Episode 497: Why Bitcoin is Stupid - 2 by Mr. Money Mustache. Vijay, January 3, 2018, 9:04 pm. How else should people behave? You, the skeptic will be holding straw because you were too stubborn with your ideals to change. Doubly so because it is now so broken by its development team that it is perhaps the only cryptocurrency that I know of that doesnt even work as currency. January 3, 2018, 4:34 am, Dont plan on investing in cryptocurrency. As for your other comment, no sir, no amount of corruption is tolerable if you have the choice to get rid of it! Hes helped thousands of people improve their lives. Even in a police state like China their actions have failed! I dont have time to play PC games 24 hours a day, so I might as well use my fancy computer to make some money while Im away from it. Not just stupid, insane. Mr. Money Mustache Reveals A Huge, Hidden Obstacle to Early Retirement. January 3, 2018, 7:23 am. All I had to do was sell the integrity of my blog for $100 non-bitcoin bucks (via PayPal of course.) What usually happens when this occurs? Jay Holden Bitcoin is the viral buzzword that has the momentum. January 3, 2018, 4:56 pm. January 15, 2018, 9:02 am. A bit frothy? 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