Bitcoin this. Crypto that.
Everyone’s going crazy over these funny little digital tokens.
And every week, some fake shnewz outlet proclaims the death of cryptocurrencies.
Something else I’ve noticed is the cryptocurrency space is filled with anarchists and libertarians who are basically anarchists… all of whom believe Bitcoin will magically make government go away.
There’s this fallacy where anarchists justify their position because… in their words (not mine)… “every government has been corrupt and has initiated force against its citizens in the past, every government today is corrupt and initiates force against its citizens now, therefore every government *must* be inherently corrupt initiate force against its citizens in the future… therefore anarchism is right and we don’t need government at all.”
They don’t distinguish between the essential nature of government and corrupt manifestations masquerading as legitimate government today.
I’ve also witnessed anarchists who believe in the benevolence of human beings but then reject government based on the idea that they believe people in government are hopelessly corrupt and that it cannot be otherwise. And in fact to believe otherwise is living in a fantasyland.
Meanwhile, back in reality, cryptocurrencies are most likely to transform the payment network and eliminate the need for things like SWIFT. Meaning, in the future, you’ll get paid instantly instead of having to wait 3-5 business days for a transaction to clear.
Financial institutions can save a bunch of cashola on doing transactions… rduce the amount they must borrow from the money market… and so on.
Cryptocurrencies might even make it harder for governments to tax everything.
But… it won’t get rid of gubbments.
I’m seeing more and more people in the crypto space talk about “conservative returns” in the neighborhood of 500% – 1000% and… they actually believe this is normal and will last forever.
And… use it to justify NOT saving money every month.
It reminds me of lottery winners who sudenly have a bunch of dinero thrown in their laps but… they have no idea how to manage it because they never developed the habit of saving and sound money management.
And so they go broke within a couple years.
One bloke I read about a while back tinkered with Bitcoin mining when it was still a nothingburger token.
Mined something like 300 Bitcoin tokens.
Then his girlfriend got mad at him for wasting so much time on his computer so he threw it away.
Now he’s kicking himself.
But… he’s also spending mucho dinero trying to comb a desert of landfill where his hard drive now lives and coming up empty.
He believes his best shot at amassing a fortune is to go digging through piles of garbage… like old-school speculators used to dig through dirt and sand in the old west hoping to find a gold nugget.
Instead of digging through garbage hoping to get lucky, it’s way more productive to save 30% of your income each and every month.
And my eBook Cash Flow Kickstart shows you how.