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Sounds like a brag post but I actually mean it. I've through about getting out of bitcoin a little because I don't think I should be making this much money without actually putting any work into it.

I know that USD is dead. I know that those who transition first into whatever ultimately will be the new currency will get hugely ahead compared to those who are late. I know that whoever puts their money into whatever is the intermediate decision by the market in the meantime will also get ahead. I know this because I studied econ and heretical econ for years and can see the world through multiple perspectives and can see when those apply. (I know more about the flaws of heretical economics and mainstream economics than most).

Much of the world is going to be poorer because of this transition and mostly because of the money printing that is encouraging it that will make the banks rich. That will be the main cause of poverty, but the inequities of a currency transition aren't going to help.

The truth is that bitcoin owners aren't going to be rich compared to them (the banks). That's where the real wealth transfer is happening. Bitcoin owners are just riding a wake in that great theft. But between the banks and the people who knew how to react to the banks, the people who didn't know anything at all are going to be dirt poor and I feel bad about that. It's unfair for me to use my knowledge to have un-due amounts of wealth while everyone else is poor.

I guess the best I can do is tell white people to invest in it. The effect will be ordinal. It doesn't matter if people do it quickly or slowly. The position in line you take is what determines if the wealth transfer goes to you or someone else, so someone is losing for sure, whoever buys last. The only entire net advantage for the human race to invest in bitcoin soon is to pull the plug on the banks ability to print themselves wealth. They can print worthless trash all they want. As long as you are dumb enough to value it though they can make any amount of wealth for themselves they like, stolen from the people. This is what makes the currency transition inevitable, even with its inequities.

I guess I would suggest at least diversifying. It's not going down. It's just not. I bought at $5,000, which was the low. The absolute bottom for that period of time. If I'm able to do that I clearly understand something. This time it isn't going down. It's going to keep growing until people adopt it for payments, like they already have in Venezuela.

At least diversify. At least prep for how you are going to do business if it does become a crypto world.

Sounds like a brag post but I actually mean it. I've through about getting out of bitcoin a little because I don't think I should be making this much money without actually putting any work into it. I know that USD is dead. I know that those who transition first into whatever ultimately will be the new currency will get hugely ahead compared to those who are late. I know that whoever puts their money into whatever is the intermediate decision by the market in the meantime will also get ahead. I know this because I studied econ and heretical econ for years and can see the world through multiple perspectives and can see when those apply. (I know more about the flaws of heretical economics and mainstream economics than most). Much of the world is going to be poorer because of this transition and mostly because of the money printing that is encouraging it that will make the banks rich. That will be the main cause of poverty, but the inequities of a currency transition aren't going to help. The truth is that bitcoin owners aren't going to be rich compared to them (the banks). That's where the real wealth transfer is happening. Bitcoin owners are just riding a wake in that great theft. But between the banks and the people who knew how to react to the banks, the people who didn't know anything at all are going to be dirt poor and I feel bad about that. It's unfair for me to use my knowledge to have un-due amounts of wealth while everyone else is poor. I guess the best I can do is tell white people to invest in it. The effect will be ordinal. It doesn't matter if people do it quickly or slowly. The position in line you take is what determines if the wealth transfer goes to you or someone else, so someone is losing for sure, whoever buys last. The only entire net advantage for the human race to invest in bitcoin soon is to pull the plug on the banks ability to print themselves wealth. They can print worthless trash all they want. As long as you are dumb enough to value it though they can make any amount of wealth for themselves they like, stolen from the people. This is what makes the currency transition inevitable, even with its inequities. I guess I would suggest at least diversifying. It's not going down. It's just not. I bought at $5,000, which was the low. The absolute bottom for that period of time. If I'm able to do that I clearly understand something. This time it isn't going down. It's going to keep growing until people adopt it for payments, like they already have in Venezuela. At least diversify. At least prep for how you are going to do business if it does become a crypto world.

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[–] • 0 pt

You should not feel bad. You were rewarded for your foresight and being willing to assume the risk of holding and using BTC.

[–] • 0 pt (edited )

Some risk. Given what I knew there was none. That's actually why I bought where I did. I didn't intend to make money. I meant to put it where there was the least risk. Given I saw the high odds that the USD would collapse and at the very least surely lose value I knew that BTC would be zero risk at that time and also likely have a chance of gains. Justification for earning money for taking risks that have value that others won't does makes sense. In this case that's not what happened. Mitigating risk was my first interest.

Opportunity to teach some alternative economics. Have you ever heard of value equivalence theory? It's the idea that you can express any kind of value in terms of dollars or time or energy and then use that conversion to simplify thinking about things. Well one other thing we can express all value in is risk. Normally risk is converted into the others but we can convert the others into risk. When we do that we can look at all economic activity as minimizing risk. Even seeking a profit at the expense of some risk can be seen this way. Profit, or income, reduces risks in your life. Imagine if you had no income how much more risk would be in your life. Income helps reduce risk. It's its main purpose. So we can think of an investment with risks as forming the (hopefully informed) assumption that they gains will reduce risk more than the risk caused by investing in it. When we look at value that way we make clearer decisions. And the exact point on the risk reward frontier we want to be is more clear. We also become more responsible with our decisions because we always pick the most responsible option.