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I’m honestly not sure why so many people have such a hard-on for crypto. At this point, we now personally know nearly all the major FIRE bloggers out there and of the ones that successfully reached FIRE, most got there by investing their money in index funds, with some doing it through rental real estate. Nobody got there by investing in crypto.
The biggest reason for this is that cryptocurrency is a speculative investment with no intrinsic value. Even if someone did make millions off Bitcoin, it would be completely unreproducible. “How did you become a millionaire?” “Oh, I bought into Bitcoin 5 years ago.” Great, so how does that help anyone now?
But that doesn’t stop people from pestering us in our inbox every goddamned day. What about crypto? Why aren’t you writing about crypto? Why don’t you own crypto yet?
After the thousandth email, I’m throwing in the towel. OK FINE, INTERNET. You win. You’ve worn me down, OK? I now own freaking crypto. Happy?
This article might sound like one of those oh-so-hilarious “joke” posts that FIRE bloggers love to post on April Fools, but a) it’s not April and b) I’m being serious. I actually do own crypto.
I just refuse to pay for it.
The problem with Bitcoin (or any crypto) is that nobody actually knows what it’s worth. Today it’s worth about $40,000 USD. A year ago it was worth about 50% more. And 5 years ago it was worth a couple hundred bucks. Nobody, not you, not me, and definitely not Elon Musk, knows how much one of these things is worth.
So in that way, Bitcoins are kind of like Beanie Babies. Would I pay money for Beanie Babies? Hell no. But if I could get a box of them for free, why not? It’s no skin off my back, and if some idiot wants to buy them off me later, great!
So that’s the principle of my crypto strategy. Own crypto, but get it for free. How did I do that? Well, keep reading to find out!
The Basics of Blockchain
Despite me coming out publicly against Bitcoin as an investment strategy, I’ve always found cryptocurrencies fascinating from a technical perspective. In my previous life, I was a computer engineer, and I studied cryptography in both undergrad and grad school. Here, using the power of math, I could make any message unreadable at will, and only give the power to unlock that message to whoever I decided. World War II was won by the Allies not because one side’s military was stronger than the other, but because mathematicians like Alan Turing and Polish cryptologist Marian Rejewski out-math’ed the Germans. It was an inspiration to math nerds like me everywhere that they too could change the course of history.
Never in a million years did I think cryptography would take over the financial world the way it did.
So you’d figure that combining two of my loves (math and money) would turn me into a crypto fanboy, right? Well, yes and no. I mean, I’m still fascinated seeing how the crypto space is evolving, but once the Reddit maniacs jumped in, crypto lost most of its appeal to me as a financial investment. In order to buy Bitcoin on an exchange, I’d have to buy from one of them, and who knows what kind of pump-and-dump BS those guys are running on any given day.
So how do I plan on getting Bitcoin if I refuse to buy it on an exchange? Simple: Create them myself.
OK, a brief primer on how Bitcoin works. You’ve undoubtedly heard of the term block-chain by now. Here’s what it means.
When people make transactions using Bitcoin, their transaction details (sender, receiver, amount, etc.) are put into a ledger that tracks everyone’s activity. These ledgers are split into chunks called blocks. These blocks are then chained together to form a chain of blocks, or a block-chain.
The block-chain is not owned by any one entity, government, or financial institution. This quality is why people keep referring to Bitcoin as a decentralized currency. Anyone can download it, host it, or make changes to it.
But what’s keeping me from downloading the block-chain and altering it to give myself a bajillion Bitcoins? Well, I can’t because each block is validated and digitally signed. If I were to alter a transaction on a signed block, it would be immediately obvious that the block had been tampered with (since the signature would no longer be valid), the block, and my fake transaction, would be rejected by the network.
So, you might be wondering, who is doing the validation for each block? That’s where the miners come into play.
Validating a block is a very computationally expensive task. It involves solving a series of complicated math puzzles that takes even very powerful computers a long time to do. Theoretically, anyone with a computer can do it (since the block-chain is de-centralized), but it’s going to take time and computing power. So why would anyone do it?
Simple. If they solve the puzzle, they get rewarded with Bitcoins.
The Bitcoin protocol is designed so that when someone successfully validates a block, new Bitcoins are created and awarded to that person. This is how new Bitcoins are added to the system, and is referred to as “mining.”
That’s how I’m planning to acquire Bitcoins.
Altcoins
Now, as you might expect, generating Bitcoins via mining is a little more complicated than I made it appear. In fact, if you’re a regular person like me without access to custom-built mining hardware, mining Bitcoins no longer works.
This is because the Bitcoin protocol is designed so that mining becomes progressively more difficult the more blocks get added to the block-chain. Why would they do this? Because they knew that computers get faster over time. If mining the first block was the same amount of effort as the bajillionth block, after a while validating each successive block would become faster and faster, which would result in more Bitcoins flooding the market, which would devalue existing Bitcoins and render the whole ecosystem worthless. Gold is valuable because getting the first nugget out of the ground is relatively easy, while getting the last nugget out of the ground is insanely hard. That’s where the inspiration for the block-chain validation protocol came from.
Clever, right?
So here’s the problem. So much attention and computing power has been focused on Bitcoin that the mining difficulty is completely out of reach for average computer owners like you and me. At this point, you need specialized computer equipment plugged into geothermal power sources to profitably mine Bitcoin.
That’s why I’m not going to mine Bitcoin. I’m going to mine an altcoin.
Altcoins are one the many, many cryptocurrencies out there that were created after Bitcoin. You may have heard of Ripple, Ethereum, or (sigh) Dogecoin. All these are altcoins.
The advantage of mining a less popular altcoin is that the difficulty of mining is way lower. Not everyone has jumped on the bandwagon yet, so you have less competition. However, it’s important that whatever altcoin you pick is popular enough that enough people use it, and most importantly, a relatively stable exchange rate exists between that altcoin and Bitcoin. Collecting altcons is worthless if you can’t exchange it.
For that reason, I’ve chosen Monero as my altcoin of choice. In my mind, Monero is what Bitcoin should have been. Bitcoin prides itself on being de-centralized, private, and that no government can decode how you spend your crypto. Except that governments absolutely can decode how you spend your crypto. The block-chain, ironically by nature of being de-centralized, is downloadable by anyone without a court order, and because Bitcoin made the mistake of leaving everyone’s Bitcoin wallet addresses unencrypted, they can trace any transaction ever done in the in Bitcoin ecosystem.
Monero fixes that flaw by encrypting everyone’s wallet addresses in the block-chain (among other security measures like ring-based transactions, which I won’t get into in this article). As a result, I believe Monero fulfills the original intent of Bitcoin, but for now is relatively unpopular, yet still exchangeable for Bitcoin via an exchange like Binance.
How To Mine
To start, I got me some mining software. The most popular Monero miner right now is XMRig. It supports all sorts of hardware, including PCs, Macs, and even Nvidia-based GPU’s (graphics cards).
Next, I needed to create a Monero wallet. After all, if I’m going to mine Monero, where should that Monero go? I got mine from the official Monero site, and installed it on my computer.
Once I had my miner and my wallet, it’s time to start mining, right? Well, not quite. First, you need to join a mining pool.
Mining is a very computationally intensive job. So most people don’t mine themselves since they don’t have a bank of servers at their disposal. Instead, they join mining pools, which are groups of miners that all collectively pool their resources and work together on a block. If that block gets solved, the reward is split among the miners in the pool according to how much work they each put into it.
The most popular Monero mining pool at the moment is MineXMR, so we’re going to join that.
That page directs you to download and install the mining software onto your computer.
Now, in order to perform any actual mining, we need to configure our mining software. Fortunately, there’s a handy wizard to help us do this. So we will start it up by clicking here…
We pick the pool that we want to join in the drop-down…
Then we put in our Monero wallet address, so the miner knows where to send our Monero…
We enable whatever features we have available on our machine…
We set how much we want to donate to the mining pool (1% is standard)…
And finally the wizard spits us out a command to run!
We start up this command on our computer…
And we are off and to the races!
Results
Let me make this clear: mining is not exciting. Your computer may be chugging away at full speed, but all you actually see is a black or white screen with scrolling status messages. Whoop-de-freaking-do.
What’s much more interesting is the dashboard from your mining pool. If you go to your mining pool’s website and enter in your wallet address, you can see the work that your computer is doing and contributing towards the pool’s mining efforts. For nerdy reasons, the computational steps towards validating a block is referred to as a “hash.” Here’s my current MineXMR dashboard.
Right now, I’m mining on FIRECracker’s Macbook Air, my Macbook Air, and my desktop machine. Combined, that’s a respectable 2.3 kHash/s.
And after a couple hours, you can already see Monero rolling in…
There are a couple ways to play this. I could keep accumulating Monero in the hopes that Elon Musk mentions it on another SNL episode and its price skyrockets. I could also exchange it for a more popular crypto like Bitcoin. I could also sell it directly.
I haven’t decided yet. But the important thing is that whatever I end up doing, I did it for free.
So there you have it. I now own cryptocurrency.
But the big question is, how much money will I make with this experiment? Who knows? But I’m sure it will make another interesting article when we find out.
How much do you think this experiment will make? Vote below!
Have you taken into account the cost of electricity to run your computers and wear/tear on the hard drive?
Interesting, being in the UK I am currenty using Coinbase who offer free altcoins for doing the lean/earn. Which takes about 2-3 minutes of my time to do the quiz. Since May 2021 I have earned around $80 of alt coins, also bought a pizza from Papa John’s which gave me $10 of bitcoin. So my total investment so far has been about 30 minutes of my time via my mobile phone.
https://www.coinbase.com/join/sheikh_nsr
You’re not including electricity costs or that the software is slowing down your computer so you can do less with it.
Well, not exactly free.
Still takes time to set everything up, cost of electricity, wear and tear on the computer, etc.
( Maybe “free-er” if you can run it on your super-computers at work… lol )
Sure, sounds good. Why not? Good luck!
I actually tried mining bitcoins about 10 years ago. But it just took up so much resources on my computer. I couldn’t get any work done. Oh well…
I purchased $20 worth of Ethereum in a fund earlier this year. I should check on it. It’s probably worth a bit less now.
Your explanation on how crypto works is very good. My guess is that less than 5% of crypto fanatics understand it at that level…and I’m probably being generous.
Crypto is the classic “greater fool” investment. It’s only value (Elon Musk tweets aside) is the idea that someone will pay more than what a person bought it for, hence the greater fool. People have made some money, and there’s probably a few more $$ to be made, but it’s totally speculative. At this point, talking to people who are crypto fanatics feels much the same as talking to people who believe in UFOs, Ghosts, and similar paranormal phenomena.
Oh boy, the future is not going to be kind to you. Crypto, blockchain, DeFi, NFT’s are going to change the world more than the internet did.
You probably don’t even understand half of those acronyms. A fun research project for this weekend.
I think even less people know how regular money works. What do you think determines the value of fiat currency? It’s the same thing as with crypto, if someone wants to pay exorbitant amounts for a USD, then that’s the price of a USD. Except with every fiat there’s also a central player who can manipulate it at a whim (for economical stability? Well, that’s a matter of definition – current MO has eg. led to the current situation with millenials and younger being priced out of the housing markets, whether that’s the kind of stability you want is up to you).
The electricity and computer wear and tear costs several people have already mentioned are good points. In Wanderer’s case, the electricity might be a moot point – if they’re still staying in AirBnBs, they’re not paying the electricity bill, the owner is. Very convenient since they’d be paying the same rate to live there anyway. Same could be achieved at a coffee shop, but the crypto probably wouldn’t even cover your first coffee.
I do wonder what the wear and tear costs work out to. That one’s harder to get around.
I’m farming Chia coins (“the better for the environment cryptocurrency”) on my computer. They predict I will earn my first coin in about 99 years. 😂😂😂
Hi! Love the content but this feels terribly lacking depth.
Would it not be a good idea to touch on countries adopting crypto? Their use cases beyond “money” with smart contracts, the web 3.0 and “defi”?
Or reminding everyone that “value” is defined by the society’s “silent” agreement on said “items”. 100$ bill is just paper – its value comes not from the paper but from what one can do with it.
There are tons of “Reddit maniacs” talking about FIRE – this doesn’t look like it influenced your decision, shouldn’t that be “more” a sign that things are going mainstream and thus + and + accepted?
Cheers! 🙂
Articles like this are comical at this point. They are like people writing about finally getting an email address in 2005. FINE, I’ll use this stupid internet thing, even though I don’t understand why people are so obsessed with it!
I think the fact the a country now has Bitcoin as legal tender and all financial institutions are embracing it means you can’t say it’s just a greater fool theory any more.
It has a strong and growing use case, there isn’t a reason not to have some as part of any portfolio as it’s not correlated so improves variance. Simple
It’s funny when people post and are so confident in their ignorance. Maybe a new asset class going from 0 to two trillion in ten years warrants more credit than calling it beanie babies, maybe?
Crypto is full of productive assets, and even bitcoin which is not natively productive, is incredibly valuable as a settlement layer that can be used to store and transmit value anywhere on the globe with no bank required. I bet the 70% of El Salvadorians who are unbanked appreciate being able to join the financial system with only a phone and an app. It’s absolutely amazing what this can do for financial inclusion. That’s just one small country. The majority of the worlds people don’t have the luxury of secure private property rights and legal systems, or a the great gift of a stable major currency. They now can take control of their financial future with a cheap smartphone. It’s incredible.
Also you are never supposed to mine on laptops, they do not have the thermal capacity for it and you will destroy them and earn nearly nothing in the process.
Actually it is kind of good that there is still a huge percentage of people not getting into crypto today. Because when it finally does go full mainstream, this same people that refuse to get in will be forced to get in or else they will miss out all the economic activities that come with it. And eventually when they do, they will drive the price upward significantly more as supply dwindles.
It is inherent human nature to be confident (or even overconfident) in their ignorance.
Sadly for me, I had the same thinking, bitcoin is a ponzi, it won’t last, etc. So I did mine almost 1000 of them, back in 2011. I was super happy when the price went up to about $30 per coin, but in a panic, I sold everything when it crashed down to $2. I think that was the first big crash of crypto I experienced.
I learned my lesson, and while its extremely volatile, it does have room in my portfolio (a very small room, mind you). I don’t expect to get rich from this, but it does help me stop trying to “tweak” my portfolio, and leave it untouched (except for the regular rebalance, and that’s it). It’s a good distraction and better than gambling.
Investing time, resources and attention to something isn’t “free”. some may call that work
Bryce, have you gotten so bored that you are willing to do something as silly as this?
Interesting article. I find interesting to have your view regarding Bitcoin and cryptocurrencies.
As for myself, I think Bitcoin collaspe is imminent. That’s a nice try to profit from it. But I think you are too late to the party.
I know Bitcoin is worthless. So it’s “price” will eventually fall to where it’s “value” is : ie. zero.
I know this because the only reason why people buy it right now is for it’s potential in price appreciation. When the trend will reverse (ie. people will think the price of Bitcoin – and other cryptos – are headed downward), nobody will want to own Bitcoin. Therefore, they will sell Bitcoin. But, if there is only sellers in a market and no buyers, this mean people won’t be able to sell Bitcoin. Hence, it’s price will be zero.
Gold is valuable because it is useful for society, not because it is hard to get. We use it to make computer chips (electricity conductivity), space equipments (radiation protection), and jewelry (it is beautiful).
If the price of gold was too high to make those things, we would stop using it. We would either find another cheaper material that fits the need. Or simply stop doing stuff that become too expensive with the use of gold.
The reason why gold will never go to zero is because there will always be someone who will find it interesting to buy more as the price goes down. Since the more the price goes down, the higher the demand for gold would become, a price of gold near zero would mean the demand could become almost infinite, which is not possible since gold is limited (scarce).
As for Bitcoin, if you can’t sell it, you can’t use it. So it has no value in itself. When Bitcoin goes eventually to zero and since it is not useful, it is not only possible, but certain, that nobody will want to buy Bitcoin anymore, even if the price is zero.
Anyway, this is just my thoughts on the subject. Time will tell what will happen. But I hope it is sooner than later, because the longer it takes to collapse, the more money people will lose with it. And I never like to see people losing their money. Particularly not when this money could be used toward productive investments instead.
Wow, I know cryptocurrencies are cool but I never met someone who actually mined cryptocurrencies. That’s very interesting, and from a personal finance blogger, no less!
Very interested to see where this journey will take you. Maybe it’ll even take you to the moon!
A couple of hours = 0.000521 XMR = ~USD 0.1388 (current price at time of writing).
1 day = ~ USD 1.666 (mark of the beast sighted).
1 year = ~ USD 608.19 (assuming current price stays the same).
I suspect this mining operation will stop before 1 year is reached as the Wanderer (from Fallout 4) finds out he can’t seriously work on anything else with all his computers fully occupied on mining and then finally decide to quit.
I am a crypto sceptic, and yet that didn’t stop me from buying it. Its been my best ‘investment’ (if you can call it that) ever.
It’s like a Keynesian beauty pageant – I didn’t buy it because I personally believe it is or will be useful, but because a large and growing market believes it is or will be useful. In the 80’s I would have been a Philip Morris investor for the same reason – even though I hate smoking and think the product has negative intrinsic value, enough people love it to provide the demand factor for a profitable investment (and it was one of the 80’s best trades…).
The future growth of crypto looks really good for these same factors. The majority of teenagers who get into investing over the next decade+ will have some portfolio allocation to crypto, it’s something that will seem much more ‘normal’ to them.
There’s also lots and lots of people who have applied the standard FIRE index fund accumulation process (spend less than you earn, use the difference to DCA into long term holding) to crypto for a small percentage of their net worth over the last decade and done spectacularly well. I went to 5% crypto (2.5% BTC and 2.5% ETH) six years ago, makes my NVDA stock, let alone my index funds, look like they’re standing still. But who write a blog about a 5% portfolio allocation?
Imagine 100% allocation instead of 5%.
Stratospheric gain multiplied by 20 times more.
I was a great fan of yours and I loved your book as well – however, on the subject of crypto assets (now worth almost 2 trillion dollars with a T and with a network growth that is faster than the adoption of the Internet) I believe you are still willfully – and woefully – blind. It’s really a pity especially for math loving people. I think this post will not age well. For those here who will not just blindly agree that all crypto assets are a Ponzi scheme, I would suggest “The Bitcoin Standard” as a truly interesting read which will help you develop your thinking on the subject of “what is money” and start your own learning journey. There are several really smart and highly respected billionaire investors like Ray Dalio, Carl Icahn, Paul Tudor Jones, Michael Saylor, Sam Bankman Fried and plenty more who have revised their initial negative opinion and embraced Bitcoin and several other quality crypto assets (with real use cases, 99% are obvs garbage) for their businesses and their personal funds. It does need time and research, but especially in these inflationary times with all the money printing it’s well worth it.
I haven’t invested in block chain technology because of the outsized environmental impact of running all those servers. I worry that any gains we might make reducing greenhouse gases in transportation and housing will be wiped out by block chain mining power usage/cooling requirements.
But I’m in a privileged position where I can consider how my investments line up with my values.
Thankfully the newer generation blockchains don’t have that problem any more, having moved from proof of work (energy intensive mining) to proof of stake.
Cardano and Etherum 2.0 are/will be clean and green.
I love the FIRE community and it’s an integral part of the journey, but so many FIRE followers are not there yet…still entangled in so much statism and propaganda…ultimately FIRE is about freedom and sovereignty…keep walking…a new world is emerging…should be quite a ride:
https://twitter.com/LaserHodl/status/1437782215404965892
FIRE is about options and choices. Nothing else. Get a life!
Many bitcoiners (not all) are sovereignist libertarian pleb types who recognize the pandora’s box that crypto and digital id’s are leading to. These plebs support anonymized bitcoin and some support other real money (gold, silver, etc), bartering, etc. There’s real feeling that society is forking with the TPTB attempting to wind down this long term debt cycle, usher in the next economic system, and continue along the Faustian bargain path…while maintaining their ultimate control. Sovereigntists are against this control and hope for a more organic, less controlled, and dynamic future.
https://twitter.com/LibertyBlitz/with_replies
https://twitter.com/Philly852/with_replies
https://www.strategic-culture.org/news/2021/09/13/pandemic-authoritarianism-as-red-grains-cascade/
https://twitter.com/untappedgrowth/with_replies
The way you’re describing “free” is like someone saying they get their salary for free just for showing up to an office all day.
This reads more like finding a way to give into crypto FOMO while still trying stay true to all the crypto bashing from before. As for your reproducible point, crypto enthusiasts have been saying ad nauseum for over a decade now, year after year after year that it would moon, and frankly, that’s what happened. Sounds more like a choice not to take part, which is fine.
I will also not pay a cent for crypto. There seems to be nothing but FOMO and it relies on the greater fool theory. Also add in that a new “coin” or crypto can be created out of thin air. Not to mention how there has been numerous thefts of crypto and there is no way to get your money back.
I was also skeptical of bitcoin for years, but I never took time to actually learn about it. A year ago I started learning about it, not just technically how it works, but also about the macro economic reasons it is important and incredibly useful. I think you should take another look at bitcoin before dismissing it as having no value. I recommend the “We Study Billionaires” podcast episode “BTC001: Bitcoin Common Misconceptions w/ Robert Breedlove” on spotify. They talk about how money is a technology invented by humans and how many different things have been used as money in human history (seashells, beads, gold, silver, etc.) The properties that make something good to use as money are it’s scarce, durable, portable, divisible, and verifiable. Bitcoin performs better in all of these properties than any other form of money especially in scarcity. It is the only money in human history that has a known rate that new units will be created and in the long term has a fixed cap of 21 million coins that will ever exist.
As more people realize this, they will choose to store their money in bitcoin instead of other fiat currencies that are less scarce. This is why it has gone from being worth $0 to almost 1 trillion in market cap in 12 years and this is why I think it will keep going higher over the next decades. Yes it is volatile because people like to trade it with leverage, but it is past the point of being a 12 year bubble that is going back to 0. Underneath the volatility caused by traders there is an accelerating number of people, companies, hedge funds, and now a government (El Salvador) buying bitcoin to hold long term to preserve their wealth.
I think everyone including FIRE people should hold bitcoin as a certain percent of their investment portfolio for the long term. Don’t try to trade it because it is very volatile, just buy in over time with dollar cost averaging until you get to your target percent. Then just hold it. Sell little bits later on in life as you need the money to live on like you would with other investments like stocks.
The personality distribution of bitcoiners is similar to the FIRE distribution (and probably libertarian politically)…INTJ for the win!
https://twitter.com/Bquittem/status/1438170707754618883
https://www.millennial-revolution.com/build/right-personality-fire/
“The properties that make something good to use as money are it’s scarce, durable, portable, divisible, and verifiable. Bitcoin performs better in all of these properties than any other form of money especially in scarcity…It is the only money in human history that has a known rate that new units will be created and in the long term has a fixed cap of 21 million coins that will ever exist.”
——–
What’s keeping any and all companies and individuals out there from creating their own version of Bitcoin? e.g., Apple Coin, Google Coin, Average Joe Coin, me Coin, you Coin, my cat’s name Coin…
There is nothing stopping people from creating new crypto coins and there are already thousands of other coins out there. However, I think only one coin with a fixed supply cap will win as a way to store value long term and I think bitcoin has already won. The network effects are so strong with bitcoin that it’s unlikely a different coin will come out that everyone will ditch bitcoin to switch to.
Also what makes the bitcoin blockchain secure and ensures final settlement of transactions is the total energy spent by miners to add each new block. You could make a new coin, but if you can’t get as many miners to switch to mine it, it won’t be as secure as bitcoin and people won’t be willing to store large amounts of money in it.
Nobody is mentioning taxes: In theory, you have to report this now…at least in the US. Same goes for Coinbase earn if actually transfer or buy a different currency. If somebody else does your taxes and has to do that form…you are already way in the hole.
If I go to this mining calculator link, and enter 2500 H/s, consuming 60W of power, the estimate is that you are going to be making CAD$0.026 per day, or roughly 18 cents per week, less than a dollar per month, assuming mining around the clock.
https://minerstat.com/coin/XMR
This is definitely not worth even talking about at such rates, in my opinion. Just wear on your computer is not worth that much.
Most FIRE bloggers wouldn’t have gotten rich off Crypto because I’d consider most FIRE bloggers quite risk adverse. Crypto has, and still is relatively risky investment. Also, the richer you get, the quieter you get. Funny how you don’t see many bloggers or gurus over the 10 mil. networth point.
Crypto is the future though. And crypto is just one aspect of this online space. DeFi is going to destroy banks & Wallstreet. NFT’s will destroy the middle men of the world.
Ready Player One world is coming a lot quicker than most realize.
US has printed 30% of the currency in circulation in the last few years.
Keep whatever you need for financial freedom to never work again and take care of your family in FIAT. Pump the rest into crypto. It’s the future.
I agree there are issues with crypto and there were some early severe problems. However, I’m not sure I would tell the Venezuelans that they should stick to their official fiat currency, and I’m not sure all the USD government spending isn’t just another ponzi scheme that’s not as far along yet.
Here we go with the beanie baby analogy again…
I kinda gave up the idea of getting into cripto when in my neighbourhood suddenly a cripto consulting and assessment office was opened on a corner where there was a café that went out of business because of the pandemic. I don’t know if they are still open since I moved to other city.
Is there anything more mainstream than that ?
Congrats for having the balls to post something so against the latest trends!
Here Jordan Peterson Puts Bitcoin Question To Canadian Politician Maxime Bernier
https://www.youtube.com/watch?v=eK1DVAICbz0
That’s a very interesting post and correlates a lot with the common approach of smart investors who aim for the long run (like you can read here – https://milliondollarjourney.com/buy-bitcoin-canada.htm
I love how you want to mine some crypto coins just for the experiment 🙂
Good luck with that!
Sweet! Lots of people are still arrogant in their stupidity. I still have plenty of time to enjoy the outsized gains while the cryptocurrency market matures.
Very funny article. I agree with you completely. Crypto is mainly used by criminals and by people to evade tax. It should be made illegal asap, like they did in China. Don`t know why the US government is allowing this. Tons of regulations on financial institutions to prevent money laundering but no regs on crypto? Insane in our society right now, and totally unfair to honest tax paying citizens.
Quite the interesting article.
I agree – this isn’t free especially if you have graphics cards that’ll suck up a ton of energy. However, I’m wondering if I can do some arbitrage here with AWS nodes.
For example, a 2CPU + 2GPU node would cost around $800/mo. But not sure if that’ll be offset by how much is mined.
Might give this a shot actually.
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