Opinion: The case against Bitcoin (my take)

Cryptocurrencies have taken the blame for a fair bit of things. People bankrupting themselves on the offchance to become rich overnight have ended up with two mortgages and little prospects. It has always baffled us how people will be taken in so easily with little substantial proof than the promise of riches.
In fairness, we are human and that is our nature. Some schemes are more sophisticated. We call the Ponzi scheme. We entrust someone with our savings  – in a greedy, albeit logical, desire to fetch a little extra on the pile of riches we have already accumulated – one way or another.
Then the investors start misusing our money for what severs them best. This is another form of mass deception, but rather more sophisticated, too.
Let’s look at the facts. Cryptocurrencies have even stopped scientists from looking for extra-terrestrial life, and that is amusing. At a time when our own planet aspires to the stars, we still continue to crave and hanker after make-believe riches which will turn our lives around, but will they indeed?
My believe is that if you were looking to invest smartly, you would not sacrifice so much in so little time. Of course, investment demands risks, but those should be calculated risks. If you rely on your own labour and knowledge to provide results, then yes, why wouldn’t you pen your livelihood on this
You are apparently clever and educated, and if not educated, then at least possess a fair set of skills that has made you rich to venture out of the boredom of everyday working day drudgery.
I understand this kind of commitment. The desire to change things for the better or to make the most out of your own efforts rather than working for someone. Or if you just feel the need to give people different opportunities or want to take care of yourself.
Greed ends up badly and greed leads to the opposite effect –financial ruin is on the cards. From my own experience, starting a business from the grounds up is difficult, but as long as you have the hard skills and you are willing to build a generous environment, then everything seems on point. Bitcoin is the opposite and this is just my opinion.
I would never invest in Bitcoin because I do not believe in it. I do not believe that I should leave my money sitting idly around and wait for them to accumulate something extra in the way of value.
I do not blame anyone who has chosen to do so, though. I just am trying to understand – money will buy you luxury, and it will certainly sexy up what you presently have. But can you really live on that and feel yourself truly and deeply comfortable.
Understandably, even the most obvious ideas for business require a lot of work. Let’s have a few examples:

  • Staring a tech business in a small area is challenging – people are not easy to come by;
  • If you do find capable and qualified work force, you may end up with people leaving for other places;

So there are challenges are ahead and some people will tack with the wind and try to have an easy day out of it. However, things are much different – efforts will repay you generously.
Efforts that come to fruition are the best. If you challenge yourself and expand on your hard skills, that is well. You may seem to be working for a pittance at online marketplaces but staying busy and studying up is all that it takes to create a meaningful venture. Not all plans will fetch you hundreds of dollars of course, but some just might make you a fortune while changing people’s lives.

Our case against Bitcoin

In my own way, I am against Bitcoin and I do not like people looking into solutions. Regrettably, there are none. You may still invest in blockchain and try to bring change to a sector. Dedicating a reasonable amount into cryptocurrencies is not ill-advised as well. But the problem with Bitcoin is that it answers to no-one and only a few privileged parties have managed to squeeze a real profit out of it.
I do not rule out the idea that a fair number of people out there have been smart or lucky enough to build into a small fortune off the Bitcoin, but I will reiterate my original statement – it cannot work for everyone, and it is not a simple matter of ‘you didn’t try hard enough’.
Imagine that you have lost your home because of an unreasonable investment. Caveat emptor investors and be smart about it! Do not give in to temporary fads, because time changes fast, and sometimes not for the better.

Comment (1)

  1. http://nytimes.com Feb 28, 2018
  2. Pingback: Homepage Feb 28, 2018

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