12/07/2017 (Thu) 06:02:23
i agree mostly with this.
i think if you put money in bitcoin right now you can make impressive returns. gaining $1000 almost daily. but as for holding it long term - NO.
crypto / the blockchain is here to stay. it offers technological advantages over current systems. transactions completing in minutes rather than hours or days. yet i can't see how banks will simply do nothing "oh no you've killed us goy, we'll go sulk now". current crypto will be attacked and demonized. even if they can't destroy it outright they can destroy the market by passing laws and regulations preventing its common use. and if not widely used will be relegated to remain only a meme.
i cannot see (bitcoin especially) current crypto as a wise long term investment. yet i see blockchain as the new paradigm. current cryptos will be subverted and one way or another banks will attempt to force a transition to a crypto they developed, one controlled by them. it will likely have features such that there is no limit on coin creation and all transactions can be easily tracked. combine this with rfid for simple transactions and you have:>a crypto that allows infinite creation of coins>allows simple usage by common people>allows easy tracking and logging of all transactions by those who administer the blockchain>allows easily banning users (by banning their rfid)>assuming this crypto becomes a new global standard for transactions - which it easily can by force of law, ease of use, and initial economic incentives (universal income perhaps?), being banned would effectively prevent all transactions, buying or selling.<in the future you're identified as a bad goy so they disable your ability to buy and sell with their crypto. everyone uses this crypto so there is no alternative way to buy or sell. you're fucked.
you see how this devolves into a 666 dystopian scenario. the scariest thing is this is closer on the horizon than most will admit. the technology is already here, all it requires is the elimination of alternatives and the correct economic motivation. probably a large war, costly for all sides, and a collapse of the USD prompting global economic reform and global cooperation in rebuilding.
the best thing you can do now is pay down your debts, acquire rural land, guns, ammo, and food. disentangle yourself from government (don't have a government job or a private sector job that relies directly on government). invest in family and yourself. if you have other assets, move them away from fiat and diversify into crypto, more land and guns and ammo, and precious metals.
if you use crypto speculatively as a way to pay down your debts and acquire these things and your financial independence i won't fault you. but be wary of crypto - the boom won't last forever and there's a bust coming soon.