Posted on 08/14/2021 4:16:37 PM PDT by DUMBGRUNT
In 2014, MIT computer science student Jeremy Rubin offered all undergraduate students on campus $100 worth of bitcoin. Seventy percent of the student body participated in the free bitcoin giveaway. Some ended up wasting their coin at a sushi restaurant that took bitcoin. Others launched side hustles helping classmates set up crypto wallets.
“One of the worst things and one of the best things at MIT is this restaurant called Thelonious Monkfish,” said Phu. “I spent a lot of my crypto buying sushi.” rabucco now runs Alameda Research, which manages over $1 billion in digital assets and trades up to $10 billion per day across thousands of products, including all major coins and altcoins, as well as their derivatives.
(Excerpt) Read more at cnbc.com ...
The first bitcoin used in commerce bought one pizza.
Now many pizzas today?
Just in time to make an alumni donation.
How much fossil or nuclear or solar energy is needed to pay for that pizza?
Smart Japanese. Big markup on the meals, so speculating made sense.
Crypto currencies may end up being another great way for globalists to divide people.
Banks are monuments to delayed gratification.
—”How much fossil or nuclear or solar energy is needed to pay for that pizza?”
At that very little.
As the system progresses the required computations become more complex.
I don’t know, but I wish I had that original bitcoin instead of the lone-ago-digested pizza.
Tomorrow block chain currencies will be mandatory.
Are you saying ... more complex computations require less energy?
—”Are you saying ... more complex computations require less energy?”
NO!
The computers need to work harder/longer to earn a coin.
Bitcoin will be banned the moment it becomes a nuisance to the Great Reset shot-callers.
Propaganda ads: “Only terrorists, gangsters and drug dealers use crypto-currency in secrecy. Honest citizens only use government-approved digital currencies!”
It will be a felony crime in every bank-connected nation to buy or sell bitcoin and other crypto without govt. approval and full tax reporting etc.
Because electronic financial transactions involve multiple parties, you will never be sure how the other sides are reporting the transaction to the govt “according to the law.”
Stings will be widespread. A few examples of “crypto criminals” being given prison terms, and bitcoin will be as dead as the dodo bird.
“But if I have my secret coded key, maybe if I fly to Paraguay I can access my account in secret!”
Good luck with that.
Thoughts on above?
Everyone is a genius in hindsight but we don’t live that way. How many people cashed out when their bitcoin value doubled or tripled? 10x? 100x? When it hit over $20,000 and then sank to less than $3,000 how many people bailed halfway down or near the bottom? The right bet was to see it as a bond and not cash in until retirement provided you don’t get ripped off by the exchange that is expected to fork over the $44 million. Do you trust them? Does your husband or wife? How much is enough for the average person? What’s your number?
Its another example of the old “marshmallow” psychology experiment. I’ll give you a marshmallow now and come back in 15 minutes. If you don’t eat the marshmallow I’ll give you two more. Most kids ate the first marshmallow. Its human nature to not delay gratification. People like Warren Buffett were able to wait for the second marshmallow.
nothing new...
a lot of men throughout history have spent money trying to acquire a certain something that smells like sushi...
Well, their $100 bitcoin in 2014 is now worth $14,000.
How much is the 100 worth now?
How much is the 100 worth now?
I did that after the three disastrous CEOs failed at Apple after Jobs left (and before he returned).
John Sculley, 1983 – 1993
Michael Spindler, 1993 – 1996
Gil Amelio, 1996 – 1997
We had lost about 90% of the peak value of our holdings and I bailed out in the Amelio era. The company was headed toward bankruptcy and liquidation.
As they say, “too soon old, too late smart.”
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