Let me count the reasons why you are not into cryptocurrency!
I want to write pieces on Bitcoin(http://bitcoin.org), Ethereum(http://ethereum.org), Hex(http://Hex.com), and other cryptocurrencies for people like you that don't think cryptocurrencies are all that important. This is my first series on Substack.
My goal is to offer points to consider about your hoe-hum position and how that might not be good for your financial health. Perhaps, just perhaps, you will take another look.
You've heard about Bitcoin. You've known about it for years. When Bitcoin was $3,000 it was a bubble. Right?
At $7,000 it was a bubble. Right? At $10,000 it was a bubble. Right? At $20,000 it was a bubble. Right?
Is Bitcoin a bubble at $40,000? Well?
You never wanted to get involved in that magic internet money, Ponzi scheme before? Right? You know more than those "Wall Street Guys" and even if they get into Bitcoin you don't want that risk. Right?
If a 169-Year-old Insurance Company, MassMutual invested 100 Million Dollars into Bitcoin you might say it was not a Ponzi Scheme? Right? Well, that time has come. Yes, MassMutual made that investment, and a lot of other public companies are starting to take a serious look.
First, we have to ask what this Bitcoin thing is?
Bitcoin, according to leading Bitcoin "PermaBull" Michael Saylor, represents monetary energy being deployed on a software network. Money is value, time, energy represented in a form that you can preserve, store, and transmit to creditors or your children over time.
That "Monetary Energy" is similar to the "Information Energy" captured by Google, Yahoo, and others on software networks or "Social Energy" captured by Facebook, Instagram, and before them Myspace on software networks.
The basic idea is that software networks represent a thing or idea and then ultimately replace that thing or idea with new and powerful features and that original thing cannot compete with its replacement.
But, Bitcoin is not alone in the universe of cryptocurrencies. There are thousands. But, I will focus on three, Bitcoin, Ethereum, and Hex.
Reasons you are not into Cryptocurrency:
Bitcoin is a Scam|-->Answer... By scam, you mean not worth anything and a bad investment? Bitcoin has risen by 4 Million Percent since its first pricing. $1 at that time would now be worth 4 Million Dollars. Scams don't maintain or increase in value over an 11 year period and have the Securities and Exchange Commission (SEC) declare that they are not a Security. The Commodity Futures Trading Commission (CFTC) has declared Bitcoin a commodity.
Bitcoin is illegal|-->Answer...
By illegal you mean against the law. Laws written about securities could apply, but there are few laws that are written specifically about cryptocurrencies. Some states like Wyoming are beginning to put legal structures into place. Recently the Securities and Exchange Commission (SEC) sued Ripple Labs, the issuer of the XRP token as a potential security. The SEC has previously ruled that Bitcoin and Ethereum are not securities. Generally speaking, if you assume that by buying a token/share/coin or other indication of your status and that it will generate a profit for you as the result of the efforts of someone else then BOOM they are selling you security. That does not apply to Bitcoin, Ethereum, and Hex.
Bitcoin is a Ponzi/Pyramid/MLM|-->Answer...
A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The scheme leads victims to believe that profits are coming from product sales or other means, and they remain unaware that other investors are the source of funds. A Ponzi scheme can maintain the illusion of a sustainable business as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own.
That does not apply to Bitcoin. Bitcoin is a Proof-of-Work cryptocurrency, meaning that organizations and entities all over the world compete have powerful machines competing for a prize every 10 minutes. This has been going on 24/7/365 Since January 2009, every 10 minutes. That's when a new block is created and the "Winner", after buying expensive equipment and spending thousands on electricity, will be rewarded with 6.25 Bitcoin as of January 10, 2020. In today's dollars, that's worth about $238,662.50 with Bitcoin worth about $38,186 each.
No one gives these coins to the winning "Miner", according to the Bitcoin Software they are "Created/Issued" as part of the monetary policy written into the Bitcoin software network. It cannot be changed. About every four years that the number of coins issued every 10 minutes will be cut in half. The next "Having" event will be in about 1211 days from the date of this writing. (https://bitcoinblockhalf.com)
As you can see, there is no "Scheme". It's written into the software. It cannot be changed by any law, individual, country, or government on earth. It's decentralized, unchangeable, and global.
That's enough for now, please subscribe, follow, ask friends to subscribe and follow.
Maybe someday soon, I'll ask people to pay for a subscription, but first I have to find out how valuable this is to the people that read it, so I need feedback from you. If you can, please donate Ethereum or Hex to my Ethereum address here (0x5a0Fcb45d2Ffa6C2e9ec1aC3289D56537792F956) and I promise to keep generating the best content I can.
Also, if there is something you want to hear about please suggest it. I don't follow or care about 99.9% of the thousands of cryptocurrency projects. Some are Scams and Ponzi schemes. Some are just dumb.
I'm only really interested in Bitcoin, Ethereum and Hex, and others that promote passive income and are profitable. That's why I'm into Cryptocurrencies, Profit. Joe Terry, The Bitcoin Doctor https://bitcoindoctor.substack.com/