I am here to pass on the practical advice for those who want to invest in Bitcoin . . . again, if you have no Bitcoin, these is a great time to buy and accumulate and dollar cost average. . . for all the reasons outlined in other posts.
HOW TO ACHIEVE THE SAME RESULTS OF A PROFESSIONAL BITCOIN TRADER WITHOUT TAKING THE INHERENT RISKS
As a former gold bug and self taught economist I first heard about bitcoin when it traded par with the dollar and then…
The inspiration and title for this article came from a follower on Medium or Twitter who . . . . I was unable to find the originator but you know who you are and if you reply I will provide you full credit in this space. I do try and read and respond to all Medium responses, twitter I must be more selective.
Put simply Bitcoin is the safest unconfiscatable asset available that over time preserves your capital because it has a limited supply with the longest chain secured by proof of work.
Further, this unconfiscatable asset has no borders and can be easily and quickly transported to any jurisdiction and can be seized by no jurisdiction so long as you alone own the private key.
My primary work is not to teach trading, but to educate why bitcoin is the Hayek Standard, why The Bitcoin Standard is sound money and why it is vital for entrepreneurs in all nations to incorporate sound money (The Bitcoin Standard) into 5% to 15% of their operations (business portfolio).
Bitcoin does not come without risk. It is a new asset . . . remains untested in time and as such is a vehicle for speculation of its true value. . . and yet with each passing new day Bitcoin gains more credibility.
Further, the development of competing standards in the form of altcoins and ICO’s has sidetracked development of The Bitcoin Standard by applying the Keynsian economic theory of money creation through an ecosystem known as The Crypto World promoted by the inflationist private fiat money creators and exchanges who profit these pseudo standards.
CRYPTO WORLD BANKS . . .Why They Are The Weak Link of Bitcoin
In this quiet market the prime moving factor remains what I term THE EXTHIT (pronounced with a lisp and a weak wrist).
The efforts to create competing standards is largely responsible for rampant speculation. Few are working on building the level playing field of The Bitcoin Standard when vast riches can be more easily acquired by new private fiat money creation that is marketed as “better than bitcoin” to the ill informed.
THE BITCOIN STANDARD PROVIDES FOR COMPETITION ON A LEVEL PLAYING FIELD
I have been asked why I have not yet covered the Jimmy Song/Roger Ver debate . . . well, I would rather take my time…
Fundamentally, The Crypto World has spent the past three years creating a Day of Reckoning, what I term THE EXTHIT (pronounced with a lisp and a weak wrist) which we are experiencing today.
Because the primary use of Bitcoin is wealth preservation, I am persuaded that the next generation of adoption will be not be mass public adoption, retail use, peer-to-peer cash, or the banking of the unbanked (with the exception of unlawful commerce, for the most part the unbanked are unbanked for a reason). The next generation of early adopters will be wealth producers looking to protect a portion of their assets and have an escape route in event of oppression.
Entrepreneurs are the primary generators of wealth. . . and as such are targets of envy, or in Biblical terms covetousness, where the Lord saw fit give two commandments. When persuading an entrepreneur why he needs Bitcoin, I simply ask what asset does he own that can not be confiscated, whether by a thief in the home or by government edict. When they realize all assets are vulnerable, the scales fall off their eyes and they see the value of Bitcoin.
Bitcoin does not eradicate man’s nature, but it does provide the individual a degree of protection from nature of man to be envious.
Further, because entrepreneurs are the creators of wealth and innovators of ideas this sector will be the catalyst for public adoption, retail use, peer-to-peer cash, and banking the unbanked to those whom they employ.
The Hayek Standard is Bitcoin . . . and competition on the level playing field of The Bitcoin Standard is the key for a sound money the civilized world has not known since the Golden Age when The Gold Standard evolved in the private sector with the development of commercial banking and non-inflationary self liquidating commercial paper.
The free market development of The Gold Standard did not have specific or limited use tokens, but had use for all goods and services offered in the marketplace. Specie was not only redeemable in gold, but all other goods being offered in the marketplace.
The Lost Art of Commercial Banking
By E.C. Harwood | Economic Education Bulletin Vol. XIV, no. 6 | June, 1974
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