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Opinion?

Hi,

Just wanted some feedback on what I wrote about bitcoin awhile back when I was trying to convince people about bitcoin. I thought it would be interesting to read people’s feedback. Thanks!

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**Why the world needs bitcoin**

Imagine your currency suddenly losing 96-98% of its value. People rushing to the grocery stores to buy whatever they can before the rest of their currency goes to shit. Increase in crime and violence everywhere as people try to survive. Well that’s exactly what happened in [Venezuela ](https://money.cnn.com/2017/11/22/news/economy/venezuela-currency-crash/index.html)and [Zimbabwe ](https://www.economicshelp.org/blog/390/inflation/hyper-inflation-in-zimbabwe/)a few years ago.

A variety of sources affect a country’s monetary value; irresponsible printing of money supply, excessive regulation, even increases in commodity prices, just to name a few. But that is not the point of this article, this article is on how we can protect ourselves from irresponsible government.

If you’re saying to yourself, “This won’t happen in my country. I live in a country with a responsible government that looks out for my best interest”, let’s cut the bullshit and save the stories of Santa Claus and the tooth fairy for the children. Government are run by people and if you haven’t been living under a rock, you’ll notice that sometimes people in power fuck things up for the rest (mostly the poor). Whether it be for power, greed, or stupidity, it happens. This maybe not your government today, but what about the next election or the one after that.

Here’s a list of some examples of hyperinflation:

Yugoslavia 1993 – 1994 [1]

Soviet Union 1990 – 1991 [2]

Greece 1943-1946 [3]

American examples of irresponsible government/banks include the 2008 American mortgage crisis and America’s growing federal debt.

**How does having bitcoin help?**

Bitcoin helps take away some control over the economy from the small group in power and gives it back to the people. Banks have been allowed to dictate the rules that benefit themselves and fund governments that help keep these regulations in place. Let’s go back to the mortgage crisis of 2008: banks were blamed, no one was arrested, millions of lives destroyed, government bailed out the banks and taxpayers were handed the bill. The more money we keep in the banks, the more control they will have over the government.

For instance, you lent money to your brother-in-law and find out he actually using it to gamble. He loses it all and asks you for more money. Like any sane person, you tell him to fuck off. However, your wife insists on helping her brother and lends him more money from your shared account. Is this a good metaphor for the mortgage crisis or the story of my life? I’ll let you decide, but you bet your ass I have a separate bank account.

**Technology never stops advancing:**

Think of when the internet first became live in 1991. The majority of people laughed at how slow it was and how it would never amount to anything. Only a hand full of hardcore supporters worked on it, believed in it and it grew slowly. But as the technology grew, more and more people got involved. Bitcoin is in its beginning stages just like when the internet started. It needs to mature and become more accepted as a means of financial transactions before we can move on to the next stage.

**So what should I do now?**

I don’t suggest [selling all your possessions to buy bitcoin](https://www.newsweek.com/bitcoin-man-sells-house-possessions-cryptocurrency-682459), because just like starting a business or explaining to your fiancée that wedding rings are pointless, there’s risk involved. I think of bitcoin as an investment for myself and everyone’s future. Purchasing this technology is like having a stock in a company you believe in. Would you put all your money in one stock? No, but a good portfolio is diversified. (Note: This is just my opinion and not financial advice)

**Why not just keep gold?**

According to [Forbes](https://www.forbes.com/sites/spencerbogart/2017/11/08/7-stats-that-highlight-a-millennial-propensity-for-bitcoin/#4706220032c4), “more than 1 in 4 millennials prefer Bitcoin to stocks: 27% of whom said they would prefer to own $1,000 of Bitcoin over $1,000 in stocks. The number was even higher for male millennials—38% of whom said they prefer Bitcoin” (millennials = aged 18 – 34).

Millennials are the future. Millennials are the ones buying bitcoin. Do you want to have gold when the last dinosaur who believes in gold dies?

**Conclusion:**

Albert Einstein stated, “Insanity is doing the same thing over and over again and expecting different results.” and if nothing is done to try and prevent corruption, then it will persist. I’m not saying adopting bitcoin going to 100% succeed, but this could be the chance to make a change, not just for one country, but for the entire world. If we let this fail without giving it a shot, then we may well deserve what’s coming to us.

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[1] Source: James Lyon, “Yugoslavia’s Hyperinflation, 1993-1994: A Social History,” East European Politics and Societies vol. 10, no. 2 (Spring 1996), pp. 293-327.

[2] Source: Igor Filatochev and Roy Bradshaw, “The Soviet Hyperinflation: Its Origins and Impact throughout the Former Republics,” Soviet Studies, Vol. 44, No. 5 (1992), pp. 739-759.

[3] Source: Gail E. Makinen , “The Greek Hyperinflation and Stabilization of 1943-1946,” The Journal of Economic History. Vol. 46, No. 3 (Sep., 1986), pp. 795-805.



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