The trouble with calculating these values/prices is that we assume that all the bitcoin or shares of a given stock are worth what the last ones traded at. And it is generally true that if I own shares in a stock that just traded at $100, then I can almost certainly sell my shares at or near that price as well. But if everyone who owns those shares wants to sell at the same time, the price goes way down, possibly to zero, or at least until there are willing buyers. Thus, this "wealth" is only potential, and assumes that there will always be buyers at current or higher prices. If there are not, then the wealth disappears. Lots of people were wealthy with their Enron stock, until suddenly, they weren't.
I fail to see the problem here. Have you noticed? The graphs the Bonner team furnishes to us all look the same, whether it's M2 (money supply), government spending, household debt, household net worth, interest rates, inflation, whatever, it's as if you take the graph (ordinate and abscissa), start at the lower left corner and draw the line to the upper right corner, using the slope-intercept method, of course, and bingo! a picture of our Alice-in-Wonderland world. We can't inject $37 trillion into the economy, as we have done, and NOT have what we have. So, what's next? The money goes "kablooey" and floats away to Money Heaven. But what's not to like? Debt is, by definition, money-denominated. When the money goes, the debt goes, too. As my kids often say, "Sucks to be you, Dad." Best always. PM
Right you are in individual cases. When the reserve currency of the world blows up, it all goes. That's my take. The net effect will be one huge default. You can't get blood out of a turnip. Still, I have never personally experienced what we think is coming. I can't imagine the chaos, and nobody else can, either, and I think that's the reason it hasn't blown up yet. Best always. PM
Not sure what you're forecasting: a name change for our medium of exchange -- the dollar -- or the dollar no longer the reserve currency of the world?
The latter event is all that matters; not the currency's name.
Should the latter occur, it will mean the Fed will need to raise interest rates to sell our debt, an act that will affect our economic vibrancy
Of course, if our current government made serious steps to stop spending far in excess of its tax receipts, the dollar likely would stop losing value and retain its status as the reserve currency of the world
However, we can destroy our currency by whatever its name with rampart inflation (see Weimar Republic)
Mr. Star. About a week or so ago,, Mr. Roberts said we were all better off under Biden. He actually believes that. Delusionally insane now he’s complaining about the spending of the Trump administration. While I don’t like it either, I still respect the many good things he has done. Trump.
As I mentioned the other day, there are MILLIONS of us that have taken 𝗴𝗮𝗶𝗻𝘀 𝗼𝗻 𝗖𝗿𝘆𝗽𝘁𝗼𝘀 and turned that "money" into Gold, Silver, Lead, Firearms, Land, Real Estate, and sure, F-150s. The key is to not be greedy and realize you are investing in an extremely dynamic, volatile asset that breaks traditional molds, analysis and conclusions. Take what you can when you can - and hold on when you're not. One adage stands - You Don't Lose Money Until You Sell At A Loss.
So which do I believe? The Reality of what is stacked in my new, extra-large in-home safe, the new steel roof over my head and what is sitting in my driveway - OR - the word of an out-of-touch, curmudgeon billionaire hiding out waiting for the sky to fall in a drafty castle (literally) off some foreign beaten path who is obviously stuck in 1975 and fearful of most anything "new" - particularly if it has to do with the digital world or an old acquaintance who he perceives disrespected him at some time in the murky past and now can't/won't let it go?
I'ma stick with smoking a fine cigar, seated on my new rocker, located on my new back deck, looking out over my new land and shiny new automobile. I'll surely take a few minutes to reflect on how "ghost wealth 𝙘𝙖𝙣𝙣𝙤𝙩 be turned into real wealth" while I do so. SMH & LMAO.
The problem with absolutes, Mr. Bonner, is that there is only One thing in all the Universe that NEVER changes - never has and never will. I hope you are friends with Him and His kid. You obviously are being left behind by the whirlwind around us.....and I don't mean that as a slight....
Thank you brother Starboard! You are 💯% correct! Many thousands of us have used our crypto cash for hard assets, and are greatly successful for our investment in crypto. I’m just horrified that our host has been so successful at demonizing crypto while buying many throughout the years. Those who missed the last sit down with Dan, Bill and his son, would not know how vested they are in Bitcoin. Can’t blame the ignorant sheep when all the toxic information is coming from sources they trust 🤔
The thought occurs to me, that if the proverbial fan blows, and things crash, those most negatively affected by the Ponzi scheme you claim to one up on, will be the retirees that don’t have the knowledge or foresight to make the same intelligent moves that you have. Which begs the question: who will have the cleaner conscience, you or Bonner.🤣🤣🤣
I'm not placing myself above anyone or anything else and apologize if I came across as "gloating" in any way. As for Conscience - as stated I view Crypto exactly like I view a casino. I've not gone in with money I couldn't afford to lose, and I'm not breaking any laws by playing in this digital house instead of the Hard Rock down the street in hollywood, FL.
PS - I really don't know much at all about the whole Crypto world, no "special" knowledge. I just saw that it was back down around $65k and I had a few extra bucks on hand, so I thought "Why not?" Then it went to $120k and I said "See ya & thank you" - for now. It wasn't Rocket Surgery or inside knowledge - it was more a case of Pattern Recognition...
The game of chance. I lived in Vegas for 11 years, worked with independent convenience store owners. A store would have a bank of 7 slots. A good store netted $15,000 a month, the store and fuel sales were an after thought. At the time, Circus Circus built the Luxor casino, the pyramid on the south strip, from cash flow. Who was winning? Lady luck is fickle.
I agree completely. The Crypto world is NOT for everyone (not really even for me in all honesty) and I agree with most of what Mr. Bonner wrote today - except for the quote I referenced in the post above. I also agree with most of the posters here who tear Crypto down - because, fundamentally, they are correct with regard to the hazards of a completely digital "money", no real backing, dangers of recovering any of it when SHTF, etc. BUT - I also recognize that it offers the one place to make the most money quickly if/when things go right (i.e. when value goes up.) So that's why I commented about it today - BTC has been very, very good to me - and likely will again if/when it drops back under $80k and I temporarily jump back in. No different than playing the Gene Editing sector of the market IMO, but with better odds....
The price of a truck doesn’t go down when you turn on the engine? It sure does when you first buy it. I digress. I’ve made a very good living trading stocks and options as a former market maker and local in Chicago. I sold my business to e-trade back in 2000.
I know I’ll get blowback for this.. but why is bitcoin much different than stocks? Unless you buy the company and pay yourself a large salary and dividend making money in stocks and bitcoin mostly comes from selling to the next fool who thinks they can sell it to some other sucker at a higher price. Companies can always issue more shares and dilute your value but at least bitcoin has a limited amount. As long as we’re referring to stores of value isn’t it true that you can’t eat gold? Starboardedge is right on the money when his argument is basically buy low and sell high.. always a smart thing with any investment whether it be art, baseball cards, houses, land, precious metals or bitcoin. Buy low and sell high is always a good idea. And his statement about the “curmudgeon” Bonner is also true. The boat sailed without you Bill. 💵
My trigger was set at 78 to 80k for buy back. Then, begin selling back once hit a 20% gain. Continue selling back piecemeal over the next gains at 10% or plus increments. Well, that's the general system I'm following. Don't be in a rush to sell or buy. Remember what A. Rogers said, " R E L A X " .
I subscribed to your newsletter for FINANCIAL ADVICE, which I have found to be very helpful. I'm several years older than you and have been a successful small businessman who now is liquidating for retirement. I see myself as considerably more conservative than you (I'm not MAGA, so don't presume my political bent) and I'm disturbed by your very obvious hatred and bias towards President Trump. I enjoyed your writings for a number of years but this year it's become a platform for venting hatred and judgement. This doesn't bode well for your credibility and over time will destroy the value of your advice due to the blind spots and negativity that is generated. You've also periodically ventured into the moral realm, which gives one clues to a somewhat incomplete perspective on life. Sometimes persons of great wealth get the idea that everything they say is more rooted and grounded and more intelligent than what the rest of us carry. But by it's very existence great wealth produces great blind spots...... so my caution is this: pride comes before the fall but wisdom is the greatest attribute of life. And those who are humble don't even know they are humble..
I don't know...wveyrhing is relative. Especially in "value". Own a little bit of everything that makes sense to you in proportion to your "guess" of the future. Just make sure you have some of each of the majors. Can you imagine not being in stocks if they triple and double? Can you imagine not being in Bitcoin if it goes to a million? Can you imagine not being in gold if it goes to $10,000. I don't write off anything 100% completely, because it's a crazy world and I can't understand people or societies and definitely can't predict any of their and their governments' behaviors with any accuracy and/or timely confidence . Something's going to lead and something is going to lag. Something will win and something will lose. Always in doubt. Give yourself a shot at one of the winners.
"If investors all sold out of bitcoin in order to buy pick-ups or houses, prices of the former would go way down and prices for the latter, drawing on existing stocks, would go way up. What kind of ‘asset’ is it that loses value when you try to use it?"
What kind of asset? How about gold? If investors sold out of gold, the gold would go way down and the prices of goods being purchased would go way up. That's the way supply and demand works, both for bitcoin AND gold.
I'm in maximum safety mode, financial debacle imminent, but taking swings at bitcoin that border on non compos mentis detract from the message.
Bonner fan for decades, and will remain. But someone should have caught this before it got Bill's name on it.
I had the same thought. I'd like Bonner to elaborate using gold and silver instead of Bitcoin. One thing about gold and silver is that they are real things that exist in reality, Bitcoin does not, and that's what I can't get over in my head. I'm not saying you can't make money off of it just like you can make money off of anything that becomes a rage as Bonner noted in the tech bubble at the turn of the century.
Here's a thought that just came to mind using the example Bonner used. If everyone took their bitcoin or their gold and silver and put it into housing and/or F150's, isn't that the same as saying that they are all "speculating" in F150's and housing?
That being said, I do think Bonner made a finer point in that wealth comes from production, not from speculation, or even investments in stocks, gold and silver, or Bitcoin. And the "apparent" increase in wealth from Bitcoin or stocks, or even gold and silver is not real wealth unless we are producing things. Production is the real wealth generator and cannot be replaced by anything else. If production stopped tomorrow, wealth creation would stop and it won't matter how much Bitcoin, gold and silver, or stocks you own - they would all be worthless because there would be nothing to buy. So, I believe that's what Bonner was getting at, and I think he makes a good point!
Believe that you are endorsing "supply-side economics" John. It is always a solid basis for an improving economy. Why is "bit-coin" not like the "tulip-bulb" thingy?
Yup. Some would call it supply-side, and that's probably a good way to put it. I call it "the facts of reality". The ability to consume is meaningless unless you have the ability to produce. That is, to use one's rational mind to identify the facts of reality and produce the things needed for a successful life. By produce, I mean anything that requires some thinking and some effort even if it means picking berries off a bush.
John: Agree entirely with both replies. True wealth is that which either maintains, increases, or minimizes the fall of your standard of living. Assets (broadly construed) are those things which you can trade for true wealth. Tulips were an asset as long as you could trade them for true wealth. But when demand died, they, just as with (should it happen) gold OR bitcoin, they ceased to be assets. Gold has stood the test of time, bitcoin is working on it. But for Bill to say an asset isn't an asset if it loses value when you use it to buy true wealth is still, in this Okie's vernacular, "dumber than dirt". That is a characteristic of all assets should investors "all sell them", including gold. Whoever let this go out under Bill's name should be court-martialed, he knows better.
Yup. I noticed that statement had Captain Obvious written all over it when I read it, but thanks Jefe Bonner for the reminder of what is probably the one foundational concept of Economics, Finance, Money, etc. But then to jump to a nonsensical conclusion at the end....
Agreed completely, it had Captain Obvious written all over it. The conclusion was entirely nonsensical as well, and flowed not a whit from the propositions advanced. Bill didn't write this, in my sometimes humble opinion, he's too good to say these things. This is a staff member writing, and again, in my sometimes humble opinion, said staff member should be court-martialed and mustered out. Felony: what even Captain Obvious could see, and the conclusions, which were entirely non-sequiturs.
1. Bitcoin is not “nothing.” It is a digital bearer asset with unique monetary properties:
Scarcity: Only 21 million bitcoins will ever exist, enforced by open-source code and decentralized consensus — unlike fiat currency, which governments can (and do) expand at will.
Portability: You can transfer any amount globally in minutes without intermediaries.
Censorship resistance: No central authority can freeze or confiscate it without your consent.
Verifiable ownership: Anyone can verify the entire monetary supply in real time.
This makes it closer to digital gold than to tulip bulbs — except it’s far easier to store, transfer, and verify than gold.
2. The article tries to mock Pompliano’s claim that Bitcoin is a better store of value by saying: “What kind of store of value rockets in price?” But that misunderstands monetary adoption cycles.
A store of value in transition to becoming a dominant money will see volatile price discovery as adoption grows.
Gold itself had decades of wild volatility when it was demonetized from the dollar in the 1970s — yet it’s still recognized as a store of value today.
Bitcoin is in its monetization phase — volatility is natural. Mature stores of value (like gold) stabilize after widespread adoption.
3. The author argues that Bitcoin’s $2.3T market cap is “ghost wealth” because it’s not backed by tangible goods like houses or F-150 trucks. But this logic would also apply to all forms of money.
R
The US dollar is also not “backed” by tangible goods — its value comes from collective trust and enforceable legal tender status.
Gold, art, and rare collectibles also do not directly “produce” goods but still store value due to scarcity and demand.
Bitcoin’s value comes from network effects, utility as a monetary asset, and scarcity, not from being redeemable for physical goods.
4. This is true of every asset — stocks, gold, real estate. If every shareholder sold Apple stock tomorrow, the price would collapse.
Market prices always assume that not everyone sells simultaneously. That’s how markets work.
The relevant question is whether Bitcoin’s liquidity and depth are sufficient for normal market activity — and they are, with billions traded daily.
5. Bitcoin’s price rise doesn’t need to increase the physical supply of trucks to be valid — the same is true for gold or the dollar appreciating against other assets.
Appreciation reflects changing demand for the monetary asset relative to goods, not the physical production of goods.
This is a monetary phenomenon, not a manufacturing one.
6. Tulip bulbs had no lasting network utility — once the fad ended, so did the value.
Many dot-com stocks were indeed worthless — but the internet as a whole was not. The survivors (Amazon, Google) became trillion-dollar companies.
Bitcoin is the protocol layer for global digital value transfer — like the TCP/IP of money. It’s not a fad; it’s a foundational monetary technology.
7. Long-Term Perspective Is Ignored
Bitcoin’s critics focus on crashes without acknowledging the long-term trend:
2013: ~$100
2017: ~$1,000 → $20,000
2020: ~$10,000 → 2021 peak ~$69,000
2025: ~$65,000+
Despite volatility, long-term holders have been rewarded — unlike bubbles that never recover.
Fully with you and thanks for making this elaborate list. Let me just add to all your points that Bonner’s statement “No factory produced it. No one sweated to make it.” is of course utter nonsense. It takes close to the market value of each BTC in energy/equipment cost to solve the random search problem to be rewarded with a BTC. This is always true since the difficulty of the problem is constantly adjusting to the amount of energy expended to solve it.
Just reading Bonner’s article and replacing every instance of “bitcoin” with “gold” reveals the poor grasp of the true nature of bitcoin that exudes from his poor write up today.
All good points Bill, but what will be the value of Bitcoin, which can’t be controlled by government, a government that has racked up over $37 trillion in acknowledged debt and probably over a $100 Trillion in real debt as enumerated here previously, versus the U.S. Dollar which is only backed by this debt monster? If the total value of Bitcoin stands at only $2.3 trillion, what will it be worth when the government takes the only exit ramp, doing what it’s been doing for over 112 years, and prints dollars to cover this monster debt trap? Multiply that by nearly all of the governments of the world doing the same thing, versus Bitcoin, which is consistently reducing the available coins that can be produced? I like gold too, but gold can, and has been previously manipulated by the central banks of the world. Current world debt stands at $324 TRILLION(Duck Duck Go Search Assist). At only $2.3 Trillion, Bitcoin looks like a bargain.
Hmmm.....interesting discussion - BTC. It appears out of nowhere and most with a lick of sense know it wasn't developed by a mysterious Japanese fellow named Nakamoto. It just appeared - from nothing! And somewhere around 1/2 the BTCs so I am told - no one knows where they are. Tulips were a bargain too. Yes - the government doesn't control it (yet) and you can take it with you freely. Where it goes..........anybodies guess and like Bill and Warren Buffett - ???? is my guess. Just an ol' man lamenting.
Hell Yeah! I love it when you talk about Bitcoin Bill, you know, that stuff you cannot see! Very few people know how it all really came about….
Once upon a blockchain twilight, somewhere between the 4th dimension and a Joe Rogan fever dream, mankind did a thing, he looked at a string of code, some computer hashing, some digital fart noise from the belly of Satoshi’s mystery, and said: “By God, this here nothing… this imaginary spaghetti… this idea that can’t be touched, tasted, or taxed proper, this is wealth!”
You know what else you can’t touch? Einstein’s Superstring theory. That hot cosmic mumbo jumbo where the universe is made of vibrating probability noodles that vanish when you try to observe them. Sound familiar?
Bitcoin is the Superstring Theory of Finance. It looks deep. It sounds smart. It vibrates with potential. But grab it too hard, and you realize…It ain’t even a fart in a mason jar.
They say Bitcoin’s a store of value?
That’s like sayin’ your outhouse is a savings account because you keep dumping in it and hope someday the smell turns into gold. “Better than the dollar!” they cry. Sure. And maybe a coyote turd’s better than a cow pie when you’re barefoot, but you still ain’t getting to church clean. Wall Street’s smoking this stuff now, huh?
Of course they are! They’d sell you a box of air if they could call it “synthetic leveraged breathable futures.”
Let’s break it down for the folks who can’t wait to get a piece of the pie:
• You can’t eat a Bitcoin.
• You can’t hammer a nail with a Bitcoin.
• You can’t build a house, drive it, weld it, mold it, or even wipe your sorry digital portfolio with it.
But you can believe in it. And that’s the real economy now, ain’t it? BELIEF.
Faith-based finance. We took religion outta schools and stuffed it into our retirement accounts.
BITCOIN, Once conceptualized, it f*ken falls apart and turns into nothing.
That’s the punchline of modern money. Bitcoin ain’t an asset. It’s a philosophical mirage riding a rollercoaster built by Reddit. It ain’t tulips this time. It’s existential flower petals on the blockchain. And when the shades come to collect their ghost wealth, they’re taking your real wealth with them. Your trucks, your homes, your sanity.
You know what’s real?
That F-150 with mud on the tires.
A hammer, a dog, a cold beer, a busted thumb from building your damn porch. Your granddaddy’s rifle. Your momma’s cast iron skillet. Love, work, sweat, and the sound of a coin jingling in a real damn pocket.
Bitcoin is a bedtime story for adults who don’t believe in bedtime.
A fantasy for a generation raised on cheat codes, who think scarcity is something you can mint with enough GPU horsepower. But like all ghost wealth, when the reckoning comes, there ain’t gonna be a bailout for digital dust.
Bitcoin is the god of a church with no altar, no offering plate, and no exit door. When it collapses, it won’t be because it failed, It’ll be because it succeeded in proving just how empty the modern soul has become.
High-Five 🙌 Mr. Bonner you hit the nail on the head, with a real hammer, not Bitcoin bought!
You're taking the wrong approach - drop History and change the Point of View on this one issue.
Obviously, BTC is NOT a STORE OF VALUE - anyone using it for that (as opposed to PMs, Land, etc.) is a fool. It is a vehicle to speculate, make a bunch of wispy fiat "dollars" at a much faster rate than the other speculative vehicles offer, then turn THAT windfall into Real ASSETS.
Just like a casino? Sure - but the odds are slightly better and the result can secure real wealth. The key is not to get in too deep nor stay in too long....
PS - I COULD go buy a real hammer with BTC if so inclined. Just sayin'....
You make a good point, but I think Egypt hits the nail on the head. As I noted in my post in a reply to Walter, production is the only source of wealth. Human beings must be productive to flourish and unless we are making things, all our investments, speculative or not, are worthless.
Hahaha! I hear ya, partner, but that’s the thing, ain’t it? You’re basically saying “This ain’t a store of value… it’s a financial trampoline covered in grease and lit on fire! Just bounce real quick, grab some fiat smoke, and convert it into something real before it all vanishes like a mirage in Death Valley.”
Now THAT’S a marketing campaign:
Bitcoin, It’s Like Russian Roulette, But With WiFi!
And sure, you’re absolutely right, the smart play is to treat it like the casino it is. But let’s be honest…We both know Granny ain’t counting cards in this crypto saloon. She’s getting lured in by holograms of “digital gold” talking about blockchains like it’s the new Medicare supplement plan.
So while Wall Street’s out here playing musical chairs with vibrating strings and imaginary money, the Baby Boomers are about to sit down on a stool made of hope, FOMO, and a YouTube ad with a guy in a Lambo.
And when that stool breaks?
Ain’t no blockchain strong enough to catch a broken retirement fund.
But hey, you do you, Boo. 😂
Just make sure when you ride outta that casino, you’ve still got your boots, your dignity, and something worth trading for a truck that actually runs.
Love it, Egypt. 𝗧𝗵𝗮𝘁 𝗶𝘀 𝗘𝗫𝗔𝗖𝗧𝗟𝗬 𝘄𝗵𝗮𝘁 𝗜 𝗮𝗺 𝘀𝗮𝘆𝗶𝗻𝗴! Stay small, smash and grab, run for the hills. Count up the loot and convert it to something real later on around the campfire.
And I appreciate your sage advice - most definitely will be following it if/when I get back on the slippery monster....
PS -While I sympathize to a degree, Granny Beware. Also, getting that same vibe from several responders. I'm not sure how me willing to put my own money at risk on a such a nebulous "asset" has anything to do with Granny and the Boomer Brigade getting screwed. I can easily empathize with the sentiment, but have a hard time allowing such a tenuous (at best) version of Societal Responsibility (Chivalry, maybe?) dictate my decisions.
Now if my playing the Crypto Roulette had the potential to actually harm someone besides myself, I'd have a different attitude about it....
Tend to agree. As I noted in my post, production is the only source of wealth. By the way, I'm pretty sure Einstein did not come up with string theory, but I acknowledge that this is a minor point, and you were just using it as an analogy.
If you think you are smarter than the previous generation... 50 years ago the owners manual of a car showed you how to adjust the valves. Today it warns you not to drink the contents of the battery.
"No factory produced it. No one sweated to make it."
Bill, it is staggering that a man of your intellect feels he knows so much about Bitcoin yet knows so little. Bitcoin is the PUREST example of proof of work. Just as it takes work to produce gold from the ground, so it takes enormous resources to mine Bitcoin. Were it not for the work, it would be a ghost, as you say.
You are an influential man. You owe it to your readers to become educated about what Bitcoin is.
Don't sweat it, Geezer. I'm probably younger than you, but I realized long ago that we miss out on WAY more than we have the smarts, motivation or luck to grasp on to...
The trouble with calculating these values/prices is that we assume that all the bitcoin or shares of a given stock are worth what the last ones traded at. And it is generally true that if I own shares in a stock that just traded at $100, then I can almost certainly sell my shares at or near that price as well. But if everyone who owns those shares wants to sell at the same time, the price goes way down, possibly to zero, or at least until there are willing buyers. Thus, this "wealth" is only potential, and assumes that there will always be buyers at current or higher prices. If there are not, then the wealth disappears. Lots of people were wealthy with their Enron stock, until suddenly, they weren't.
I fail to see the problem here. Have you noticed? The graphs the Bonner team furnishes to us all look the same, whether it's M2 (money supply), government spending, household debt, household net worth, interest rates, inflation, whatever, it's as if you take the graph (ordinate and abscissa), start at the lower left corner and draw the line to the upper right corner, using the slope-intercept method, of course, and bingo! a picture of our Alice-in-Wonderland world. We can't inject $37 trillion into the economy, as we have done, and NOT have what we have. So, what's next? The money goes "kablooey" and floats away to Money Heaven. But what's not to like? Debt is, by definition, money-denominated. When the money goes, the debt goes, too. As my kids often say, "Sucks to be you, Dad." Best always. PM
The dollar may go kaput but not the debt.
It will be repriced in whatever replaces the dollar. Either the debt is paid by the replacement currency or it's not.
Nor do creditors' rights disappear when one new form of money replaces another.
Right you are in individual cases. When the reserve currency of the world blows up, it all goes. That's my take. The net effect will be one huge default. You can't get blood out of a turnip. Still, I have never personally experienced what we think is coming. I can't imagine the chaos, and nobody else can, either, and I think that's the reason it hasn't blown up yet. Best always. PM
Not sure what you're forecasting: a name change for our medium of exchange -- the dollar -- or the dollar no longer the reserve currency of the world?
The latter event is all that matters; not the currency's name.
Should the latter occur, it will mean the Fed will need to raise interest rates to sell our debt, an act that will affect our economic vibrancy
Of course, if our current government made serious steps to stop spending far in excess of its tax receipts, the dollar likely would stop losing value and retain its status as the reserve currency of the world
However, we can destroy our currency by whatever its name with rampart inflation (see Weimar Republic)
BRAVO!! Nailed it!!
See Jimm? It IS possible for us to agree when you stick to Facts and Logic - and eschew the politics and hatred for Trump....
Mr. Star. About a week or so ago,, Mr. Roberts said we were all better off under Biden. He actually believes that. Delusionally insane now he’s complaining about the spending of the Trump administration. While I don’t like it either, I still respect the many good things he has done. Trump.
Yup, no Hypocrisy to be found in the Leftarded.
Mr. Jimm is a well-known lefty midwit - but as my dad used to say:
"Even a blind pig finds an acorn...."
"𝘛𝘩𝘪𝘴 ‘𝘨𝘩𝘰𝘴𝘵 𝘸𝘦𝘢𝘭𝘵𝘩’ 𝘤𝘢𝘯𝘯𝘰𝘵 𝘣𝘦 𝘵𝘶𝘳𝘯𝘦𝘥 𝘪𝘯𝘵𝘰 𝘳𝘦𝘢𝘭 𝘸𝘦𝘢𝘭𝘵𝘩 𝘣𝘦𝘤𝘢𝘶𝘴𝘦, 𝘢𝘴 𝘸𝘪𝘵𝘩 𝘣𝘪𝘵𝘤𝘰𝘪𝘯, 𝘵𝘩𝘦𝘳𝘦 𝘪𝘴 𝘯𝘰 𝘦𝘲𝘶𝘪𝘷𝘢𝘭𝘦𝘯𝘵 𝘪𝘯 𝘨𝘰𝘰𝘥𝘴 𝘢𝘯𝘥 𝘴𝘦𝘳𝘷𝘪𝘤𝘦𝘴."
As I mentioned the other day, there are MILLIONS of us that have taken 𝗴𝗮𝗶𝗻𝘀 𝗼𝗻 𝗖𝗿𝘆𝗽𝘁𝗼𝘀 and turned that "money" into Gold, Silver, Lead, Firearms, Land, Real Estate, and sure, F-150s. The key is to not be greedy and realize you are investing in an extremely dynamic, volatile asset that breaks traditional molds, analysis and conclusions. Take what you can when you can - and hold on when you're not. One adage stands - You Don't Lose Money Until You Sell At A Loss.
So which do I believe? The Reality of what is stacked in my new, extra-large in-home safe, the new steel roof over my head and what is sitting in my driveway - OR - the word of an out-of-touch, curmudgeon billionaire hiding out waiting for the sky to fall in a drafty castle (literally) off some foreign beaten path who is obviously stuck in 1975 and fearful of most anything "new" - particularly if it has to do with the digital world or an old acquaintance who he perceives disrespected him at some time in the murky past and now can't/won't let it go?
I'ma stick with smoking a fine cigar, seated on my new rocker, located on my new back deck, looking out over my new land and shiny new automobile. I'll surely take a few minutes to reflect on how "ghost wealth 𝙘𝙖𝙣𝙣𝙤𝙩 be turned into real wealth" while I do so. SMH & LMAO.
The problem with absolutes, Mr. Bonner, is that there is only One thing in all the Universe that NEVER changes - never has and never will. I hope you are friends with Him and His kid. You obviously are being left behind by the whirlwind around us.....and I don't mean that as a slight....
Thank you brother Starboard! You are 💯% correct! Many thousands of us have used our crypto cash for hard assets, and are greatly successful for our investment in crypto. I’m just horrified that our host has been so successful at demonizing crypto while buying many throughout the years. Those who missed the last sit down with Dan, Bill and his son, would not know how vested they are in Bitcoin. Can’t blame the ignorant sheep when all the toxic information is coming from sources they trust 🤔
Hey brother Steve.
"𝘊𝘢𝘯’𝘵 𝘣𝘭𝘢𝘮𝘦 𝘵𝘩𝘦 𝘪𝘨𝘯𝘰𝘳𝘢𝘯𝘵 𝘴𝘩𝘦𝘦𝘱 𝘸𝘩𝘦𝘯 𝘢𝘭𝘭 𝘵𝘩𝘦 𝘵𝘰𝘹𝘪𝘤 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘪𝘴 𝘤𝘰𝘮𝘪𝘯𝘨 𝘧𝘳𝘰𝘮 𝘴𝘰𝘶𝘳𝘤𝘦𝘴 𝘵𝘩𝘦𝘺 𝘵𝘳𝘶𝘴𝘵 "
When it comes to BPR, that statement is TRUE on so many levels - and Reality is proving it more every day.....
The thought occurs to me, that if the proverbial fan blows, and things crash, those most negatively affected by the Ponzi scheme you claim to one up on, will be the retirees that don’t have the knowledge or foresight to make the same intelligent moves that you have. Which begs the question: who will have the cleaner conscience, you or Bonner.🤣🤣🤣
Hi Wes -
I'm not placing myself above anyone or anything else and apologize if I came across as "gloating" in any way. As for Conscience - as stated I view Crypto exactly like I view a casino. I've not gone in with money I couldn't afford to lose, and I'm not breaking any laws by playing in this digital house instead of the Hard Rock down the street in hollywood, FL.
PS - I really don't know much at all about the whole Crypto world, no "special" knowledge. I just saw that it was back down around $65k and I had a few extra bucks on hand, so I thought "Why not?" Then it went to $120k and I said "See ya & thank you" - for now. It wasn't Rocket Surgery or inside knowledge - it was more a case of Pattern Recognition...
The game of chance. I lived in Vegas for 11 years, worked with independent convenience store owners. A store would have a bank of 7 slots. A good store netted $15,000 a month, the store and fuel sales were an after thought. At the time, Circus Circus built the Luxor casino, the pyramid on the south strip, from cash flow. Who was winning? Lady luck is fickle.
Can't disagree with you, SE, but I do think Bonner did write a thoughtful column today.
I agree completely. The Crypto world is NOT for everyone (not really even for me in all honesty) and I agree with most of what Mr. Bonner wrote today - except for the quote I referenced in the post above. I also agree with most of the posters here who tear Crypto down - because, fundamentally, they are correct with regard to the hazards of a completely digital "money", no real backing, dangers of recovering any of it when SHTF, etc. BUT - I also recognize that it offers the one place to make the most money quickly if/when things go right (i.e. when value goes up.) So that's why I commented about it today - BTC has been very, very good to me - and likely will again if/when it drops back under $80k and I temporarily jump back in. No different than playing the Gene Editing sector of the market IMO, but with better odds....
The price of a truck doesn’t go down when you turn on the engine? It sure does when you first buy it. I digress. I’ve made a very good living trading stocks and options as a former market maker and local in Chicago. I sold my business to e-trade back in 2000.
I know I’ll get blowback for this.. but why is bitcoin much different than stocks? Unless you buy the company and pay yourself a large salary and dividend making money in stocks and bitcoin mostly comes from selling to the next fool who thinks they can sell it to some other sucker at a higher price. Companies can always issue more shares and dilute your value but at least bitcoin has a limited amount. As long as we’re referring to stores of value isn’t it true that you can’t eat gold? Starboardedge is right on the money when his argument is basically buy low and sell high.. always a smart thing with any investment whether it be art, baseball cards, houses, land, precious metals or bitcoin. Buy low and sell high is always a good idea. And his statement about the “curmudgeon” Bonner is also true. The boat sailed without you Bill. 💵
Like your stuff Starboard💪👍
My trigger was set at 78 to 80k for buy back. Then, begin selling back once hit a 20% gain. Continue selling back piecemeal over the next gains at 10% or plus increments. Well, that's the general system I'm following. Don't be in a rush to sell or buy. Remember what A. Rogers said, " R E L A X " .
Now that was a decent read!
Bill,
I subscribed to your newsletter for FINANCIAL ADVICE, which I have found to be very helpful. I'm several years older than you and have been a successful small businessman who now is liquidating for retirement. I see myself as considerably more conservative than you (I'm not MAGA, so don't presume my political bent) and I'm disturbed by your very obvious hatred and bias towards President Trump. I enjoyed your writings for a number of years but this year it's become a platform for venting hatred and judgement. This doesn't bode well for your credibility and over time will destroy the value of your advice due to the blind spots and negativity that is generated. You've also periodically ventured into the moral realm, which gives one clues to a somewhat incomplete perspective on life. Sometimes persons of great wealth get the idea that everything they say is more rooted and grounded and more intelligent than what the rest of us carry. But by it's very existence great wealth produces great blind spots...... so my caution is this: pride comes before the fall but wisdom is the greatest attribute of life. And those who are humble don't even know they are humble..
An ex farm boy from Minnesota
Ray-Well said.
I don't know...wveyrhing is relative. Especially in "value". Own a little bit of everything that makes sense to you in proportion to your "guess" of the future. Just make sure you have some of each of the majors. Can you imagine not being in stocks if they triple and double? Can you imagine not being in Bitcoin if it goes to a million? Can you imagine not being in gold if it goes to $10,000. I don't write off anything 100% completely, because it's a crazy world and I can't understand people or societies and definitely can't predict any of their and their governments' behaviors with any accuracy and/or timely confidence . Something's going to lead and something is going to lag. Something will win and something will lose. Always in doubt. Give yourself a shot at one of the winners.
*everything
This statement, by Bill, is dumber than dirt:
"If investors all sold out of bitcoin in order to buy pick-ups or houses, prices of the former would go way down and prices for the latter, drawing on existing stocks, would go way up. What kind of ‘asset’ is it that loses value when you try to use it?"
What kind of asset? How about gold? If investors sold out of gold, the gold would go way down and the prices of goods being purchased would go way up. That's the way supply and demand works, both for bitcoin AND gold.
I'm in maximum safety mode, financial debacle imminent, but taking swings at bitcoin that border on non compos mentis detract from the message.
Bonner fan for decades, and will remain. But someone should have caught this before it got Bill's name on it.
I had the same thought. I'd like Bonner to elaborate using gold and silver instead of Bitcoin. One thing about gold and silver is that they are real things that exist in reality, Bitcoin does not, and that's what I can't get over in my head. I'm not saying you can't make money off of it just like you can make money off of anything that becomes a rage as Bonner noted in the tech bubble at the turn of the century.
Here's a thought that just came to mind using the example Bonner used. If everyone took their bitcoin or their gold and silver and put it into housing and/or F150's, isn't that the same as saying that they are all "speculating" in F150's and housing?
That being said, I do think Bonner made a finer point in that wealth comes from production, not from speculation, or even investments in stocks, gold and silver, or Bitcoin. And the "apparent" increase in wealth from Bitcoin or stocks, or even gold and silver is not real wealth unless we are producing things. Production is the real wealth generator and cannot be replaced by anything else. If production stopped tomorrow, wealth creation would stop and it won't matter how much Bitcoin, gold and silver, or stocks you own - they would all be worthless because there would be nothing to buy. So, I believe that's what Bonner was getting at, and I think he makes a good point!
Believe that you are endorsing "supply-side economics" John. It is always a solid basis for an improving economy. Why is "bit-coin" not like the "tulip-bulb" thingy?
Yup. Some would call it supply-side, and that's probably a good way to put it. I call it "the facts of reality". The ability to consume is meaningless unless you have the ability to produce. That is, to use one's rational mind to identify the facts of reality and produce the things needed for a successful life. By produce, I mean anything that requires some thinking and some effort even if it means picking berries off a bush.
John: Agree entirely with both replies. True wealth is that which either maintains, increases, or minimizes the fall of your standard of living. Assets (broadly construed) are those things which you can trade for true wealth. Tulips were an asset as long as you could trade them for true wealth. But when demand died, they, just as with (should it happen) gold OR bitcoin, they ceased to be assets. Gold has stood the test of time, bitcoin is working on it. But for Bill to say an asset isn't an asset if it loses value when you use it to buy true wealth is still, in this Okie's vernacular, "dumber than dirt". That is a characteristic of all assets should investors "all sell them", including gold. Whoever let this go out under Bill's name should be court-martialed, he knows better.
Yup. I noticed that statement had Captain Obvious written all over it when I read it, but thanks Jefe Bonner for the reminder of what is probably the one foundational concept of Economics, Finance, Money, etc. But then to jump to a nonsensical conclusion at the end....
Agreed completely, it had Captain Obvious written all over it. The conclusion was entirely nonsensical as well, and flowed not a whit from the propositions advanced. Bill didn't write this, in my sometimes humble opinion, he's too good to say these things. This is a staff member writing, and again, in my sometimes humble opinion, said staff member should be court-martialed and mustered out. Felony: what even Captain Obvious could see, and the conclusions, which were entirely non-sequiturs.
Dear Bonner,
1. Bitcoin is not “nothing.” It is a digital bearer asset with unique monetary properties:
Scarcity: Only 21 million bitcoins will ever exist, enforced by open-source code and decentralized consensus — unlike fiat currency, which governments can (and do) expand at will.
Portability: You can transfer any amount globally in minutes without intermediaries.
Censorship resistance: No central authority can freeze or confiscate it without your consent.
Verifiable ownership: Anyone can verify the entire monetary supply in real time.
This makes it closer to digital gold than to tulip bulbs — except it’s far easier to store, transfer, and verify than gold.
2. The article tries to mock Pompliano’s claim that Bitcoin is a better store of value by saying: “What kind of store of value rockets in price?” But that misunderstands monetary adoption cycles.
A store of value in transition to becoming a dominant money will see volatile price discovery as adoption grows.
Gold itself had decades of wild volatility when it was demonetized from the dollar in the 1970s — yet it’s still recognized as a store of value today.
Bitcoin is in its monetization phase — volatility is natural. Mature stores of value (like gold) stabilize after widespread adoption.
3. The author argues that Bitcoin’s $2.3T market cap is “ghost wealth” because it’s not backed by tangible goods like houses or F-150 trucks. But this logic would also apply to all forms of money.
R
The US dollar is also not “backed” by tangible goods — its value comes from collective trust and enforceable legal tender status.
Gold, art, and rare collectibles also do not directly “produce” goods but still store value due to scarcity and demand.
Bitcoin’s value comes from network effects, utility as a monetary asset, and scarcity, not from being redeemable for physical goods.
4. This is true of every asset — stocks, gold, real estate. If every shareholder sold Apple stock tomorrow, the price would collapse.
Market prices always assume that not everyone sells simultaneously. That’s how markets work.
The relevant question is whether Bitcoin’s liquidity and depth are sufficient for normal market activity — and they are, with billions traded daily.
5. Bitcoin’s price rise doesn’t need to increase the physical supply of trucks to be valid — the same is true for gold or the dollar appreciating against other assets.
Appreciation reflects changing demand for the monetary asset relative to goods, not the physical production of goods.
This is a monetary phenomenon, not a manufacturing one.
6. Tulip bulbs had no lasting network utility — once the fad ended, so did the value.
Many dot-com stocks were indeed worthless — but the internet as a whole was not. The survivors (Amazon, Google) became trillion-dollar companies.
Bitcoin is the protocol layer for global digital value transfer — like the TCP/IP of money. It’s not a fad; it’s a foundational monetary technology.
7. Long-Term Perspective Is Ignored
Bitcoin’s critics focus on crashes without acknowledging the long-term trend:
2013: ~$100
2017: ~$1,000 → $20,000
2020: ~$10,000 → 2021 peak ~$69,000
2025: ~$65,000+
Despite volatility, long-term holders have been rewarded — unlike bubbles that never recover.
Excellent, Iraj. ALL facts, and I'm not a BTC cheerleader by any stretch...
Fully with you and thanks for making this elaborate list. Let me just add to all your points that Bonner’s statement “No factory produced it. No one sweated to make it.” is of course utter nonsense. It takes close to the market value of each BTC in energy/equipment cost to solve the random search problem to be rewarded with a BTC. This is always true since the difficulty of the problem is constantly adjusting to the amount of energy expended to solve it.
Just reading Bonner’s article and replacing every instance of “bitcoin” with “gold” reveals the poor grasp of the true nature of bitcoin that exudes from his poor write up today.
All good points Bill, but what will be the value of Bitcoin, which can’t be controlled by government, a government that has racked up over $37 trillion in acknowledged debt and probably over a $100 Trillion in real debt as enumerated here previously, versus the U.S. Dollar which is only backed by this debt monster? If the total value of Bitcoin stands at only $2.3 trillion, what will it be worth when the government takes the only exit ramp, doing what it’s been doing for over 112 years, and prints dollars to cover this monster debt trap? Multiply that by nearly all of the governments of the world doing the same thing, versus Bitcoin, which is consistently reducing the available coins that can be produced? I like gold too, but gold can, and has been previously manipulated by the central banks of the world. Current world debt stands at $324 TRILLION(Duck Duck Go Search Assist). At only $2.3 Trillion, Bitcoin looks like a bargain.
Hmmm.....interesting discussion - BTC. It appears out of nowhere and most with a lick of sense know it wasn't developed by a mysterious Japanese fellow named Nakamoto. It just appeared - from nothing! And somewhere around 1/2 the BTCs so I am told - no one knows where they are. Tulips were a bargain too. Yes - the government doesn't control it (yet) and you can take it with you freely. Where it goes..........anybodies guess and like Bill and Warren Buffett - ???? is my guess. Just an ol' man lamenting.
They will print and print and print and print and print and print and print and print and print and print and print......
And they don't even need server farms to do it
Hell Yeah! I love it when you talk about Bitcoin Bill, you know, that stuff you cannot see! Very few people know how it all really came about….
Once upon a blockchain twilight, somewhere between the 4th dimension and a Joe Rogan fever dream, mankind did a thing, he looked at a string of code, some computer hashing, some digital fart noise from the belly of Satoshi’s mystery, and said: “By God, this here nothing… this imaginary spaghetti… this idea that can’t be touched, tasted, or taxed proper, this is wealth!”
You know what else you can’t touch? Einstein’s Superstring theory. That hot cosmic mumbo jumbo where the universe is made of vibrating probability noodles that vanish when you try to observe them. Sound familiar?
Bitcoin is the Superstring Theory of Finance. It looks deep. It sounds smart. It vibrates with potential. But grab it too hard, and you realize…It ain’t even a fart in a mason jar.
They say Bitcoin’s a store of value?
That’s like sayin’ your outhouse is a savings account because you keep dumping in it and hope someday the smell turns into gold. “Better than the dollar!” they cry. Sure. And maybe a coyote turd’s better than a cow pie when you’re barefoot, but you still ain’t getting to church clean. Wall Street’s smoking this stuff now, huh?
Of course they are! They’d sell you a box of air if they could call it “synthetic leveraged breathable futures.”
Let’s break it down for the folks who can’t wait to get a piece of the pie:
• You can’t eat a Bitcoin.
• You can’t hammer a nail with a Bitcoin.
• You can’t build a house, drive it, weld it, mold it, or even wipe your sorry digital portfolio with it.
But you can believe in it. And that’s the real economy now, ain’t it? BELIEF.
Faith-based finance. We took religion outta schools and stuffed it into our retirement accounts.
BITCOIN, Once conceptualized, it f*ken falls apart and turns into nothing.
That’s the punchline of modern money. Bitcoin ain’t an asset. It’s a philosophical mirage riding a rollercoaster built by Reddit. It ain’t tulips this time. It’s existential flower petals on the blockchain. And when the shades come to collect their ghost wealth, they’re taking your real wealth with them. Your trucks, your homes, your sanity.
You know what’s real?
That F-150 with mud on the tires.
A hammer, a dog, a cold beer, a busted thumb from building your damn porch. Your granddaddy’s rifle. Your momma’s cast iron skillet. Love, work, sweat, and the sound of a coin jingling in a real damn pocket.
Bitcoin is a bedtime story for adults who don’t believe in bedtime.
A fantasy for a generation raised on cheat codes, who think scarcity is something you can mint with enough GPU horsepower. But like all ghost wealth, when the reckoning comes, there ain’t gonna be a bailout for digital dust.
Bitcoin is the god of a church with no altar, no offering plate, and no exit door. When it collapses, it won’t be because it failed, It’ll be because it succeeded in proving just how empty the modern soul has become.
High-Five 🙌 Mr. Bonner you hit the nail on the head, with a real hammer, not Bitcoin bought!
Hi Gypt -
You're taking the wrong approach - drop History and change the Point of View on this one issue.
Obviously, BTC is NOT a STORE OF VALUE - anyone using it for that (as opposed to PMs, Land, etc.) is a fool. It is a vehicle to speculate, make a bunch of wispy fiat "dollars" at a much faster rate than the other speculative vehicles offer, then turn THAT windfall into Real ASSETS.
Just like a casino? Sure - but the odds are slightly better and the result can secure real wealth. The key is not to get in too deep nor stay in too long....
PS - I COULD go buy a real hammer with BTC if so inclined. Just sayin'....
You make a good point, but I think Egypt hits the nail on the head. As I noted in my post in a reply to Walter, production is the only source of wealth. Human beings must be productive to flourish and unless we are making things, all our investments, speculative or not, are worthless.
Staaaaaaar-Maaaaan!!!!!
Hahaha! I hear ya, partner, but that’s the thing, ain’t it? You’re basically saying “This ain’t a store of value… it’s a financial trampoline covered in grease and lit on fire! Just bounce real quick, grab some fiat smoke, and convert it into something real before it all vanishes like a mirage in Death Valley.”
Now THAT’S a marketing campaign:
Bitcoin, It’s Like Russian Roulette, But With WiFi!
And sure, you’re absolutely right, the smart play is to treat it like the casino it is. But let’s be honest…We both know Granny ain’t counting cards in this crypto saloon. She’s getting lured in by holograms of “digital gold” talking about blockchains like it’s the new Medicare supplement plan.
So while Wall Street’s out here playing musical chairs with vibrating strings and imaginary money, the Baby Boomers are about to sit down on a stool made of hope, FOMO, and a YouTube ad with a guy in a Lambo.
And when that stool breaks?
Ain’t no blockchain strong enough to catch a broken retirement fund.
But hey, you do you, Boo. 😂
Just make sure when you ride outta that casino, you’ve still got your boots, your dignity, and something worth trading for a truck that actually runs.
“𝘛𝘩𝘪𝘴 𝘢𝘪𝘯’𝘵 𝘢 𝘴𝘵𝘰𝘳𝘦 𝘰𝘧 𝘷𝘢𝘭𝘶𝘦… 𝘪𝘵’𝘴 𝘢 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘵𝘳𝘢𝘮𝘱𝘰𝘭𝘪𝘯𝘦 𝘤𝘰𝘷𝘦𝘳𝘦𝘥 𝘪𝘯 𝘨𝘳𝘦𝘢𝘴𝘦 𝘢𝘯𝘥 𝘭𝘪𝘵 𝘰𝘯 𝘧𝘪𝘳𝘦! 𝘑𝘶𝘴𝘵 𝘣𝘰𝘶𝘯𝘤𝘦 𝘳𝘦𝘢𝘭 𝘲𝘶𝘪𝘤𝘬, 𝘨𝘳𝘢𝘣 𝘴𝘰𝘮𝘦 𝘧𝘪𝘢𝘵 𝘴𝘮𝘰𝘬𝘦, 𝘢𝘯𝘥 𝘤𝘰𝘯𝘷𝘦𝘳𝘵 𝘪𝘵 𝘪𝘯𝘵𝘰 𝘴𝘰𝘮𝘦𝘵𝘩𝘪𝘯𝘨 𝘳𝘦𝘢𝘭 𝘣𝘦𝘧𝘰𝘳𝘦 𝘪𝘵 𝘢𝘭𝘭 𝘷𝘢𝘯𝘪𝘴𝘩𝘦𝘴 𝘭𝘪𝘬𝘦 𝘢 𝘮𝘪𝘳𝘢𝘨𝘦 𝘪𝘯 𝘋𝘦𝘢𝘵𝘩 𝘝𝘢𝘭𝘭𝘦𝘺.”
Love it, Egypt. 𝗧𝗵𝗮𝘁 𝗶𝘀 𝗘𝗫𝗔𝗖𝗧𝗟𝗬 𝘄𝗵𝗮𝘁 𝗜 𝗮𝗺 𝘀𝗮𝘆𝗶𝗻𝗴! Stay small, smash and grab, run for the hills. Count up the loot and convert it to something real later on around the campfire.
And I appreciate your sage advice - most definitely will be following it if/when I get back on the slippery monster....
PS -While I sympathize to a degree, Granny Beware. Also, getting that same vibe from several responders. I'm not sure how me willing to put my own money at risk on a such a nebulous "asset" has anything to do with Granny and the Boomer Brigade getting screwed. I can easily empathize with the sentiment, but have a hard time allowing such a tenuous (at best) version of Societal Responsibility (Chivalry, maybe?) dictate my decisions.
Now if my playing the Crypto Roulette had the potential to actually harm someone besides myself, I'd have a different attitude about it....
Tend to agree. As I noted in my post, production is the only source of wealth. By the way, I'm pretty sure Einstein did not come up with string theory, but I acknowledge that this is a minor point, and you were just using it as an analogy.
If you think you are smarter than the previous generation... 50 years ago the owners manual of a car showed you how to adjust the valves. Today it warns you not to drink the contents of the battery.
Author unkown
A box full of nothing per John Paulson.
"No factory produced it. No one sweated to make it."
Bill, it is staggering that a man of your intellect feels he knows so much about Bitcoin yet knows so little. Bitcoin is the PUREST example of proof of work. Just as it takes work to produce gold from the ground, so it takes enormous resources to mine Bitcoin. Were it not for the work, it would be a ghost, as you say.
You are an influential man. You owe it to your readers to become educated about what Bitcoin is.
Having no bit coin my feeling poorer supersedes my feeling better.
Don't sweat it, Geezer. I'm probably younger than you, but I realized long ago that we miss out on WAY more than we have the smarts, motivation or luck to grasp on to...
True. Her name is linda.
WAS linda...
Compare/contrast: Bitcoin’s valuation vs Feds printing money effect on USD’s value?