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Cryptocurrency Opinion

We accept cryptocoins for donations at the wallets listed at the bottom of this page, I have experimented with cryptocoins going back to 2013, and I can see the merits of cryptocoins in many situations, especially for the unbanked masses in many countries in the world, and in places with extreme inflation, but actually I am not an enthusiast of cryptocoins for reasons of:

  • Cryptocoin usage for serious crimes such as arms trading, extortion and ransomware

  • Energy consumption and environmental concerns of mining some such as Bitcoin

  • Severe practical limitations of some such as Bitcoin, whereby some technically cannot be used in mainstream daily transactions

  • Normal money is fine with me

I basically ended most of my experimental usage of cryptocoins in 2014 and eventually gave away all I still had to close friends, long before the second wave of cryptocoin speculation. A longtime very close friend is a cryptocoin enthusiast, but I am not. We have our disagreements about cryptocoins, but we do agree and are both truly committed about the existential need for space colonization and industrialization.

I understand a lot of the idealism as well as the merits of blockchain based systems, but I also can see "the other side of the cryptocoin". You're welcome to send your comments to me, of course, but I mainly want to caution space resources and space colonization advocates about promoting cryptocoins beyond their own groupthink echo chambers and into the general public, because there may be a serious backlash.

I had written an article very critical of Bitcoin based on my technical knowledge and experimentation, but decided to toss out the whole thing after I saw Elon Musk and Tesla had "invested" in Bitcoin, as I did not want to do anything to potentially harm the value of an asset held by a major supporter of space colonization. Actually, I was very surprised that a company like Tesla had "invested" in Bitcoin, and I can imagine that might have eventually raised some issues for Elon Musk on second thought, to say the least. It certainly got a lot of backlash in the mass media and in Washington, D.C., with influential policy makers, but the potential downsides go way beyond that.

I have been impressed with Elon Musk's later discouragement of Bitcoin because of energy and environmental concerns, and about Doge being a hustle, instead of just maximizing what could have been taken in both cases. Money taken and people "taken". I suggest you don't be taken for a ride on Dogecoin.

However, I can see the potential merit of a cryptocoin in view of Starlink, for unbanked people around the world being able to quickly and easily pay for Starlink, and I would not be surprised if Musk et al. come up with a cryptocoin designed to be used with Starlink.

If so, it should be a very carefully designed and controlled new cryptocoin, or else a very carefully chosen "altcoin" from among the countless ones which exist now.

Practical issues: Blockchain cycles should be very frequent and mining quick so that consumers don't wait a long time for their transactions to go through, such as standing at cash registers waiting ... or else many vendors will either never adopt it or stop using it. Mining should not require expensive, time consuming, and power gulping equipment. The system should be scalable so that if it expands into the general public for normal mainstream transactions, it doesn't crash or grind to a crawl, as witnessed before with Bitcoin. These are merits.

When Elon Musk endorses or uses any cryptocoin, its value can skyrocket. Bitcoin is technically horrendous, and its value is based mainly on simplistic name recognition to the masses. A favorite of Elon Musk, Dogecoin, really is a hustle and has serious issues, as noted in another article of mine.

Since there is very little practical regulation of cryptocoins, you can imagine the overnight money taking potential of that ... not money making by real goods and services, but money taking as in a casino. The risks and responsibilities ... and potential backlash ... are considerable.

So, I hope that if Starlink considers this, that Elon Musk and others really, truly think that through, verrrrry thoroughly.

Indeed, the original creators of Dogecoin, Billy Markus and Jackson Palmer, who did it as a joke and created Dogecoin quickly, now have very serious criticisms of cryptocurrencies. Palmer left the cryptocoin community in 2015 with no plans to return after becoming disillusioned with what it had become vs. the original idealism, and Markus agreed with him that it was better to get out. Markus sold all his coins in 2015 and exited Dogecoin development, too. He noted that he has experienced "harassment" from a cryptocurrency "mob" since that time. Both have articulated very good reasons, which I won't go into here.

There are also good reasons why the vast majority of vendors in the world still do not accept cryptocoins after all these years, another topic I won't go into here.

In current times, in my viewpoint, cryptocoin trading is like a casino, and easily subject to manipulation, bluff, and cycles of pump and dump, buy when lower again, then pump and dump again.

I am convinced that many journalists own cryptocoins themselves, as well as influencers. I have learned from decades of experience to be much more skeptical of what I read than many others in this world ... and am also aware of a lot more that goes on in secret behind the scenes ... to say the least, in summary of a lot of observations ...

Bitcoin, with all its flaws relative to other coins, has its "brand name" for the masses who don't understand much, but who can gamble with it easily, even using their credit cards...

I certainly am not going to waste time in my life analyzing crytocurrencies nor trying to pump any bets.

I have known people who were obsessed and stressed out about crypto as well as just stocks. Do they get good sleep and maintain their physical and mental health well? You are your brain.

Likewise, I am not a big sports fan, watching games which I have no control over. It is like modern tribal war instinct, and tribal identity. (Also, I suspect that some bad officiating by referees/umpires might be the result of their connections to gambling.)

I have real work to do instead with my time in this world, for real progress, on important things for humanity.

(Likewise, I don't get sucked into politics or polarization. I have much bigger issues in life to deal with, and I don't want to alienate any of my opinionated potential allies over relatively little things. If I didn't have space colonization to achieve, then I would very much be out in the world doing other things. However, I must think things through beforehand.)

Most people I know who are buying Bitcoin and other cryptocurrencies don't really understand them technically. They mainly know that they are increasing in value so they buy them to try to make money quickly and easily. They also know that they can send money to each other in cryptocurrencies separately from money systems, and they can sign up for an exchange to convert them into normal fiat money. Cryptocurrencies are mainly like a gambling casino to most people I know.

Einstein once said, to paraphrase, there are only two things that are infinite: The Universe and human stupidity. However, he wasn't sure about whether the Universe is infinite. "Investments" in cryptocurrencies are basically gambling on human stupidity, so maybe you can make a lot of money with cryptocurrencies, essentially taking the money of later speculators during the bull / bullshit market times.

If you're going to bet on human stupidity vs. human wisdom, which one would you bet on? Which would you "invest" in?

"Bet" and "invest" are two different things, but can have some overlap. A lot of investment lingo is used in cryptocurrencies to try to pump respectability, but all considered, why aren't there more journalists covering their downsides more articulately? I guess it's partly because there are not many journalists of high power status with a stake/incentive in that side of the cryptocoin.

Meanwhile, I have to hope that Tesla's "investments" into Bitcoin outweigh benefits of investing that money into factories and other infrastructure. All considered, it is controversial and questionable. With Tesla's and Musk's overall values solidly dwarfing their cryptocurrency investments, it's a wonder why they continue to lend their names and images to cryptocurrencies when it's so unnecessary and risky. That is a groupthink which I wish to address ...

In hindsight, on one hand I wish I had just kept my Bitcoin and other cryptocoins and simply forgotten about them for many years, but on the other hand it would have been distracting and how much time would I have wasted monitoring cryptocoin values and speculating about the future and when to sell, so it was better to just give them away and forget it, get good sleep, and get real work done in the world.

I invest my time into other things. The one thing we have limited amounts of in life is time. Time is more important than money, though having money gives us time to focus on other things, and admittedly I don't have much money and haven't had enough time to invest in PERMANENT to date. (I have invested my money into my own businesses, and that has kept me going over the years that cryptocoins were not rising very fast and falling at times. I had considered buying Doge when Musk tweeted the word and made Doge the mutt's nuts of cryptocoins, but decided against diving into that cryptocurrency rabbit hole again with my time and energy.)

I understand that the above may have alienated many cryptocurrency evangelists and rationalizers, but if you still want to donate via cryptocurrency, we would still be very happy to receive it! :=) Woof! Woof!

A very trusted longtime close associate has a way of converting cryptocurrencies to fiat money. I don't. Alternatively, if you prefer, especially if it's a very large amount, then I would consider quickly setting up a wallet myself and getting onto a established exchange to convert it into fiat currency all by myself. If you advise me to hold onto the cryptocurrency and not convert it into fiat for awhile, then I could follow your advice, but I would appreciate it if you would follow up to suggest when to convert it into fiat currency because I really don't want to be tracking cryptocoin exchange rates, blockchain analysis of whales, insider activities of pump journalists, and things like that trying to make a reasonable decision of when to sell. I'd rather simply know "sell now".

Just get in touch with me, moneymatters via this permanent d.n.

Here are some of our main cryptocoin wallets if you wish to just quickly send some cryptocurrency anonymously and move on, but for any coin, you may contact us so we can provide a wallet address for any feasible altcoin.

Bitcoin:
1DtgrUEuT7p3FyYGsLpLCMLHNL3DVmuMoE

Monero:
46PReHx5a25BSJtJd4ChdJc7noZAhVwoC2QJQpUYuSeUAh5k21QCDRu1Suz8y26KQydAagfX2CbRGPB5TTp4n3v72V3WaKc

Ethereum, Dogecoin, Stellar, etc., please inquire.

Yes, we can take Dogecoin. However:

Why Dogecoin is a Hustle

How to export and import Multidoge private key to Dogecoin Core or Exodus.

More on Elon Musk, Bitcoin and Dogecoin




PERMANENT.com > z-nonmenu-pages > Cryptocurrency opinion

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