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The Two Minutes It Takes To Read This Will Improve Your Writing Forever

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Each week I share helpful ideas in my 10 Ideas Worth Sharing newsletter. Sign up here to get next week’s ideas.


You’re busy, so I’ll keep this quick.http://929f5asd5ns2nxb4-h-cwcc-6b.hop.clickbank.net/?tid=WRITING

Following are the simplest tips I can give you to easily — and forever — improve the quality of your writing. http://sumo.ly/JTA5

Delete the word “that.” http://sumo.ly/JTA5

At least 90% of the times you use the word “that” can be removed from your writing and it will instantly make your sentence stronger.

Example: “You believe that I’m lying, but I’m not.” becomes “You believe I’m lying, but I’m not.”

Delete the words “I think.” http://sumo.ly/JTA5

It adds nothing. Remove it to strengthen your point.

Example: “I think this is a good sentence.” becomes “This is a good sentence.”

Avoid words that end in “-ing.” http://sumo.ly/JTA5

In most cases, the “-ing” softens your word and adds no value. Your writing will read better if you avoid it.

Example: “The experiences we’re seeking end up being underwhelming and even disappointing.” becomes “The experiences we seek often underwhelm and disappoint.”

Short sentences. Short paragraphs. http://sumo.ly/JTA5

Most sentences can be cut in half. Don’t be afraid to have a two or three word sentence.

Keep paragraphs to less than three sentences.

White space is your reader’s friend.

Shrink your opening sentence. http://sumo.ly/JTA5

Make it compelling, but keep it short and conversational.

Example: “This is a post that’s going to help you become a better writer.” becomes “I can help you.”

Subscribe to my newsletter to get 10 helpful ideas each week.


If these tips helped you, please help others by clicking that green heart below — thanks! http://sumo.ly/JTA5

Other posts you may enjoy:http://929f5asd5ns2nxb4-h-cwcc-6b.hop.clickbank.net/?tid=WRITING

 


Amazon is the largest online retailer in the world

Over the past year, a growing number of people have leapt to take part in bitcoin’s meteoric rise. Teenagers have invested their college funds. Some families have mortgaged their homes and placed everything on the table. Even billionaires have suggested putting 10% of all assets into the digital currency. http://sumo.ly/JTA5

There is a lot of money in play and people’s livelihoods and savings are on the line. As a vehicle of investment, bitcoin itself has an array of problems. It’s extremely volatile — suffering drops as high as 30% in a single day, funds are difficult to recover when hacked, and bitcoin’s technology may be behind other newer cryptocurrencies which offer greater anonymity, programmability, and scaling. http://6ba76dxm0hy8-m5bwdj23o2w4r.hop.clickbank.net/?tid=AMAZON

Most people tend to look at popular altcoins when they think about what could dethrone the current cryptocurrency king. But could the real threat come from a more material realm? http://sumo.ly/JTA5

Amazon is the largest online retailer in the world

Boasting over 94 billion USD in sales last year, it handles almost half of all American online purchases and has operations across the globe. But despite offering a large variety of payment options, Amazon has yet to allow people to pay with bitcoin or any other cryptocurrency.

As the leader in online retail, it’s in a prime position to do so. Any cryptocurrency Amazon adopted would surely see a huge surge of support. Given the current popularity of cryptocurrency, what exactly is Amazon waiting for?

Barriers http://sumo.ly/JTA5

One of the reasons Amazon may be avoiding cryptocurrency is their limited transaction speeds. Take a look at the top two major cryptocurrencies.

bitcoin: 7 transactions per second
ethereum: 15 transactions per second

Amazon peaked at 600 transactions per second during last year’s Amazon prime sale. If even a fraction of their traffic decided to pay with cryptocurrency, consumers would be stuck waiting hours for transactions to go through. Not a great customer experience.

Do slow transaction fees mean Amazon will avoid cryptocurrency? The tech giant is no stranger to innovative scaling solutions. Bitcoin and ethereum are currently too slow to support Amazon’s demands but other cryptocurrencies are not. An alternative cryptocurrency called ripple has tested speeds as high as 1500 transactions per second.

Why Amazon Might be Considering Cryptocurrencies

Although it hasn’t announced an official position on cryptocurrencies, there are several indicators that suggest Amazon is considering this space and not necessarily in a bitcoin friendly way.

http://6ba76dxm0hy8-m5bwdj23o2w4r.hop.clickbank.net/?tid=AMAZON

On October 31st Amazon reportedly bought amazonethereum.com, amazoncryptocurrency.com, and amazoncryptocurrencies.com. This move might be simply covering their bases. Or it might be insight into future endeavours.

There are already services that sell amazon gift cards for bitcoin so in some respect Amazon offering bitcoin on their site would simply cut out the middleman

Finally one of Amazon’s core principles is ‘Customer Obsession’. If customers demand a cryptocurrency payment method Amazon is sure to eventually give them what they want.

Given that many of its shoppers buy goods internationally, cryptocurrency could be an excellent way for shoppers to enjoy a standardized currency without worrying about exchange rates.

What Could Happen http://sumo.ly/JTA5

There are a few ways this could play out that could endanger bitcoin’s current reign:

1. Amazon could stay out of the cryptocurrency sector http://sumo.ly/JTA5

In order to cross the chasm from investment to currency, bitcoin needs to gain widespread adoption from merchants. It’s unlikely that Amazon will stay out of this sector indefinitely but if it did bitcoin would certainly suffer from being excluded by the world’s largest online retailer. This wouldn’t kill bitcoin, but it would hurt its potential as a currency.

2. Amazon could adopt a competitor to bitcoin http://sumo.ly/JTA5

This seems likely if bitcoin cannot keep up with Amazon’s required transaction speeds. Ripple is a potential contender with 1000+ TPS. This scenario could definitely endanger bitcoin’s reign as the top cryptocurrency. A fictional deal with Visa raised the value of the Monaco cryptocurrency by almost 700%. Any deal with Amazon will rocket the partner cryptocurrency upwards. If Amazon chooses to go this route it probably wouldn’t kill bitcoin, but whatever coin they went with could knock bitcoin out of its top spot.

3. Amazon could create its own cryptocurrency http://sumo.ly/JTA5

If Amazon Prime video is any indication — Amazon loves to play in high potential spaces where it can leverage its huge army of developers to make big plays. Its holdings range from cloud storage, to video streaming, to hardware offerings. If it sees potential in the cryptocurrency space it has the technical resources to break into it.

It would not be the first time a large established company has launched their own token. In September 2017, the chat giant Kik launched an ICO raising $75 million dollars. Overstock, a publically traded e-commerce company, has seen its stock raise by 30% since announcing it plans to ICO this December. http://sumo.ly/JTA5

If Amazon created its own cryptocurrency they could spread its use across their many services: from Amazon Prime, to Twitch, to Audible, allowing consumers to easily transfer funds within the Amazon ecosystem. They could outcompete any other cryptocurrency and entice mainstream adoption by offering a 5% or 10% discount on purchases made with AmazonCoin. With tens of thousands of developers and high paying salaries it could find the technical talent to design a coin that outpaces bitcoin when it comes to scaling and privacy concerns. http://6ba76dxm0hy8-m5bwdj23o2w4r.hop.clickbank.net/?tid=AMAZON

This is the most dangerous scenario for bitcoin but it relies on Amazon taking a major leap into a field it has so far avoided.

Keep an eye on Amazon as demand for cryptocurrencies rises

For now Amazon seems to be keeping quiet about its plans in this space. But whatever cryptocurrency Amazon chooses could become a household name overnight.

Whether Amazon chooses bitcoin, ethereum, or something else altogether, their choice will have dramatic consequences on the existing cryptocurrency landscape. Cryptocurrency and the technology behind it are here to stay, but bitcoin and its reign as the number one cryptocurrency might not be.

If this article was helpful or interesting please hit the clap button and feel free to share it. We’ll be sure to deliver you more analyses of the market in the weeks to come. http://sumo.ly/JTA5


Developing Your Own Personal Health Care System

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You are the one responsible for the health of your teeth. Choosing the right dental professional is important and so is having a strategy to follow to keep your teeth healthy and strong. http://8a4b3lwk5pr3wq9bh782wpo18p.hop.clickbank.net/?tid=WORDPRESS

Oral health care is important for aesthetic reasons and for your overall health.

Your mouth is highly visible and a confident smile is a way to present yourself in the best light possible. Many professionals and entrepreneurs in Los Angeles spend time reading up on personal branding yet may give little thought to oral health care. http://8a4b3lwk5pr3wq9bh782wpo18p.hop.clickbank.net/?tid=WORDPRESS

Maintaining healthy teeth and gums for the smile that shows you in the best light possible means more than quick brushing and using whitening strips. Here is a holistic approach to oral health.

Dr. Sam Saleh, owner of Ora Dentistry Spa, offers a handy reference guide on the Oral Hygiene Instructions page. http://sumo.ly/JTA5

Stay Hydrated

Drink plenty of water because saliva is your friend when it comes to washing away bacteria and food particles that could get lodged between your teeth and breed bacteria.

Drinking regular and diet sodas or acidic juices is not hydrating. The acid can slowly erode your tooth enamel. http://sumo.ly/JTA5

Eat Properly http://8a4b3lwk5pr3wq9bh782wpo18p.hop.clickbank.net/?tid=WORDPRESS

Some things we need to do never change. Vegetables like broccoli are great because they contain calcium and so are dairy foods like cheese and yogurt.

Brush Well http://sumo.ly/JTA5

You can get by for a while on social brushing by scrubbing your teeth quickly before you go out. But a power toothbrush like one that’s battery operated with soft bristles is a smart move. Many styles and models are available.

Flosshttp://8a4b3lwk5pr3wq9bh782wpo18p.hop.clickbank.net/?tid=WORDPRESS

Yep, floss twice a day or when you feel some food lodged between your teeth. It’s not easy when racing out the door to an appointment or before going to bed if you’re tired at night. However, just plan to floss between a few teeth. Give yourself a do-able goal. It’s like exercising. Once you start, you’ll be surprised how many you end up flossing.

Visit the Dentist http://sumo.ly/JTA5

Regular teeth cleanings and check-ups prevent continued build-up of plaque. There are other professional services, too, such as teeth whitening and no prep veneers.

These may be more cosmetic, but they can help boost confidence and give you a confident smile. Some procedures like veneers may give you a more accurate bite, too. http://sumo.ly/JTA5

Dr. Sam Saleh treats professionals in entertainment and executives from around Los Angeles. He’ll also examine the mouth quickly to make sure there are no infections or signs of any problems that may be developing.

Your mouth really is a health gateway to your body. On Ora Dentistry Spa.com, you can see which services you may find most beneficial.


You Don’t Understand Bitcoin Because You Think Money Is Real

Source: Andrew Baker/Ikon Images/Getty

Bitcoin is an illusion, a mass hallucination, so one hears. It’s just numbers in cyberspace, a mirage, insubstantial as a soap bubble. Bitcoin is not backed by anything other than the faith of the fools who buy it and of the greater fools who buy it from these lesser fools. And you know? Fair enough. All this is true. http://cryptocurrencyinstitute.org/go.php?offer=piotrmak&pid=3

What may be less easy to grasp is that U.S. dollars are likewise an illusion. They too consist mainly of numbers out there in cyberspace. Sometimes they’re stored in paper or coins, but while the paper and coins are material, the dollars they represent are not. U.S. dollars are not backed by anything other than the faith of the fools who accept it as payment and of other fools who agree in turn to accept it as payment from them. The main difference is that, for the moment at least, the illusion, in the case of dollars, is more widely and more fiercely believed. http://cryptocurrencyinstitute.org/go.php?offer=piotrmak&pid=3

In fact, almost all of our U.S. dollars, about 90 percent, are purely abstract — they literally do not exist in any tangible form. James Surowiecki reported in 2012 that “only about 10 percent of the U.S. money supply — about $1 trillion of the roughly $10 trillion total — exists in the form of paper cash and coins.” (The number now appears to be about $1.5 trillion out of $13.7 trillion.) There is nothing stopping our banking system from creating more dollars whenever the mood strikes. Of the $13.7 trillion in the M2 money supply as of October 2017, $13.5 trillion was created after 1959 — or, to put it another way, M2 has expanded by almost 50 times. http://cryptocurrencyinstitute.org/go.php?offer=piotrmak&pid=3

The U.S. dollar is what is known as a “fiat” currency. Fiat is Latin for “let there be,” as in fiat lux, let there be light; hence, fiat denarii, let there be lire, bolivars, dollars, and rubles. The temptation for leaders of nation-states to manufacture money has historically been practically irresistible. One evident result of this wantonness is inflation: The purchasing power of $1 in 1959 is now a little under 12 cents. http://cryptocurrencyinstitute.org/go.php?offer=piotrmak&pid=3

The bitcoin blockchain was created, in part, to address this historical weakness. After the 21 millionth bitcoin is mined, in around 2140, the system will produce no more. http://cryptocurrencyinstitute.org/go.php?offer=piotrmak&pid=3

Charlatans and thieves will forever try to game the various structures put in place to control and/or account for any monetary system and, indeed, any store of value (see: the crooks of the Panama and Paradise Papers, Bernies Cornfeld and Madoff, the London Whale, LTCM and BCCI, the clever and quiet thieves of treasures from the Gardner Museum in Boston, the 2008 financial crisis and associated bailouts, and the thefts at Mt. Gox, the DAO, and Tether). All stores of value are targets. And using any system of exchange — through fair means or foul — fortunes can and will be made and lost. And yet, surprising as it may sometimes seem, there are enough people acting in good faith to prevent monetary systems from collapsing entirely.

There are a few radical differences between cryptocurrencies and U.S. dollars. For example, the transactions conducted in the bitcoin system are recorded in an unfalsifiable ledger that relies not on the authority of banks or governments, but on the strength of a public computer network that (theoretically, at least) anyone is free to join. Also, again, the supply of bitcoins is ultimately fixed. The anonymity of cryptocurrency is not, perhaps, quite as bulletproof as the anonymity of (unmarked) cash.

Money itself is an illusion, a mass hallucination. You’re working hard to make it, grow it, and keep it, but even so, the only real thing about it is its symbolic power. Which is indeed awesome, considered from a certain angle.

Our shared understanding of the value of that green-tinted piece of paper, that Krugerrand, ether token, or pound coin, is all that counts. And that shared understanding has no fixed meaning; it’s in eternal flux. The “value” of all money, all stores of exchange, is unstable and abstract, even in the face of every attempt to secure it — say, with a set rate of exchange against various assets — or to regulate its flow by setting interest rates. Money is only a shifting network of agreements made in and on behalf of the hive, and that’s all it has ever been — a fragile thread in a web of human trust.

Consider the “flight capital” that refugees are forced to trade at a huge loss in order to cross a hostile border. That is money, but exactly what does it have in common with the invisible money that is your paycheck, a string of numbers colliding in the ether with the string of numbers that is your bank account? Maybe the price of avocados or coffee goes up or down between the time of the electronic collision in your bank and the day you go to the market. There are natural disasters in which people must suddenly become willing to pay vastly inflated sums for a few gallons of clean water. What, then, is “the value of a dollar”? http://cryptocurrencyinstitute.org/go.php?offer=piotrmak&pid=3

All the common arguments against cryptocurrencies such as bitcoin, and the blockchain technology that undergirds them, invariably fail to take this fact — the provisional and fragile nature of ordinary money — into account. Cryptocurrencies cannot be understood even a little bit by anyone who thinks money is real, solid, or “backed by” anything other than human trust in institutions whose stability is always uncertain. A U.S. dollar is “backed by” “the full faith and credit of the United States.” But what exactly does this mean? http://cryptocurrencyinstitute.org/go.php?offer=piotrmak&pid=3

It means that if you take one dollar to the U.S. Treasury and ask them to redeem it, they will: They’ll give you…one dollar. Or four quarters, if you want, probably. http://cryptocurrencyinstitute.org/go.php?offer=piotrmak&pid=3

The unfortunate fact is that monetary crises in unstable governments like those of Greece, Venezuela, and Spain have already precipitated a number of spikes in the crypto markets. When the Cypriot government sought to resolve the country’s 2013 banking crisis by subjecting its citizens’ bank deposits to a nearly 7 percent haircut, the price of bitcoin shot up, likely because, at that point, many southern European holders of euros with debt-ridden governments surmised that bitcoin might represent a more reliable home for their money than the Cypriot banks could provide. Spanish bank depositors must have wondered: Would their own banks be next? http://cryptocurrencyinstitute.org/go.php?offer=piotrmak&pid=3

Our existing financial institutions are deeply flawed, in short, and permanently prone to corruption, and this was so long before bitcoin was a gleam in its mysterious inventor’s eye. Satoshi Nakamoto made a point of stating it plain as day in the so-called genesis block that started bitcoin rolling: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” Bitcoin was a politically motivated project from the first, a new system explicitly built to provide a tamperproof digital means of exchange on which a better alternative to our existing banking systems might be based.

The theory behind all cryptocurrencies, including bitcoin, is that the records produced by a distributed computer network can be made tamperproof, thus theoretically guaranteeing the soundness of a currency better than governments can. And so far, despite some substantial bumps in the road, the blockchain system on which bitcoin is built has at least partially proved this theory. A million or more bitcoins have been stolen since 2009, but the underlying system’s distributed ledger, the accounting system on which bitcoin is based, has so far remained stable and incorruptible. http://cryptocurrencyinstitute.org/go.php?offer=piotrmak&pid=3

The many thefts and ripoffs that occurred in the early days of bitcoin call to mind the movie The Treasure of Sierra Madre, a fine drama of greed and corruption set during the 1920’s. There can be no question that the prospect of instantaneous wealth, almost close enough to touch, can drive people insane. Note, however, that the propensity of greed to produce crime and insanity did not cause the value of gold to evaporate. http://cryptocurrencyinstitute.org/go.php?offer=piotrmak&pid=3

The real caveat here is that the incorruptibility of the bitcoin ledger survived, not only because of the system’s distribution, not only because of its clever cryptographic safeguards, but because of the good faith and good sense of individual developers who shepherded the project through its wobbly-legged infancy. Without the sangfroid of Gavin Andresen, who was effectively bitcoin’s sole steward during many of its early moments of crisis, the project might easily have died. Even today, the various forks and growing pains still bedeviling the bitcoin system are providing a kind of stress test. At present (this is just my opinion) the relative untrustworthiness of bitcoin’s core devs, who are thought by many to be strategizing for their own benefit, may be inflicting lasting damage not only to the cause of bitcoin, but also to the promise of blockchain technology in general.

As a separate issue, cryptocurrency speculators ran the risk of getting fleeced, early on, because of the difficulties in (1) creating safe storage, and (2) developing systems for getting ordinary money in and out of cryptocurrency safely. Because of disasters like the theft of around 800,000 bitcoins from the Mt. Gox exchange, which was discovered in 2014, the whole ecosystem of cryptocurrency got kind of a bad rap. The public impression was that bitcoin itself was somehow hacked, when in fact it was the largest exchange that was hacked. Rather like the central Bank of Bangladesh was deprived of $63 million in its account at the Federal Reserve Bank of New York last year.

Saying that “bitcoin is a fraud” because bad actors have ripped people off is exactly like saying “the financial services industry is a fraud” because Jamie Dimon’s company is crooked. Bitcoin was used on the dark web to buy and sell drugs! Well…most hundred-dollar bills bear traces of cocaine, so if you object to hundred-dollar bills on that account, please, send your surplus my way. Does the fact that it’s used in criminal transactions delegitimize cash? No. The truth is that money is tainted in its very nature.

Soon enough, the blockchain system now in use to guarantee bitcoin transactions will morph and meld with other systems, because its value is incalculable. Investors from Wall Street to Sand Hill Road have already invested significant amounts of money, time, and effort in blockchain-based businesses. Everywhere human beings need to know for sure whether or not something really happened, blockchain technology can be programmed to give us incorruptible information about it. Whatever the defects in the system Satoshi Nakamoto launched in 2009 — and they are still substantial — he proved that there really is a way for people to create foolproof, guaranteed records of human transactions, entirely without reliance on outside authorities such as banks or governments. There’s no going back from that.

The fight for stability in any currency is always in the process of being lost, because wherever there is a chance to game or forge a transaction, human nature is such that some will try to cheat. Even the limited and precarious stability we have in developed countries requires vigilance and work on the part of countless principled people, and there’s never certainty. The struggle to preserve the illusion that money is real is never over, and it never can be. http://cryptocurrencyinstitute.org/go.php?offer=piotrmak&pid=3


BITCOIN CASH

Don’t fall for the hype — Why Bitcoin’s $10,000 Price Doesn’t Reflect Its True Value.

http://cryptocurrencyinstitute.org/go.php?offer=piotrmak&pid=3

Here are examples of financial news headlines from the last few days:

Bitcoin finally hits $10,000! — The Economist, Nov. 28th, 2017

Bitcoin surpasses the $10,000 milestone! — CNBC, Nov. 28th, 2017

BITCOIN SOARS ABOVE $11,000! — The Guardian, Nov. 29th, 2017

News outlets haven’t even had 24 hours to let the “10K” news simmer and it already climbed to $11,500. By the time they published the “11K” piece, it already dropped back to $9,000. Then, as soon as they entered the last word on their “Bitcoin is crashing!” article, it’s back at $11,000 per BTC.

Amazing, yes, but this is not unprecedented. http://cryptocurrencyinstitute.org/go.php?offer=piotrmak&pid=3

We’ve seen this before, back in 2013, a media frenzy when Bitcoin was approaching $1,000 that fueled that year’s bubble. In January of that year, one bitcoin was trading at around $15.00, rocketed to $266 by April, and then crashed back to $50 really quick. By November, it had already broken $1,000, peaking at $1,242 on Mt.Gox. That’s an almost 100-fold increase in 11 months, an order of magnitude larger than this year’s (2017) 10-fold run up.

Funny thing is, the charts then are almost identical to the ones today, and news articles look exactly the same. Just add one zero.

Image from CNN Money

The media gobbles this up because people are fascinated by this stuff. Stories of people finding 5000 BTC in an old hard drive that they bought for $25 in 2009, a man throwing away 7500 BTC by accident and scouring a landfill to try and find it, a man buying pizzas for 10,000 BTC — It’s the sizzle to the steak and it sells.

The Other Side

People love it when things go up, but what goes up must come down, and Bitcoin is not immune to this. History shows three major “Bitcoin Bubbles”, and a LOT of volatility in between. Swings of 20–30% in one day are not uncommon in the Bitcoin world, but to most people this can be quite terrifying. For example, in the same day when Bitcoin broke $11,500 a couple of days ago, Bitcoin crashed back to $9,600, and lost 20% of its value overnight.

It isn’t just that, there are more. There’s that time it crashed from $260 to $50. Bitcoin was declared dead.

http://cryptocurrencyinstitute.org/go.php?offer=piotrmak&pid=3

Then there was that time it crashed from $330 to $180. The despair was palpable.

Or that time it crashed from $600 to $250. “Will it ever end?” People asked. Even true believers started to doubt. A lot of people gave up and sold out.

So Bitcoin doesn’t just keep going up, what a surprise. If you look at short term linear charts, yes, there are major downswings at any given point in time. It does not always go up for 12 months straight, like this year.

Yet if you look at the logarithmic chart below:

Log charts are better than linear charts in measuring performance over long periods of time. A jump from 1 to 30 will look tiny compared to a jump from 100 to 200 in a linear chart, even though it is a 3000% increase versus a 100% increase. A log chart fixes this problem.

We can see on this all-time price chart that since Bitcoin was invented, it has been on a steady upward climb, with some major swings in between. You’ll notice that in the early days, the swings were actually bigger and more volatile.

Three times in the history of Bitcoin, the price went parabolic, meaning it went almost straight upwards on the chart. An almost vertical climb on a log chart is hard to achieve unless the price goes up very very fast. This was the case in 2011 and twice in 2013. In both years, Bitcoin increased by at least 100-fold. As you can see, in this 2017 climb from $1,000 to $11,000, we haven’t formed a parabolic uptrend just yet. It will need to track upward towards $100K really fast for that to happen. We are not there yet and in fact, we have a long way to go.

The Bitcoin Hype-Cycle

The peculiar thing about Bitcoin’s price is that it has these cycles. First, a slow and steady accumulation by people who understand the tech and buy it when it is ignored as worthless. This is usually after the price had just “crashed”. Then it starts to reach a point where the media picks up its growth. And then, a parabolic buying frenzy where even your grandma starts buying Bitcoins. Finally, after reaching a dramatic peak, it finally pops and drops, leaving only those who believe in the tech and support it even after a crash. Back to square one,with a bigger base price and a larger user base. Rinse, repeat.

The Obsession with the Price While Overlooking the Value

Price is not equal to value. The price of water is cheap, but it is pretty valuable. We will die without it! If water suddenly became scarce, its market price would skyrocket. In a zombie/nuclear holocaust apocalypse scenario, your gold would bet worth much less than water, guaranteed. Today, simple bottled water is, in a lot of places, more expensive than gasoline per liter, when two decades ago the idea of buying water at all was considered crazy. The market decides on the price, but the value of something lies outside its price.

In the same way, the value of Bitcoin has nothing to do with its exchange rate.

When Bitcoin was worth exactly zero dollars, it already essentially solved the previously unsolvable 30-year old computer science problem called the Byzantine General’s problem — how to reach agreement with other agents over an untrusted network of communication. That value proposition was there from day zero, even if the price of one Bitcoin was zero.

“A lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990s. I hope it’s obvious it was only the centrally controlled nature of those systems that doomed them. I think this is the first time we’re trying a decentralized, non-trust-based system.” Satoshi Nakamoto, 2009

Because of Bitcoin, we don’t need middlemen to transact — hell, we eliminated the need for trust. We can transfer value over the internet without asking permission from a gatekeeper. The internet did this for the transfer of information, whereas before, we had to go to the post office to send mail, through a telephone operator to call someone overseas, or a publisher to let the world read about our stories and ideas. Bitcoin is doing this today, letting us store value like never before and transfer value from one owner to another without permission, globally, and instantly.

Just like how the value of your paper money is not in the paper itself but in the government or authority that issues this paper, the value of Bitcoin is not in the tokens used to exchange with each other, but in the network that allows this exchange to happen.

The price of Bitcoin is the least interesting thing about it. The value of Bitcoin is in its ability to do what it set out to do, and do it best. When you truly understand the technology, you’ll realize it’s true value.

The Crypto-Renaissance, A Financial Revolution

Over one third of a trillion dollars. That’s the total amount of cryptocurrencies in the world. $165 Billion belongs to Bitcoin alone, which just shows how dominant network effects can be. Because of Bitcoin technology, the power to create and exchange money was granted to every person on earth and is no longer the monopoly of kings and oligarchs. The printing press did the exact same thing for the power to create and exchange information, which started the renaissance and led to the industrial revolution. It’s a return to the original spirit of why money was invented in the first place.

There is immense wealth being created right before our very eyes, but it is happening so fast that most people are ignoring it. I remember when I was a young boy, I loved reading the Guinness book of world records, and one of the most fascinating things for me there was the list of richest people in the world. In the late 80s to early 90s, it was consistently the Sultan of Brunei, with his golden throne, 200 Ferraris, and a gold plated Rolls Royce that made the top of the list.

Then in the late 90s to early 2000s, it suddenly became Bill Gates and a bunch of other geeks that made it to the top. Where the hell did they come from? How can a bunch of geeks writing software, wearing sneakers, and working from their garages become wealthier than a Sultan with solid gold chairs? Why did this happen?

It happened because there is much more value in a global network allowing people to store, exchange, and transfer information than in yellow shiny rocks and fossil fuels from under the ground.

The exact same thing is happening today in the cryptocurrency world. Suddenly, geeks who toiled over establishing the Bitcoin network voluntarily and thanklessly for years and years are being paid back by the very software they helped build. Traders who believed in projects and invested the small amount of money they had left along with time and effort in building these projects are seeing 1000% up to 30,000% increases in the value of their net worth in cryptocurrencies. Pioneers are paving the way for a new generation of financial applications that will usher billions of new users to the internet economy. There are some among them who are already approaching Billionaire status, and many more will follow.

Wealth creation is a good thing, and the concentration of this wealth is not necessarily a bad thing. How the wealth was acquired is what is important — honest wealth. Bitcoin is honest money. No coercion, no unfair advantage, no abuse of power, and no abuse of labor was needed to establish the newfound wealth of the original Bitcoin and cryptocurrency trailblazers. This is why trust fund babies who have been “trading for decades” shit on Bitcoin — they cant accept the fact that a geek who took an early risk on an unknown technology is now much wealthier than them, in the same way I can imagine a guy sitting on a solid gold throne must have scoffed at the idea of a geek in a garage being richer than him.

Bitcoin and cryptocurrencies will make a lot of people financially independent, and that’s a great thing. Millions of people who never had access to capital will be able to pursue their goals and build things that could ultimately help humanity as a whole.

A Bitcoin Core developer was asked (and I paraphrase) “If you work voluntarily to help the Bitcoin network, who pays you? Why do you do it?” His response was “Bitcoin pays me, so I pay it back to Bitcoin with my time and effort.”

The Separation of Cash and State

Bitcoin is now the 6th most valuable circulating currency in the whole world, and it did this in about eight years, with roughly only about 0.01% of the world’s population owning or using it.

So, we could be watching one of the biggest financial bubbles in history unfold with this cryptocurrency mania. Yet on the other side of the coin, there is also the non-trivial possibility that we are witnessing something remarkable happening before our very eyes — the return of the separation of cash and state.

People are hungry to be a part of the world of finance. What was once the private playground of the rich and powerful, the middlemen and brokers, institutions and corporations — the world of investing and financial exchange — have been eclipsed by thousands of common people empowered by the free and open nature of blockchain-based finance. The people that can’t afford the buy-in to the current system, ones who do not pass the vetting of its gatekeepers and are left with nowhere to go. They see Bitcoin and cryptocurrencies as a permissionless option to participate in the global financial economy and a way out of their own rat races. They invest hard earned money, a few bucks here and there, hoping to make honest gains on their own, even risking losses, instead of being at the mercy of consumerism and inflation.

And it works. Young men and women from all walks of life, from the Philippines to Kazakhstan, they’re learning about Blockchain tech and Crypto trading, putting in the time and effort, finding jobs in the industry, making money, and then teaching or inspiring others to do so too.

Children born from 2009 onward are going to live in a world where digital cryptocurrencies always existed and are the norm instead of a fad. They will never understand the need to wait “3 to 5 business days” for money to be transferred, to wait in line at a bank, to pay 10% to send money. It’s easy to think that this is wishful thinking, but remember, lot of people called the internet a fad too. Now we no longer go online, we live online.

Technologies of tomorrow like robotics, Artificial intelligence, autonomous machines, and the Internet of Things will not use credit cards, a technology never intended for an online network, but will use blockchains and cryptocurrencies, with Bitcoin as the global reserve. This is almost a certainty.

Will crypto markets crash in between? Most likely. In the same way the dotcom bubble burned over six trillion dollars back in 2000, Bitcoin and cryptocurrencies will probably go through the same cycles. Bubbles establish the true players in the market and eliminate all the ones who are there for a quick buck. What’s important is that the technology is real, and it is here to stay.

http://cryptocurrencyinstitute.org/go.php?offer=piotrmak&pid=3http://cryptocurrencyinstitute.org/go.php?offer=piotrmak&pid=3

The Future of Money Itself

“True confidence lies not in being sure you are right, but in not being afraid to be wrong.”

So what’s going to happen? Bitcoin’s upward trend becomes logical once you understand the many layers of the technology behind it. Add to that the thousands and thousands of people who, for their own financial self-interest, will work day and night and fight tooth and nail to keep the fire going, building the network, protecting the network, being the network, and you’ve got an unstoppable force or innovation and value pushing us towards the next evolution of money. http://cryptocurrencyinstitute.org/go.php?offer=piotrmak&pid=3

But to answer the question, no one can predict what is going to happen.

These are merely possibilities that I and others have explored. To say we know where this growth trend will end up is folly. That’s why the work never stops, that’s why we drive the direction instead of letting it drive us. As I write this, the positive feedback loop and self-reinforcing trend that Bitcoin started keeps moving forward and upward, with no equilibrium in sight, and with the end-game being a global paradigm shift in the way we store and transfer value to one another.

The future of money will lie in the hands of its users, the people, the sovereign individual, and not in the powers that be. Money is , in fact, a form of speech. It is just a message about the transfer of value from one to another. Because of the Bitcoin protocol, we finally figured out how to use our most powerful communication channel, the internet, to exchange value with anyone, anywhere, anytime, without permission or friction, freely.

We will live in a future where Bitcoin set money free.

  • Many thanks to @ericzoo for the comments and suggestions, much appreciated.
  • Thoughts and opinions are my own and in no way reflect any affiliations I have with any organization.
  • I do not give investment advice. This is not investment advice.

The Best Way to Lose $5 Billion Dollars

What NOT to Do to Stay Rich, Courtesy of House Vanderbilt

The Breakers (Photo: Wikimedia Commons)

It was January 4, 1877 and the world’s richest man had just died. Cornelius “The Commodore” Vanderbilt had amassed a fortune of over $100 million over the course of his lifetime as a railroad/transportation pioneer. The Commodore was of the belief that splitting the family fortune would lead to ruin, so he left a majority of his wealth ($95 million) to his son William H. Vanderbilt. At the time of this bequest, $95 million was more money than was held in the entire U.S. Treasury. http://sumo.ly/JTA5

The Commodore’s decision not to split his empire proved right. Over the next 9 years, William H. doubled his father’s fortune to nearly $200 million through proper management of the railroad business. After adjusting for inflation, the $200 million Vanderbilt fortune would be worth roughly $5 billion in 2017 dollars. http://sumo.ly/JTA5

However, William H.’s death in late 1885 would cultivate the seeds of folly that would lead to the fall of House Vanderbilt. Within 20 years no Vanderbilt would be among the richest people in America, and:

When 120 of the Commodore’s descendants gathered at Vanderbilt University in 1973 for the first family reunion, there was not a millionaire among them.

This is the story told in Fortune’s Children: The Fall of House Vanderbilt. Before I finish this story, I want to highlight a saying popularized by the great Charlie Munger, Warren Buffett’s long time business partner:

Invert, always invert. http://sumo.ly/JTA5

Originally formulated by the German mathematician Carl Jacobi, the idea was to solve a problem backwards rather than forwards. So rather than asking, “What’s the best way to keep wealth?”, we should ask ourselves, “What’s the best way to lose wealth?” In the Vanderbilt story we have our answer. So without further ado, I present a step-by-step guide on how to lose a fortune:

Spend money like no one else

Have you ever:

  • Dined while on horseback? http://sumo.ly/JTA5
  • Owned 9 mansions on Fifth Avenue (some of the most expensive real estate in New York City)? http://sumo.ly/JTA5
  • Thrown a party that cost $5 million?
  • Sunk your yacht and then immediately ordered a larger yacht in order to not upset your wife? http://sumo.ly/JTA5

These are just a few examples of the Vanderbilts’ spending decisions during the infamous Gilded Age in American history. Extravagance was all the rage during this period and much of it had to do with the vast amounts of wealth created and owned by a small section of society. It has been estimated that before the Civil War (1860s) there were less than a dozen millionaires in the United States, but by 1892 there were over 4,000! New York City was at the heart of this age of opulence, and the Vanderbilts were center stage for much of this time. http://sumo.ly/JTA5

As I read the Vanderbilt story it dawned on me that spending money isn’t enough to lose a great fortune. You have to spend money like no one else. The grandchildren and great-grandchildren of the Commodore were no exception to this rule.

Sell your assets at the worst possible time

You may be asking yourself, “How could the Vanderbilts ever become poor? Couldn’t they just sell their mansions?” Your logic is right, but your timing is wrong. They did sell their mansions and many of their other assets, but at some of the worst possible times.

One of the clearest examples of this was the Vanderbilt vacation home known as Marble House in Newport, Rhode Island. Marble House cost $11 million to build in 1892, which is equivalent to roughly $300 million in 2017 dollars:

Marble House (Photo: Wikimedia Commons)

However, during the heart of the Great Depression in 1932, Marble House was sold for a price of $100,000, or less than 1% of its price to build! A similar fate befell William H. Vanderbilt’s collection of 183 paintings when they were sold in 1945:

“The very best foreign paintings that money could buy,” which he had purchased for more than $2 million — were sold during the evenings of April 18 and 19, 1945 for a total of $323,195.

The fact remains that if you are forced to sell assets in a market with a few number of buyers, you will take large haircuts. This is especially true in markets for luxury items and other esoteric assets (i.e. art, wine, etc.)

So, how do you prevent this from happening to you? Have ample liquidity (i.e. cash reserves) so that you aren’t forced to sell assets during market turbulence and drawdowns. I have stated previously that, “If you need to spend money and you can’t, that’s risk.” Why? There is nothing worse for an investor than selling an asset at rock bottom prices in order to get cash for essential purchases. If it can happen to the Vanderbilts, it can happen to you.

Never buy an income producing asset

Of all the financial sins committed by House Vanderbilt, this one is probably the worst. During their entire fall from grace there is no account of a Vanderbilt purchasing an income producing asset. This is one of the biggest differences between those who grow wealthy and those who don’t — the wealthy buy income producing assets.

While it is true that the Vanderbilts all owned parts of their railroad empire, they never diversified or expanded their holdings, and their wealth slowly faded away as a result. Remember to just keep buying if you want to maintain and grow your wealth.


You Only Need to Get Rich Once http://minika.siterubix.com/category/bitcoin


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We were together wonderfully, like in an endless dream What she had to do, she did not fuss, she still wanted Until one day she passed away, the whole world collapsed | IF YOU HAVE TRAFFIC... YOU CAN MAKE MONEY. | Scoop.it
We were together wonderfully, like in an endless dream What she had to do, she did not fuss, she still wanted Until one day she passed away, the whole world collapsed

 

 


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