07 September, 2017

To Bitcoin or not to Bitcoin...

bitcoins
...I dunno...

The problem is, I've been "I dunno" about cryptocurrency for so long that I've missed pretty much every available boat that could have possibly come along (and probably waved to the happy people aboard along the way)...

In 2009/2010 I missed the early mining phase, mostly turned off by the blockchain vulnerability that was discovered.  I laughed when (as a publicity stunt?) someone bought a couple of hot pizzas from Papa John's for 10,000 bit coins - those same coins are now worth 50 million dollars (it's not funny in the least in retrospect - especially for the purchaser).  I felt sorry for the stream of people who dabbled in Bitcoins in the early days and then (realising that crypto was taking off) discovered to their horror that they had lost/broken hard drives with locally stored bitcoin wallets (now worth millions)...I cannot forget the guy that deliberately trashed his PC (before realising his mistake) and maybe to this very day is still searching his local landfill for the hard drive...so that turned me off, what if I spent ages mining bitcoins only for my hard drive to trash itself?  Missed that boat.

Now you need a super computer to mine, that's not in the budget, missed that boat too.  Might be able to join a mining pool, but 81% of the chain is coming from China and the government there is trying to kill crypto like it's a giant, baby-eating mega-spider in a mean mood...not getting on that boat on purpose.

Last Saturday bitcoin hit a record $5000 dollars each.  There was a fire sale of assets (not entirely sure why - but financiers) meaning the value has (hopefully temporarily) dropped by about $700 during the fallout.

At this stage I'm firmly thinking that this is the boat for me.  I'm tired of saying to myself "Damn...why didn't I just buy a bitcoin when they were about £100" or "Why didn't I build a little mining box out of an old laptop?", of course I won't be able to afford a whole bitcoin now -  I'm looking at being able to afford about 0.01% of one, but at least next time I'll have something to consider selling when I read "bitcoin value multiplies by 250% in a year" and not just grind my teeth in frustration at how good I am at procrastination.

In another possible world, I'm (right now) sat in Cancun wearing diamond studded Speedos and a fresh looking pair of Oakley shades, drinking piña colada and slapping my Bitcoin wallet, which is chained to Hafþór Júlíus Björnsson (while I laugh heartily, but amiably and sensitively (so as not to offend anyone) at my good fortune)...



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