Saturday, November 25, 2017

Saturday Humour: Socialism is the fix!


I saw this post and just wanted to share it, because I'm sure it'll trigger some people.

I realized that my distaste for socialism is natural - there are no Austrian socialists.

It's like looking for a vegan wearing a fur coat.
It's like looking for a non-smoker with cigarettes on hand.
It's like looking for a bitcoin maximalist that owns lots of bcash.

It just doesn't happen because of extreme ideological conflicts.

2017 has been an interesting year of enlightenment for me.

2018 is lined up for a lot more things for me to continue on learning and improving, and one of the smaller goals is to do much more reading about Austrian economics. A good start would be to find the time to revisit one of my favourite books, "Why Not Capitalism".

Sometimes I wonder if I'm too fringe. Then I realize, it doesn't really matter, as long as I'm happy, haha!

Friday, November 24, 2017

You and Your Fiat Money


And people somehow think that I'M the crazy one.

Thursday, November 23, 2017

Calling out Motley Fool's "Bitcoin Expensive To Keep Safe" BULLSHIT

This article gave me cancer.

Cute disclaimer of "If you're not technologically inclined....".


Q: How much does it cost to store bitcoin safely?
A: Between $0 to $110.

How? A free paper wallet.

Doesn't feel safe that it's on a piece of paper?

Encrypt it with a BIP39 passphrase.
Laminate it.
Make a copy.

Not good enough?

How about $100 for one that is made out of metal, which is fireproof, waterproof and shockproof?

Not user friendly enough?

How about $110 for hardware wallet that you can just plug into your computer?

Not to mention the multitude of options for software wallets for both your computer and handphone that you can download for FREE.

Not to mention multi-sig options as well.

Recap:
$0 - Paper wallet
$0 - Handphone Software wallet
$0 - Computer Software wallet
$100 - Actual Hard wallet
$110 - Hardware wallet

I'm legit annoyed by this bullshit. 

Now, do you want to get real cancer?

You can buy their "Crypto Edge" guide for $249.


AND GUESS WHAT? THEY WILL TEACH YOU HOW TO STORE CRYPTO IN THEIR GUIDE!

I WONDER IF THE METHOD THAT THEY TEACH IS GOING TO COST 15 TIMES MORE THAN GOLD. HMMMM.

Dafuq.


Jeez.

I guess whatever sells their "guide", right?

Cancer.
Pure Cancer.
Stage 5 Cancer.

Here's to calling out bullshit, especially for the people that should know better.


Keeping it real,

GMGH

Wednesday, November 22, 2017

Overstock CEO Gets Bitcoin. Do You?

Here's the article. It comes with a nice 11 minute video interview too as well. Just gonna pull out my favourite bits from the article, because I'm lazy to transcribe (the video is better than the article itself though).



You think that’s a bubble? What do you think that fiat currency you carry around in your purse is?

It’s about time the world switches to real money. Either gold or bitcoin.

The real question is not how high can bitcoin go. The real question is how low can fiat currency go—and at the end of the day all fiat currencies have gone to zero and that’s because they end up with irresponsible money printing.



We have all these currencies since Bretton Woods, fluctuating against each other, and maybe the dollar hasn’t gone to zero against these currencies but all of them have gone down 95% ... versus something that they can’t control like … gold and bitcoin. So bitcoin may be on its way to a million for all we know.


Tuesday, November 21, 2017

Calling it the "Tether Top"

3 hours 20 minutes after my warning about Tether this morning, this happened:


Reddit version here.

Which led to this:


Though this announcement isn't exactly the level of implosion I was expecting, it smells and reeks of a cover up. A "hack" is very reminiscent of the Mt Gox story. As a reminder, Bitfinex got "hacked" in August 2016 and lost 120,000 BTCs. That was valued at $72m back then, but it's worth a whooping $960m now.

I was hoping for something bigger. Like Bitfinex freezing all BTC withdrawals and halting all USDT pairs, or something of that level. Would be nice if Bitconnect can implode together too, drain the swamp in 1 shot. But I guess that's another fantasy for another day.

Anyway the days are long and crypto days pass by even faster. I can totally see the situation getting worse in the near term.

As per my previous post, I advise the following:

1. Do not use Bitfinex.
2. Do not hold any Tethers. If you do, exchange them for something else.
3. Do not keep ANY funds on any exchanges that has USDT parings - they may suffer collateral damage.
4. Familiarize yourself with escape routes - cashing out / stable coins.

Although this doesn't prove that Tethers are worthless, I would say the red flags are everywhere. Proceed with extreme caution.