Authored by Simon Black via SovereignMan.com,
On January 3, 2009, about six months before I launched Sovereign Man more than a decade ago, the Bitcoin blockchain came into existence.
50 bitcoins were mined by the network’s creator in that very first transaction. And within a few days, the first open-source Bitcoin software was released.
Few people noticed. By October of 2009, the value of a single Bitcoin was still just $0.0009 (9/100th of a penny).
A decade later, Bitcoin has seen a 10,000,000x increase and triggered perhaps the most spectacular financial bubble in human history.
For the next few weeks I plan on writing about how the world has changed over the last decade– Sovereign Man just celebrated its 10-year anniversary a few days ago, and I thought it was an appropriate opportunity for reflection.
Today I want to kick off that series of emails and discuss crypto.
Ten years of cryptocurrency has been a wild roller coaster. In 2009 few people had heard of it. Today, most of the world knows about Bitcoin. Tens of millions of people have bought some. And a fair number of those have been burned.
The 2017 bubble saw the Bitcoin price rise from less than $1,000 in January to nearly $20,000 by the end of the year.
It was a classic bubble mentality– people threw money at something they didn’t understand based solely on an uninformed belief that the Bitcoin price would keep rising.
And no one wanted to miss out. Some people even went into debt and mortgaged their homes to speculate in cryptocurrency.
By the end of 2017, there were far more cryptocurrencies than fiat currencies, not to mention innumerable ‘tokens’ and ICOs that had taken place.
It got to the point that anyone under the age of 30 who could write a White Paper was able to raise a few million dollars through an ICO.
By the middle of 2018, most cryptocurrencies had been left for dead.
But now there are real signs of life: just yesterday, Facebook announced details on a cryptocurrency that they have been developing for more than a year.
more,,
http://www.zerohedge.com/news/2019-06-19/rejoice-end-banking-nigh?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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