Archive for November 2017
Bitcoin $10,000: My Two Cents
Posted on: November 29, 2017
The Origin
Bitcoin was invented by a Japanese man named Satoshi Nakamoto. Or was it? He has been in radio silence since 2011, and nobody has seen him or has been able to verify his existence. To say the least, the origin of Bitcoin is shrouded in mystery.
The Technology
The underlying technology of Bitcoin is called Blockchain. It is legitimate and it is being adopted by companies as diverse as Alibaba and Walmart. The technology ensures high security and prevents counterfeiting. However, the technology is in the public domain, meaning that anybody can create an alternative to Bitcoin. In fact, there are more than 1300 “cryptocurrencies” out there as I write this.
The Early Adopters
The early adopters of Bitcoin were anarchists who hate governments and who think fiat monies issued by governments are just means for control and wealth expropriation. They like the fact the Bitcoin is not issued by any governments and is not managed by any “trusted” third party.
The Next Adopters
Money launderers and criminals were the next adopters of Bitcoin because it is anonymous and untraceable.
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According the book “Becoming Seriously Wealthy” by John Bowen and Russ Alan Prince, in a study of 199 billionaire families, 186 of them had stress-tested their family finances in the last five years. In other words, they had brought in outside experts to examine every facet of their financial situation to make sure everything was done right. That’s a full 93.5%!
Similar surveys of business owners and physicians have shown that these people are much more careless about their hard-earned wealth. Only 11.1% of business owners and a measly 4.3% of physicians have obtained a second opinion about their financial situations. See the figure below.
The Investment Scientist 