Crypto investing is now fuelling the Seven Deadly Sins
In Christian teachings, the grouping of the capital sins is known more commonly – thanks to the Brad Pitt movie –as the Seven Deadly Sins. These have been described as being excessive versions of a person’s natural faculties and are also considered behaviours that might also bring out other immoralities in a person.
When I heard from a friend the other day that someone he knows had recently poured all of their life savings into Bitcoin, Kevin Spacey with a head in a box came immediately to mind. The greed some people feel compelled give in to, when it comes to money, is quite scary. The other things that’s also worrying is how all the greedy Bitcoin investors seem to exhibit Sloth like characteristics – Sloth as in, too lazy to actually understand the facts behind cryptocurrency and what they might have set themselves up for. I super example in this case, IMO, is the recent incidents blowing up all over social media involving Roger Ver and Bitcoin Cash.
It’s not rocket science – Bitcoin Cash is technically better than normal Bitcoin (core). Whoever doesn’t see this is clearly either deluded or just ignorant to how what they’ve invested in actually works. Even now, as a flood of “mom and pop” investors rush into Bitcoin, the total amount invested in it, compared to other financial instruments, is actually quite small. This being the case, a lot of these new investors will argue that it won’t be long before we’re all using Bitcoin to transact all we do in our daily lives.
First and foremost – that’s not going to happen. Governments and central banks will never allow the people to break free of the state sponsored monetary architecture. It’s too profitable for them, just go and read G. Edward Griffin’s book on the Fed.
Secondly, and more importantly – Bitcoin cannot technically scale – it’s too slow to be used for anything at volume. Anyone that thinks Amazon are going to dump Mastercard and Visa merchant fees in exchange for using Bitcoin is in for a very big shock. If that’s what you think, perhaps Ripple is the way to go…
