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Sunday, May 8, 2022

I've sold all of my Bitcoin

I decided after almost a year of buying $5 worth of Bitcoin at a time I decided it was time to stop, and put an end to my dip into cryptocurrency. Before I wanted nothing to do with it, years ago only running into Libertarians on Twitter who were singing Bitcoin’s praises. But eventually my friends started making money from it, podcasts I was listening to started talking about crypto, and finally my co-worker was making money from Dogecoin.

At first, I’d but large chunks of it here or there but I was unsatisfied by the experience. I failed to make any money trying to do something like day trading. I saw a commercial about paying for an investing service for $5 a day, and that inspired me to go the long path of buying $5 of Bitcoin everyday for almost a year now.

For over a year now I’d listen to Justin Verrengia’s daily podcast Crypto News Alerts and that was my main source for news on cryptocurrency. I’ll just be frank; I never believed the pandemic was fake like “JV” does. While this is a clear flaw that he pushed on his platform it didn’t push me away like it did with Jimmy Dore because JV doesn’t really talk much about it. It’s not like he was interviewing people pushing disinformation.

Verrengia is certainly what you would call a “Crypto Bro.” All he can see is the upside of cryptocurrency, to the point where he saw some girl selling NFTs for her farts as a positive thing. The more and more I found out about cryptocurrency the more I disliked it. But people like JV pushed FOMO and I bit. Well now that I didn’t miss out, I’m ready to get out. I can’t listen to his podcast anymore, there’s so many ads now that it isn’t fun to listen to at all. I’m listening to today’s episode, and I’ll post it here… perhaps as a reminder.
There are so many downsides to cryptocurrency that it’s insane. It’s not green at all, with Bitcoin mining using the same amount of energy The State of Washington uses in a day. Fiat currency has been far more efficient and is far more practical in this field. Maybe one day someone will code it to be better, and this work is happening right now. People is we’re getting hit with climate devastation right now, and we don’t need a scam currency adding to the problem.

The fact also is that it isn’t decentralized, with only a handful of people owning most of the Bitcoin. Before the biggest attraction to Bitcoin was that there is meant to be a ceiling on how much can exist. The fact is though that there’s only a few lines of code for that limit, and it can easily be taken out. We’ve seen what happens when there’s a split over code like this, the elites got hacked, and their Ethereum was taken away. They simply made a new code so that couldn’t happen and made that the new Ethereum. Some people still believe in the “purity” or whatever you want to call it in just using what’s now called Ethereum Classic. You can go ahead and tell me which one everyone is talking about. It's feasible that the people who own a majority of Bitcoin will want to move onto a new and improved Bitcoin 2.0. I got a lot of information on this from m√ľnecat and I’ll post her video on the subject here.

I don’t feel bad about dipping my toes into cryptocurrency. Honestly it’s probably a good thing as it led to me thinking about how I should invest my money. Alongside this I still been putting my money into my savings account, and I started using the same app that I’d buy Bitcoin with to get stocks. While I would have like to profited off it instead of lose a few hundred dollars I never did invest more than I was willing to lose, that’s great advice from John Oliver when he did an episode of his show on Bitcoin.

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