Life is full of mysteries that leave us wondering and scratching our heads. Lice can also do this. But if you have a question about life, or even about lice, this is your chance to ask it. Just shoot me an email, at TippyGnu [at] gmx.com. Or, if you don’t feel like shooting me, you can ask the question in a comment.
Either way, I may decide to get off my lazy butt and put your question to the world, by featuring it on this blog. And then you’ll receive answers from my followers, some of whom possess the smartest brains on Earth. The rest are just smartasses. But either way, you’ll get answers. And we demand answers!
I guess I’ll have to get the ball rolling, so today’s question comes from me. My question is about Bitcoin.
I’ve been hearing about Bitcoin for many years now. But what the hell is it, and who bit it? Is it made from a soft, chewy metal? Is a Bitcoin too big or heavy for my pocket? And do numismatists collect old Bitcoins?
Please share your knowledge of Bitcoin with me. I’m anxious to hear that this is a foolproof way to get rich quick, which I’d better get in on soon. Yes, please tell me that! But I promise I won’t get mad if you tell me the opposite, and that Bitcoin is a scam. I’ll just sulk for a little while.
Just remember, there are no stupid questions. So here’s mine: What is Bitcoin, and who bit it?
Categories: question
Chasing Unicorns 
It’s an odd form of currency with a $ thru the B ….. but, given the range of opinions about Bitcoins, I rather think there is a spelling error and it is really Britcoin (still with $ sign through it because it was likely contrived by an offshore Brit who did not have the Pound symbol available to him/her).
The other theory is that it really is Bitcoin, but still has some Britstuff woven into the investment schemes, and the B on the coin stands for Boris. As for how valid Bitcoins, or Boris coins, are …….. I guess Boris’ current demise in UK says it all!
So should you invest in Bitcoins? That depends on which coin bits you invest in. It may be safer to invest in more traditional areas, like real estate in the Florida Everglades, or property in Eastern Ukraine. Hope that helps.
LikeLiked by 4 people
Yes, that does help. I think I’ll use Bitcoins to invest in Ukrainian real estate. Maybe when Boris becomes a civilian again, he can sell advice as to the best areas of Ukrainian real estate to purchase.
LikeLiked by 3 people
“Some of which possess the smartest brains on earth…” LT and me thank you for that special acknowledgment.
Now I will get busy trying to think of a really smart question 🤔
LikeLiked by 1 person
Sounds like a typical answer from a smartass.
LikeLiked by 1 person
Well that is what this blog is for, right? 😛
LikeLiked by 1 person
That’s true, smartass.
LikeLike
😄
LikeLiked by 1 person
You possess the smartest brain on Earth? Who’s was it and what do you keep it in? Some sort of glass jar on the mantel?
LikeLiked by 2 people
I can’t say, my lips are sealed … smartass!
LikeLiked by 1 person
Your lips are sealed? Yeah, right.
LikeLiked by 2 people
….mmm…!!
LikeLiked by 1 person
Do I get credit for having one of the smartest asses on earth?
I think that Bill Gates summed up Bitcoins best when referring to the ‘greater fool theory’ as in your ability to reap any rewards or even maintain the value of your investment depends upon someone more foolish that you buying in.
LikeLiked by 4 people
Yes, you get credit, 10 gold stars….but sorry, can’t find any.
LikeLiked by 2 people
You can send me 10 Bitcoin instead
LikeLiked by 2 people
Sorry, I don’t have those either. I can send you $10 of Monopoly money 💰 sound good?
LikeLiked by 2 people
And a get out of jail free card for when I try to spend it.
LikeLiked by 2 people
I will send you 2 get out of jail free cards just in case you lose one.
LikeLiked by 1 person
😄
LikeLike
Well, you can take whatever credit you wish. Either way, just feel proud that you’re one of the smartest.
Gates’ foolish theory makes sense. Except the fact that Bitcoin keeps hanging in there. It was up to about $60,000, then recently collapsed to about $20,000. I was expecting it to go down to $0, but it hasn’t. Yet.
LikeLiked by 1 person
The guy who bought at $60,000 didn’t find a greater fool, though.
LikeLiked by 1 person
That’s true. And the guy who bought at $20,000 is wondering where all his greater fools went.
LikeLiked by 1 person
Maybe a lot of the really big fools have gotten scared away after losing money. I don’t know. I am currently under water on some S&P500 investments, but I am holding and waiting. Maybe I am a fool as well.
LikeLiked by 1 person
If you’re in it for the long run, then holding and waiting seems like the best strategy. At least, that strategy has been tried and proven. However past performance is not necessarily an indicator of future results.
LikeLike
Has this comment section helped you decide to dump all of your money into crypto currencies?
LikeLiked by 2 people
I think I may experiment, by buying one dollar’s worth per year, and seeing what might happen.
LikeLiked by 2 people
Bitcoin: If you can believe this bit of nothing will have value later on that another person will pay you for giving to them, then you can find a fortune ahead for your investment in my scheme.
And don’t forget! It’s stylish and proof that you’re making a historic decision about modern finance!
LikeLiked by 1 person
Hmm, that last part seems tempting. I can be a stylish Bitcoin investor. A man of the world. Perhaps a broke man, who sleeps outside, but still a man of the world.
LikeLiked by 2 people
I’m still working on a good, stupid question… although I’m still waiting on a response from the Almighty regarding the meaning of life.
As for Bit Coin… it’s a scam… kind of like the zero-Euro banknotes issued by the Vatican City. (Yes, they really do issue zero-Euro banknotes.) Anything you can’t hold in your hand and use is a scam. That’s why I’ve amassed a huge stockpile of “Air Coin”. For years now, I’ve been re-corking all of my empty wine bottles, secure in the knowledge that some day the air contained in them will be even more valuable. Just don’t open any of my closets… or the door to the garage.
LikeLiked by 1 person
You remind me of my mother-in-law. She preferred investing in real estate over stocks, because she could see and feel the real estate.
I suspect Bitcoin is a scam, also. However it does allow you to engage in untraceable financial transactions, which may be a plus for some people, related to their line of work.
LikeLiked by 1 person
When corks, wine bottles and air go up in value, I’ll let some sucker… I mean investor buy me out, and I’ll spend the rest of my days writing from Bora Bora and Bali.
I think those “untraceable” transactions were the initial intent of Bit Coin. In some ways it was a good idea. Government issued “money” is already essentially digital; little exists as actual coinage or currency. It’s just more easily tracked and taxed.
In that regard, I was actually following the development of Cardano “Ada” (ADA) for awhile. The intent was to develop a distributed and essentially fiat means for supporting large numbers of secure but anonymous transactions. Because it was fiat, the idea was that it wouldn’t invite the kind of speculative investment that causes huge swings and instabilities in limited, or “mined” digital currencies. Regardless, I think the developer succumbed to some degree of pump-and-dump, and it quickly lost its credibility (at least with me).
LikeLiked by 1 person
Who knows, those air-filled wine bottles could be worth a fortune one day. You might try selling them on eBay.
Pump and dump seems to be the way quite a few cryptocurrencies have gone. Some crypto coins are outright scams. Others have fallen victim to hacking. It’s an unregulated area of investment, where caveat emptor applies to the fullest.
LikeLiked by 1 person
There are a million ways to get people to rip themselves off. If only I had no sense of ethic. To wit, check out these zero-Euro banknotes commemorating the Year of the Dog. I think you could buy them for something like $7 each. I wonder what Mao would have thought of such capitalist absurdity…
https://numismag.com/en/2018/04/04/new-zero-euro-banknote-for-chinese-collectors-market-the-return-of-mao/
LikeLiked by 1 person
How disgusting. But I’m sure Mao the Murderer would be thrilled.
LikeLiked by 1 person
Smart question….It’s just a digital currency nothing else 😃😃😉
LikeLiked by 1 person
Thanks, that answers everything.
LikeLiked by 1 person
You’re welcome 😊🙏
LikeLiked by 1 person