The Story: The prices of digital currencies are going crazy
In late 2013, the price of Bitcoin started exploding, going from around $120, to close to $1200, within 3 months. People in the digital currency realm were stunned and amazed, and many people (including myself) started buying up currencies, chasing the Bitcoin bullet train. “This time it’s different,” we thought. “Who knows if the price will ever come down?” we thought. A few months later, the price came rolling down, eventually settling around $450. A lot of people surely lost a lot of money in those months, buying high and selling low. That was when I learned a simple lesson: the best time to buy an asset is when nobody gives a shit about it.
Now it’s June 2017, and in the past three months we’ve seen Bitcoin shoot up from around $1000 to more than $2500 – even to $3000 in some markets. I see people on social media boasting about their winnings, parading the fact that they have assets worth hacking. I tell them to be careful, that trading at all time highs can be a recipe for disaster. They tell me “The dollar is crashing against crypto!” and “This time it’s different!” I know some will probably lose a lot when the bull market ends, still believing that they’re digital currency genii and know how to pick winners. Others will prudently and consistently take profits, and wait for another opportunity to buy big.
In this episode, I welcome back Luis Fernando Mises, business consultant, entrepreneur, spiritual healer and digital currency investor, to discuss the latest rise in Bitcoin and altcoins, and what pitfalls people should look out for. We talk about ease of use in virtual currency, potential problems with Bitcoin, and spiritual perspectives to be gained when you lose a lot of money. We also discuss the problems with gossip in the liberty movement, how many are focused on the “telenovela” of liberty, and how that energy can be directed into something more fulfilling.
Join us on another bank-breaking episode of … The Paradise Paradox!
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