Bitcoin, Humanity — An ancient story

Kyle
2 min readMay 3, 2018
Image copyright me March 2018

I was listening to Marcus Aurelius’s Meditations.

While a bit unrealistic, he says so many salient things.

To not busy yourself with the thoughts of others.

That crimes of passion stem from desire.

To not obsess over games that bear no meaning on life.

While “researching” my other two articles, I read voraciously.

I spoke to a venerable computer scientist, and I spoke to a retired financial trader who’d traded through The Great Recession. Unequivocally, they said they did not understand nor particularly care about blockchain currency.

Everything I read said otherwise.

I later read a comment from Warren Buffet stating to avoid Bitcoin like the plague.

One of the richest men told the world not to buy a rapidly growing currency.

Why?

I think these two people, because they did not understand Bitcoin, could only see the hype. They were also people that had the capacity to fundamentally understand parts of it, which means that even though they didn’t understand the currency itself, they could listen to other people talk, and know whether they understood the currency.

I think what these people saw was a rapid public obsession with something the public didn’t understand. A bubble.

They saw this

These people were also financially secure, so the act of buying Bitcoin was a large gamble for them. Why lose financial security when you can just do nothing and keep it?

When you see that. It’s easy to see that the short term value of an object will skyrocket, but it’s hard to know when it will plummet, and how low.

If someone bought Bitcoin at it’s recent apex in 2017/2018, they would have lost 50% of their investment, and potentially may never recover.

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