Your Toys are Yours

Critics of Bitcoin who say they don’t like that people found and purchased Bitcoin at lower prices than they did are missing the entire point. If you are someone who has this thought or critique, this perspective aims to provide you with new insight on how you could think differently about holders of Bitcoin.

With a comparison to the equity markets or other capital storage markets such as real estate:

• Do you have the same problems with people who purchased shares of stock from successful companies years before you did?

• What about having any reservations with people who founded private companies and watched their equity value increase tenfold while you were unable to participate in the growth of the company?

• How do you feel about families who moved to areas of the world decades ago and watched as their property value increased dramatically?

If you have an issue with the fact that people in the world found out about an open-source network of computer code, the Bitcoin Network, before you did, then you surely should have the same issues with people who purchased Apple stock in the 1990s, people who worked for successful private companies, or families who moved to areas of the world that then became desirable real estate treasures.

The reality is that both the equities market and the real estate market are infinitely more gate-kept and secretive than the world of Bitcoin. To purchase equities, you need a bank account and a brokerage account, and anyone in the world without either of these, will have little to no hope of purchasing shares in these companies. Real estate is also gate-kept by the fact it is capital and time-intensive and is less liquid. Almost no one in the developing world will be able to participate in the equity or real estate markets and I would warrant to speculate that as you read this, you know people who fail to actively participate in either of these markets for one reason or another. Bitcoin is gate-kept by access to the internet and the time you spend learning about it. You don’t need a bank account to purchase Bitcoin and you can purchase any monetary amount you want—whether that be $0.05 or $5 million, you can purchase what you please.

If you are upset by the fact that other people found Bitcoin before you, you should be equally upset with yourself that you disregarded Bitcoin as being not worth 5 or 10 hours of your time to research and learn what it was when you first heard about it. Again, this does not mean to patronize anyone, I made the same mistake, it only aims to provide new perspectives to help demystify the world of Bitcoin and address double standards that are commonly held against Bitcoin.

I am not upset with others who found Bitcoin before me.

Not being upset with others who found Bitcoin before me can be summarized by the following quote from Saifedean Ammous, author of The Bitcoin Standard.

“I don’t mind if somebody has more toys than me; I mind if somebody takes my toys. And I think if you have problem with people having more toys than you, you’re not raised properly as kid; your parents did a bad job.”

This quote also addresses the key point that people are missing when they are upset that someone found and purchased Bitcoin before them. It doesn’t matter if someone has more Bitcoin than you, it matters with who/what can control the issuance of the currency. Bitcoin is the perfect form of currency because no one can control the issuance of the currency. Opposite to Bitcoin are other fiat currencies. These are controlled by the few (governments), with money printers have the ability to “take your toys” away from you via inflation. That’s the point.

If you are upset with the fact that someone has more Bitcoin than you, that is a personal problem (review the examples above and consider your thoughts), not a problem with Bitcoin. If anything, someone with more Bitcoin than you should be viewed as inspirational because it implies they spent their time learning and educating themselves, formed an opinion, and acted on that opinion, all when Bitcoin was at a lower price and by this thinking, more risky.

With Bitcoin, your toys are safe and your toys are yours. Focus on your “toys.”

Stack SATs.

The views and opinions expressed here are for entertainment purposes only and should, in no way, be interpreted as financial or investment advice. Always conduct your own research when making an investment or trading decision, as each such move involves risk. I am not a financial advisor and do not claim to be qualified to convey information or advice that a registered financial advisor would convey to clients as guidance. Nothing contained in this e-mail/article constitutes, or shall be construed as, an offering of financial instruments, investment advice, or recommendations of an investment strategy. If you are seeking financial advice, find a professional who is right for you.