2/04 ANDY HOFFMAN (CryptoGoldCentral.com): Religion Versus Reality, And The Beauty of The MWC “Hedge”

in #andyhoffman5 years ago (edited)

In 15+ years in Precious Metals, I learned, too well, what it means to be a “goldbug.” Not that I was one, as I decidedly was NOT. However, I came across hundreds over that time – who on average, by my estimate, are over 65 years old. The way I define them, are people with tunnel vision about sound money – who believe ONLY gold and silver have ever been money, and ever will be. In other words, cultish beliefs that cannot be swayed – no matter how much money they lose, or how far from reality their views stray. Let alone, when better money comes along, like cryptocurrency.

Fortunately, I recognized that mining stocks were DONE as investments in 2011 – though I wish I had recognized this earlier. However, I was ridiculed for years for having a differing view, despite how right it turned out to be. And ditto for physical gold and silver in 2017, though the jury on this decision remains out – as while they are essentially the same price, they are not far from the all-time inflation-adjusted lows they traded at a few months ago. And oh yeah, when I sold my metal back in mid-2017, I sold it for Bitcoin.

When BTC rose from $400 to $20,000, its cult grew to epic proportions – rivalled, in my lifetime, only by the dotcoms in 1999. Those who owned dotcoms believed they’d all be profitable; just as all who owned Bitcoin believed it would take over the global monetary system. Fortunately, I didn’t believe in the former – and thus, sold my dotcoms just after they peaked. However, I’m guilty as charged regarding the latter – and thus, didn’t sell my Bitcoin until the “Hoffman Line” broke, at $5,700.

The problem with Bitcoin today, is it still has way too many cult-like believers, who fail to acknowledge something might be wrong. Many are smarmy Millennial “maximalists”; many of whom, possess very little Bitcoin - but are proud to “lead” the Bitcoin army. They don’t worry about WHY the Hoffman Line breach occurred – or the ramifications of the wholesale exit of institutional money from the asset that was supposed to take over the world; much less, catalyzed by something as seemingly innocuous as the SV fork.

They also don’t consider that new technology developments are a reality – that possibly could compete with Bitcoin. Yes, the SV fork - and related SHA 256 Hash War - should be taken seriously; as in my view, there’s no way the Bitcoin price would have reacted so negatively if something wasn’t afoot. To that end, Bitcoin holders need to watch MimbleWimble closely – as assuming it works, which thus far seems to be the case, it is indeed a far more efficient, and private, blockchain protocol.

Yes, I understand the maximalist mantra well – that nothing can stop Bitcoin, as any new technology will inevitably be subsumed…which may well turn out to be the case. However, given how unprecedented Bitcoin is; and how rapidly crypto technology advances; it would be wise to consider such possibilities, no matter how small - particularly when you are given opportunities to “hedge” BTC bets with free airdrops like MimbleWimbleCoin (MWC); i.e., a new MW coin with superior store-of-value qualities to Grin, Beam, and other MW alternatives.

https://steemit.com/andyhoffman/@andyhoffman/2-01-andy-hoffman-cryptogoldcentral-com-official-launch-of-the-mimblewimblecoin-btc-airdrop-a-k-a-mwc

Stay tuned, as Bitcoin airdrop registration begins April 20th, ahead of the July 19th snapshot. For more information, please check out the MWC website.

https://www.mwc.mw/

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