All Around Growth — reflections on faith, freedom, and finding purpose through Orthodox Christian living, formation, and the long work of becoming. Earlier episodes available to supporters.
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Bitcoin is a decentralized digital currency that can be transferred on the peer-to-peer bitcoin network. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Wikipedia
Join Rob as he reviews a number of reasons why the talking heads are telling you to BUY...and tells you the primary reason why you should NOT buy Bitcoin!
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Well, hi there, and welcome back to another episode of the All Around Growth Podcast. My name is Rob Kaiser, and I am your host. Today is Wednesday, November 9th, 2022. And this is episode number 461 of a show where you join me with my family on our small farm and homestead as we grow all around here on the homestead at York Meadow Farm. And the title of today's show is Why You Should Not Buy Bitcoin. All right. But before we just simply dive into the topic of today's show, we're going to mention and give a shout out to a couple of people, the sponsor of the show, talk about the affiliate marketplace, of course, talk about some of the transition that the show is going through, and also give people a little bit of time to join the live stream, because indeed that is part of the change and transition that we are going through, is the fact that we are live streaming the show, which is a perfect segue to discuss one of the show sponsors, which is Food Forest Farms. And what I would encourage you to do is check out foodforestfarms.com. For those of you watching the live stream, I have updated the logo so you can see what you're looking at when you're poking around online. But foodforestfarms.com is your place to go for great quality coffee. They're big supporters of the show here. Uh, they're big supporters of the products that we make here at York Meadow Farm, which I'll talk about in just a second. And they are also hosting an event in 2023, June of 2023, to be specific. Squash Fest, a solstice celebration of music, art, and light. So, you know, I would just simply encourage you to go to Food Forest Farms, check out more about what's going on. I'll talk more about that event in depth down the road to because I keep mentioning it in the show, but uh check it out, and you know, we'll talk about that in the future. Also, Yorkmeadow Farm.com is the sponsor of this show, it is the location from where I bring the show to you, both audio and now in video form, thanks to Food Forest Farms. What we do here at York Meadow Farm is we create small batch uh handcrafted soaps, bath and body products, and fermented foods. We began selling direct to sales or direct to consumer at farmers markets. We are now selling online at yorkmeadowfarm.com and also in conjunction with Yellow House Cheese, you can check out their shop if you're local to Northeast Ohio and get groceries delivered to multiple places, uh, four different locations, four different pickup locations in Northeast Ohio. From Yellow House Cheese gives you the ability to shop from six, seven, eight, maybe different vendors and get everything seasonally. You know, it's it's it's it's the best of of both worlds. It's like farmers markets and delivery, and uh all you have to do is just order online and just yellowhouse cheese.com. Check it out. Um, okay. So here we are. We are talking about why you should not buy Bitcoin. Okay, so why what's what's this all about? Of all the times to buy Bitcoin, isn't this one of the times to buy Bitcoin? Um, yeah, honestly, it is. And quite frankly, for those of you crypto dorks that are out there watching uh Bitcoin, not that I am a big crypto dork myself, but one of the things that is worth mentioning is that we've been in a dip for a long time. I don't follow this heavily, and by no means am I an expert. And also, for whatever it's worth, I just want to say that um this this uh this show does not contain financial advice, uh, and anything I say is just considered uh entertainment and really should be considered just a load of crap. I have no idea what I'm talking about. All right. Uh anyone who takes what I say from this show with regard to financial matters and implements it in their own life does so at their own will. And I got nothing to do with that. All right. So now that we got that out of the way, all that disclaimer and stupid stuff, um, you know, back to the whole crypto dork talk. Yeah, it's it's been in a dip for a long time, you know. Cryptocurrency in general is exceptionally volatile, and it's one of these things that it you know is is is is highly controversial as well. Uh, do do I own some? Uh no. I I I I think it's highly debatable that one can own uh numbers, right? One can own data. I I think cryptocurrency toes the line of intellectual property. I can own I can own my iPhone. Like I I I can I can have this in my possession. I should probably mute the notifications as well. And I can I can own things that you can take from me. See how this works? Like when I possess a thing, that thing can be repossessed from me by any means, whether it's you know, through an exchange or through the threat of violence at the point of a gun. Through the threat of being thrown in a cage and or death. With cryptocurrency. I don't believe that's that's an option because you can't prove that I know things. But anyways, we're not gonna talk about that. We're just gonna talk about um the fact that people seem to be buying a lot of it lately. Why? Well, it's been up to i i i you know, if you if you if you kind of believe this stuff, the price has been up to $60,000. Like to give a hello to a person out there in Facebook world who I believe is my brother based on the comment. What's up, Matt? If that's you, and if this is not Matt that I'm saying what's up to, then this is kind of strange. But, anyways, thanks for tuning in, everyone that's out there watching. And for those of you who are listening later in audio format, sometimes moving forward in the future, these recordings may have some interruptions on account of the comments like this. But you know, bear in mind, and I'm hopeful that as time goes on and the nature of uh or not the nature of well, the nature of the show changes, continues to change. The only constant in life is change, at least as far as I'm concerned. But as the show grows and as the number of people watching grows, it will turn into more of a conversation of sorts. And those of you who are listening out there in podcast uh form, as we're talking about things like we're going to talk about today in terms of why you should not buy Bitcoin, you know, there will be some questions that you may have. And I'm hoping that as time goes on, with engagement from the audience and things like that during these live streams, that questions that you may have may be answered by people who are asking uh those same questions. But for today, I figured the the approach that we would take in terms of talking about why you should not buy Bitcoin is to talk about, first of all, why one should. So let the re when I when I when I look to gain information on something, what I do is I simply go into my search engine of choice and type a question. And in this case, I'm gonna type why you should buy Bitcoin, or why should I buy Bitcoin? Okay, and for whatever it's worth, the search engine of choice that I use is pre-search, okay. And pre-search is a uh decentralized search engine that gives you the ability to earn tokens and such. I don't care about that, but what I care about is the fact that it is decentralized and it appears to give me a better quality result of what I'm searching for that seems a little less biased from a Google search, which which seems to you know take in the information that I'm using and affects the algorithms and therefore subsequently uh seems to affect the search results. So when I use pre-search, I can, as far as I can tell, bypass that. But also what's nice is if I can share my screen and I don't know how to do that yet, and I'm not gonna mess around with that at this point in uh in this particular live stream. But what you can do is interface easily with other apps that you do use on a regular basis, like Google or Amazon or YouTube or Google Maps or Twitter, or if you want to use DuckDuckGo, I just I haven't been using that lately. It's still set up that way, but um, it it gives you the ability to search within Google or search within YouTube or search within Twitter as far for the topic that you just typed in or are looking for. In this case, why should I bit buy Bitcoin? So we're gonna take a look at the top three articles. The first one titled, Is Bitcoin a good investment in 2022? You can easily trade Bitcoin for cash or assets like gold instant. Uh, this is a Benzinga crypto. All right, you know, I don't know what that is, but uh if this is a sales thing on, you know, I don't I don't know what this is. I haven't heard of Benzinga, but you know what? It's the first article that came up, so we're gonna look at it anyways. Um, and then we'll look at the second article. Should I buy Bitcoin? 10 Reasons Why Bitcoin is a good investment from cryptomaniacs.com. And then we're gonna look at just this uh, what is the safest way to purchase Bitcoin? Uh, we're not gonna look at that from Quora, we're gonna look at is cryptocurrency a good investment, the motley fool. Okay, so the first article is Bitcoin a good investment in 2022. Um let's just read the first article or the first paragraph, and I'll give it a quick scroll and then read the summary. A collective insanity has sprouted around Bitcoin over the last decade. It's hard to predict whether this cryptocurrency will become the global reserve currency or a store of value as widely adopted as gold. The thrill of riches or ruin leaves some investors wary, but others want to chase the chance for massive profits from investing in Bitcoin. Bitcoin is certainly a revolutionary technology and it's much less risky in 2022 than it was in 2012. After becoming legal tender in El Salvador in 2021, other countries may look to copy this move to attract innovation, while others might ban it entirely in an attempt to save their fiat currency or clear the way for a central bank digital currency. Despite the doom and gloom of the 2022 bear market, Bitcoin has solidified its spot in the global geopolitical climate, and the early 2020s may be the year of massive adoption. This has led investors to wonder if Bitcoin is a good investment. The answer to this question varies depending on who is asking it. Bitcoin could be a good investment if it fits your risk tolerance and your general market outlook. The history of the cryptocurrency market is actually rather predictable on longer time horizons. Bitcoin and Ethereum have traded in relatively regular cycles and both have recovered from every major crash, not including the most recent yet, and subsequently reached new all-time highs. All right, this looks like it is a little thing where you know you can download a guide and it gives some history. So let's move on to the next article from Cryptomaniacs. Should I buy Bitcoin? 10 reasons why bitcoin is a good investment in 2022. Okay, so this is definitely some reasons promoting why Bitcoin. All right, and maybe this is one that I should have started with, but hey, we're just we're just gonna roll with it. And uh, for anybody that is out there listening live, I would just simply encourage you to drop a comment from the platform that uh you are listening on, and uh just give everybody a you know, let everybody know where you're listening from. All right. So if you are listening live, drop a comment in the comment section from where you're at. And uh so this is from Cryptomaniacs. The article is titled, Should I Buy Bitcoin? 10 Reasons Why Bitcoin is a good investment in 2022. Okay, and it reads, I've been where you are. I heard of Bitcoin a long time ago. And for years I asked myself, should I buy Bitcoin? Is Bitcoin a good investment? And what are the reasons to buy Bitcoin now? I couldn't just hear about it and pull the trigger. No, I kept debating, questioning, putting it off. Perhaps you're in the same boat. You've heard of Bitcoin for a while now and the profits early investors made, but you still can't make the decision. After all, since Bitcoin was created in 2009, the prices kept going up from one cent to twenty thousand dollars per coin. Through all the ups and downs, if you or I held one Bitcoin, the average growth over nine years would have been 28% per month. So is Bitcoin worth buying in 2022? Let's just look at the 10 reasons why you should buy Bitcoin. Um, number one, Bitcoin's rules are permanent. This is number one with a bullet. Although new coins are mined and added to the circulating supply regularly, bitcoin will never cross its 21 million coin supply cap. That is a permanent rule that is also public. Everyone can check that rule and no one can change it. Okay, so it's fixed, unlike other currencies, government currencies that engage in practices like quantitative easing, for example, those amounts of currency are not fixed. They're they're they're they're it it's it's it's limitless. So if if we can just make more at any given time, what value does it actually have? If something has a cap, once it's gone, it's gone, much like I don't know, real estate. You know, my dad used to say uh that he he's got he had this old story about an economics professor in college, right? And he used to say, Boys, invest in real estate, they're not making any more of it. One could argue that the same topic would or the same uh mindset would apply to Bitcoin. All right. Number two, Bitcoin is and will be scarce. One of the main reasons Bitcoin has risen in value so dramatically is its scarcity. There will only ever be 21 million bitcoins. Number three, bitcoin is transparent. Bitcoin is more transparent than the Federal Reserve. The Federal Reserve Chairman, Janet Yellen, decried Bitcoin at a Canadian finance conference. She went through the typical anti-bitcoin points that Bitcoin is a bad store of value. Bitcoin is slow and Bitcoin is not accepted anywhere. But Bitcoin has two things that no other currency in the world has, not even the U.S. dollar, decentralization and transparency. Guys, I'm going to link to this article in the show notes so you can read more. Number four, Bitcoin is uncensorable. Okay. Uncensorable. So why is that important? Okay. In China, for instance, buying gold in foreign currency is very limited for both consumers and enterprises using the gambling hub hub of Macau to bypass these controls is no longer a viable option either. Cross-border money movements are being monitored closely as well. Um is Bitcoin worth buying, you know. If privacy, censorship, and things like that are of importance to you, then yeah, maybe. Transferring Bitcoin incurs low fees. Number five. Let's go ahead and keep moving through these for the sake of time. Number six, Bitcoin regulation is developing positively. Okay, there was banning. Now it's being accepted. Some countries are actually using it as their uh particular legal and accepting them as legal currencies. Number seven, Bitcoin offers potential profits. All right. Another reason why you should buy number eight, Bitcoin inspires philosophical choices. Yes. Now, for some people, the question of should I buy Bitcoin is less about the price and more about the the ethics, if you will. And the bullet points outlined here are transparency means less government, big brother control and oversight. Decentralization means big banks and governments can't censor or confiscate your money. And immutability means no fudging the books or shady business since transactions can't be changed, and that's due to the way in which the transactions take place within the blockchain, all of which are uh visible but private, if you will. Okay. Um, very briefly, Satoshi Nakamoto himself, the inventor of Bitcoin, created it for a philosophical cause. He signed the genius block, the first block in the Bitcoin blockchain. Inside the data, he put the headline Chancellor on brink of second ban. Out for banks. The headline which Satoshi used referenced an article published on January 3rd, 2009, in the Times about the financial crisis which was gripping the world. All right. Again, I will link to this in the show notes in the podcast for those of you watching now in the live stream. This is not linked to in the description of the video yet, but I will update it after the fact. Number nine reason why you should buy Bitcoin is it is an excellent alternative to gold. And number 10, Bitcoin is a new asset class, great for diversification. Okay. Now finally, to wrap things up, before I get into the simple reason why you should not buy Bitcoin, and we're going to take a look at an article from the Motley Fool. Is cryptocurrency a good investment? And this is going to provide some pros and cons. Let's bypass that. Let's look at three good reasons to buy Bitcoin and two bad ones. Good reasons to buy Bitcoin. Number one, you want to invest money you can afford to lose. Number two, you want to use it to buy things. You actually want to use it as a currency. And number three, you value decentralization of currency. Okay.com, are uh the the poor reasons, bad reasons to buy Bitcoin are you want to get rich. And you think it's a safe store of value. Now I I'm not I'm yeah, I think a lot of people do buy Bitcoin because they want to get rich, and and and and and I think it being a safe store of value is is arguable. I personally do think that it is a safe store of value, um, if one were to purchase it. But the whole topic of today's show, you know, I've spent 20 minutes or so talking about why you should and not reading, sharing from articles about why you should buy Bitcoin, but why you shouldn't buy Bitcoin. All right. Number one. The and and and first and foremost, you should not buy Bitcoin if you're carrying debt, consumer debt outside of your mortgage. Bitcoin is not for you. Period. I firmly believe that if you're carrying debt, the losses that you're incurring on the interest rate alone from your credit cards far outweigh any positive impact that you may get from a high return on Bitcoin. Bitcoin and all cryptocurrency, as far as I'm concerned, in my humble opinion, have far too much volatility in terms of gains while the interest rate on your credit cards has a consistent negative impact on your net worth. So if you're carrying debt and you're investing in Bitcoin, I don't know. I think that's stupid. I think it's stupid because that's what I did. And but again, like I lost all my crypto. You know, I got this new computer, had a bunch of problems with wallets, you can ask some people who I tried to do some transactions with. I spent a lot of time. Uh the, you know, the this whole this whole idea before I before I kind of wrap things up, uh about about being in debt consistently, you know, it it wasn't until I went through financial peace university, and that really allowed me to empower myself to change my life. And um I would encourage you to do the same if you're experiencing some kind of financial hardship and difficulty in life. I went through the course one year, and then I went through the course again the next year, and then the following year, I went through the course a third time. The fourth year, I coordinated a course for the first for the first time, and that brings us up to this year where I've coordinated a couple of courses as well. Um, that helps me stay focused on my own financial health and wellness. And uh I would really encourage you to check it out at Financial, you know, financial. I don't know what the uh website is, but there's no way that you can't find it online through Ramsey Solutions Financial Peace. Go through the baby steps, follow them. Once you get to the point where you're debt-free, once you get to the point where you've built up that emergency fund of three to six months of living expenses, once you've once you get to that point where you're not you're you're you're you're you're not literally living paycheck to paycheck, even though it doesn't appear that way to the Joneses next door. Once you get to that point, then only then should you consider investing in cryptocurrency. And that's all I have to say about that. So if you're in debt, you should not buy Bitcoin. And that's it for today's show, guys. I will link to everything that was discussed in the show, all the articles that I mentioned in the show notes. And real quick before concluding the show in its entirety, I would like to take one final moment. Easy for me to say, one final moment to mention the 20 the uh the goal setting workbook that I'll link to in the show notes. I'm linking to this every show, with the exception of yesterday, the interview with Cody, which I would definitely encourage you to check out. Uh, in the show notes, I will link to the goal setting workbook, which I would encourage you to fill out over the next four days, get it done by Monday, and then on Monday, you can sign up and register for a Zoom call because once you, you know, the Zoom call is all right, we've set our goals for 2023. Now what? And this workbook will help you set goals in financial, physical, and in seven different areas of your life, right? Financial, physical, personal development, family, spiritual, social, and career in order to live a balanced life. I know a few of you guys out there have already downloaded the workbook. I know a few of you guys out there have already signed up for this Zoom call on Monday. And then for those of you who have gone through this and definitely know that you want to participate in the 48 Days Eagles community that I participate in, along with a few other people out there in the audience and in other communities that you are also a part of, then the 48 Days Eagles community is opening up for new members for 48 hours right after that Zoom call on Monday at 3 p.m. So check out the show notes for links to the goal setting guide. We're gonna talk more in depth about the goal setting guide on Friday's episode. So check out the show notes, goal setting guide. Sign up for the Zoom call on Monday and learn more about the 48 Days Eagles community. But whether or not you want to participate in that or not, the goal setting guide is free. Down, whether or not you want to participate in the Zoom call or not, you know, just download the goal setting guide. It's been a tremendous influence in my life, the direction that this show has taken, and the direction that my life has taken. So if you want to learn more about the processes that I use to make some of the changes that I've made, then the goal setting workbook is for you. And that will be linked to in the show notes. So I appreciate you tuning in today. I appreciate you listening out there, and I look forward to connecting with you in the Telegram group at t.me slash allaround growth, where many of us in the audience are most active there in the show notes. There will also be links to all other social media platforms where you can engage if you want. We are growing and gaining new members daily. So check us out on social media if you like what you hear. You know, like it, share it, and uh bring others into the community with you. And uh yeah, in the future, we'll have more live streams, more engagement, more activity, and more fun conversation about things like you know, not necessarily Bitcoin with regard to finance, but all kinds of topics on those seven different aspects of life and more. For example, tomorrow we're gonna talk about a physical topic, and we're gonna talk about you know, my history and understanding of the primal squat, the deep squat, the Asian squat, the Slavic squat, whatever you want to call it, my my fascination with my own inability to effectively perform this movement. So that's what we're gonna talk about live tomorrow. And I'm going to prep that and uh get ready for that to hopefully have a little bit more engagement with everyone tomorrow. So, guys, thank you for tuning in today. I look forward to catching you tomorrow. This is Rob Kaiser, and thank you.
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