There are many uses for ethereum smart contracts as it provides services that the traditional banking sector does not provide. The banking sector can adapt to create their own smart contract service, but this does not necessarily mean that crypto networks like ethereum or cardano will be affected.
With the rapid rise in value of the crypto market to more US$500 billion as of December 2017, many are calling cryptocurrencies a bubble simply by looking at the chart that shows prices rising substantially. However, it is important to understand that a bubble cannot be determined with reference to a steep rise in price. Rather, there is a bubble if the price is greater than the intrinsic value of the asset, and cryptos, I will argue, do have very high potential intrinsic value.
Bitcoin and cryptocurrency and blockchain in general present a once-in-a-lifetime opportunity to experience explosive wealth generation within an asset class that is set to not only disrupt the banking but also the legal sector.
Although investing in established asset classes are safer (e.g. stocks, bonds, and property) safer assets also have less potential for growth. It is unlikely you will make significant money in safe investments. Great wealth made quickly is normally achieved by ramping up risk significantly, e.g. through leverage or by shifting funds into risky areas, e.g. emerging and frontier countries as well as emerging and frontier technologies.
Blockchain is a frontier technology, a nascent market unburdened by excessive regulation or rent-seeking monopolistic entities. It will not be like this forever. We have already seen web, social media, and smartphone technologies becoming dominated by large companies that have laid in place the infrastructure upon which commerce in these areas operate, e.g. Google in web; Facebook in social media; and Google, Samsung, and Apple in smartphones. These three tech sectors of web, social media, and smartphones make up the bulk of the Nasdaq 100, an index that is now quite saturated.
Humanity is fundamentally and inherently evil, and being happy about humanity depends on delusion and ignorance. The only way to sustain lasting happiness is to turn a blind eye towards human atrocity. If you know the truth, you cannot unknow the truth. You are destined to being exposed to reality, which can disappoint you and lead to permanent depression. The solution is to shield yourself from humanity and live off dividends. Gradually transition away from forced interactions with people e.g. through work and family and move towards a more flexible lifestyle that allows you to move in and out of relationships and friendships with ease. There is nothing wrong with moving closer to feel warmth, but you must have the freedom to step back lest you burn yourself trying to achieve warmth.
I am certainly not a Trump fan. I actually find the man quite disgusting, and I watched in horror as he was elected President of the USA. That being said, the stock market boom following his election has increased my net worth considerably, and I expect more gains in 2017. However, there are significant risks involved in investing in American equities at this time, so while you should be exposed to the market to capture all the gains from this bull market, you must be prepared to exit the market quickly once it is clear the boom is over.
Other topics discussed in this podcast include Wall Street’s complete takeover of the White House as well as reasons why residential real estate is a bad investment.
Never put your happiness into the hands of others. Never be dependent on anyone because dependence is slavery.
The quality of your relationships with others (e.g. business, family, or intimate relationships) depends on:
(1) your ability to exit the relationship (dependence is slavery),
(2) your ability to voice your preferences in the relationship (assertiveness), and
(3) your ability to be loyal should the relationship be mutually beneficial.