Nostradamus, I am not... ( *Page in development )
2023 Predictions (Last Updated: 11/22/22)
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Russia will set off a nuclear bomb in early 2023 as a warning to both Ukraine and the west.
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Putin will be assassinated in a coup sometime in 2023 and the world will no longer be at the brink of a nuclear apocalypse.
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The crypto winter will finally end between Q2 and Q3 of 2023 when the US and Europe announces a framework for regulation of stable coins and exchanges.
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The stock markets will hit a multi year low in the first half of 2023, but then recover most of their losses by the end of the year.
Other predictions (Last Updated: 11/15/22)
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Battery technology will keep advancing and we will see cars the first cars in 2025 that will have a driving distance of 1000 miles between charges and be able to recharge between 5 and 10 minutes.
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China will set up a blockade around Taiwan sometime between 2023 and 2025.
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The first humanoid robots will be walking around in malls and department stores by 2026 to provide assistance to shoppers.
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AI singularity will happen between 2035 and 2045 and humanity will be challenged to defend itself.
Why Bitcoin?
I have known about Bitcoin since 2011 and considered purchasing some that year. Alas, I chose to purchase Bitcoin in 2022 along with the ProShares Bitcoin Strategy ETF (BITO). I sold my Bitcoin and ETF position in November of that year as I needed some extra change to purchase a MacDonald's coffee. I still believe in the utility of Blockchains and digital coins, but so many bad actors have gotten into this space that I believe it is no longer an investable asset in the near-term.
As many people have asked me the question, "What is a Bitcoin?", I have chosen to write a quick blurb on the topic along with my predictions about crypto industry and Bitcoins.
What is Bitcoin?
Bitcoin is a digital currency also known as a cryptocurrency. A Bitcoin or fraction of a Bitcoin can be traded for goods or services with vendors that accept Bitcoin as payment. With Bitcoin, holders can buy, sell and exchange goods or services without a central authority or bank as an intermediary.
The cryptocurrency industry has grown at a staggering pace. As of July 2022, there were almost 21,000 different coins in existence. New digital coins (aka altcoins) can be created in a blink of an eye with no controls, no oversight and sold to a gullible public. For instance, altcoins popped up hours after Will Smith slapped Chris Rock at the Oscars that flooded the markets and were pumped and dumped. A few people certainly made money, but suspect that many more lost money.
Despite the proliferation of thousands of cryptocurrencies, Bitcoin and Ethereum dominate the market. Combined, the valuations of these two digital assets command a 58.2% share of the entire market.
Bitcoin is one of the most well-known digital currencies today, with its value rising dramatically since its launch in 2009. Satoshi Nakamoto, the pseudonym of Bitcoin's creator, stated the purpose of Bitcoin is to be an electronic payment system that is based on cryptographic proof, instead of trust. Some holders buy bitcoin as an investment, wanting it to increase in value, while individuals and businesses use or accept payments as currency. PayPal, for example, currently supports Bitcoin transactions, and the countries of El Salvador and Central African Republic (CAR) have accepted Bitcoin as a currency.
By design, bitcoin supply is limited to 21 million coins of which 18.77 million have already been mined (as of July '22). This makes bitcoin scarce and controls the inflation that might occur if there was an unlimited supply of the cryptocurrency. There is also a downside to a limited supply that will likely become apparent, once all the Bitcoins have been mined.
History of bitcoin?
The inventor of Bitcoin remains a bit of a mystery. A paper titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted on Oct. 31, 2008 to a cryptography mailing list with “Satoshi Nakamoto” as the author. However, Nakamoto has never revealed any personal information about himself and his identity has never been confirmed. This has led many to believe the name is a pseudonym for one or more creators.
In 2009, Bitcoin was first used after it was released as open-source software, when Nakamoto mined the starting block of the blockchain. This is referred to as the Genesis Block, and it contained the first 50 Bitcoins ever created. From there on, Bitcoin continued to be mined by other early contributors until 2010. That’s when programmer Laszlo Hanyecz made the first known commercial transaction using the cryptocurrency through the purchase of two Papa John’s pizzas for 10,000 Bitcoins.