The problem with hating the future

I barely read the Financial Times anymore. During the financial crisis, I would read it with wide eyed astonishment as all the institutions and executives that were idolized by the Financial Times before 2008 either perished or only (just) survived due to taxpayer funds that are collected to pay for schools, hospitals and other public services.

This was followed by years of “intellectual” arguments why quantitative easing really was different to money printing, how governments could issue unlimited debt and avoid turning into Greece and perhaps most hilariously that we’ll be able to go back to normal by painlessly unwinding a decade of ultra loose monetary policy. (The current delusion journalists are forcing down readers’ throats is that rising inflation is entirely due to Brexit voters and nothing to do with a decade of near-zero interest rates.)

I suspect if it was up to Financial Times journalists, they’d continue in this vein until the next reckoning event which they’ll neither predict or prepare you for. But unfortunately, new technologies get invented and start generating interest and excitement. It is difficult to not cover something that generates $70 billion of value from nothing which is what Bitcoin has achieved. However, you can still write shoddy arguments against it, with no understanding of the underlying technology, complaining about investment bank forecasts of all things (which the Financial Times has excitedly reported on for years).

The world is changing. Partly due to the expiration of the old system (for the millionth time, quantitative easing and semi-permanent near zero interest rates are not indicators of a healthy system) and partly due to technology providing the tools to build a replacement system.

The Financial Times, London and the UK are getting left behind (not for the first time) as they rage against the future. They don’t understand technology, they don’t like it and they would rather keep their readers and their citizens trapped in the old, crumbling system than educate them about the new.

This will ensure they play no part in building the new system and will be totally ill-prepared for navigating the new system leaving them open to all kinds of scams. They will hold no cryptocurrencies and therefore have no exposure to the potentially unlimited upside. (Note that these are high risk assets and you should not hold more than you can afford to lose. Picking future winners is notoriously difficult and there is no historical precedent. Currently, Bitcoin is in pole position but this could easily change.)

If on the other hand you want to learn about how Bitcoin works and make up your own mind, there are plenty of free to view videos on YouTube. Avoid the uninformed and the scammers (there are many unfortunately) and try to focus your time listening to the prolific, long-time educators such as Andreas Antonopoulos.

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