Why investing in Bitcoin is meaningless for me 😏

2017’s second half has been all about bitcoin/cryptocurrencies. You could have easily noticed your relative, close friend, colleague or any random person on the internet go crazy about bitcoin/cryptocurrencies in the last couple of months.

Bitcoin's graph in 2017's 2nd half -themadscientistlab(dot)com-bitcoin-meaningless-sankalp-sinha
Bitcoin’s graph in 2017’s 2nd half

Among all, the most typical comments from people who are into buying/selling bitcoin/cryptocurrencies were like: “Bitcoin is going up!”, “You know bitcoin just hit $xxxxx!”, “Bitcoin is the next big thing! I bet my life!”, “If you’d have bought bitcoins 3 months ago, you’d have tripled your money by now.”. Yes, I hear and see all that happening. But I also see your desperation to make quick money and get rich the easy way. It’s a fucking propaganda!

Let me give you the truth on point-blank – Most people I know who invested in bitcoin/cryptocurrencies don’t care about the implications (+positive or -negative) blockchain or cryptocurrencies will bring. All they care about is how much money they can make in the shortest way/time possible. Plus you’ll notice people who have invested in bitcoin/cryptocurrencies will constantly encourage or shame people into buying cryptocurrencies they have bought, because:

  1. That’s how they justify their biased and idiotic decision in investing in bitcoin/cryptocurrencies
  2. That’s how they increase the value of bitcoin/cryptocurrencies. The more people put faith and invest in something, the more it’s worth goes up. It’s also about comforting themselves when the bubble burst and it’s not just them who took a hit or went bankrupt, it’s their friends and family as well. That’s psychologically comforting.

There’s nothing wrong in that, but in the short run, with induced FOMO (Fear of missing out), FUD (Fear, uncertainty, and doubt) and Peer pressure, it harms two entities:

  1. The majority who invested in bitcoin/cryptocurrencies for the sake of making money is affecting the real impact cryptocurrencies can bring ASAP i.e. helping individual/merchants/businesses adopt bitcoin once it settles down with its volatility and brings multiple benefits to transactions globally. For more clarity on the benefits of bitcoin/cryptocurrencies, watch this video.
  2. That majority itself ends up spending a lot of time and energy making a short-term quick buck in peer pressure while losing sight of what’s really important to them in the moment. (Ex. my friend keeps on checking his phone multiple times while conversing with colleagues, playing TT or Fifa, and while eating too)
Slap everyone who's asking you to buy bitcoins -blog-themadscientistlab(dot)com-bitcoin-meaningless-sankalp-sinha
Slap everyone who’s asking you to buy bitcoins

With that in mind, let me tell you why I haven’t invested in bitcoin/cryptocurrencies and neither planning to invest in near future. Here’s why:

  1. I don’t want to involve myself in the hassle/stress of when bitcoin/cryptocurrencies are going up or down. I want to live in the moment. When you invest in things that are volatile and is changing every second, it requires your attention to the full extent. It’s not bitcoin’s/cryptocurrencies’ fault. It’s just how it is and it needs your attention. So for me, living in the moment has greater value than giving my 24×7 attention to making few quick bucks.
  2. I don’t care how much money it’ll multiply me. I don’t get swayed away by FOMO/FUD/Peer pressure. I make enough to live happily every month, buy things I want (sometimes by waiting few months to save – that’s also fun + you value the things you buy with your saved money), travel 1-2 international countries every year. The logic here is that if I keep on running or say yes to every money-making opportunity world presents me with, my purpose is lost. There’s no value to uphold. There’s no focus.
  3. The repercussions of developing the habit/taste of making quick money are very dangerous. Investment in the real world doesn’t work that way. You don’t multiply your money 100%, 200% or more in just 3 months. Usually, the return on investment rates is ~4% to ~25% throughout the investment industry.
  4. I am a creative person. I want my time and energy to go into the creative work I am doing, towards my personal and professional goals, towards my fitness, towards making new memories with friends or loved ones, or maybe towards nurturing myself. There are tons of things I have in mind that’ll make me happier if I do/achieve them compared to multiplying my money 1x-5x in the short-term.

But you might say that “oh, but you are earning decent money and maybe that’s why you don’t care”.

buying-bitcoin-bullshit-blog-themadscientistlab(dot)com-bitcoin-meaningless-sankalp-sinha
Bullshit people give for buying bitcoins are endless

Here’s why it’s bullshit: How many people you know who are/were broke but started investing in bitcoin/cryptocurrencies? I know none. I have not seen a poor guy or someone who’s broke has started investing in bitcoin/cryptocurrencies. Everyone who has invested moderately/heavily in Bitcoin/cryptocurrencies is earning or has earned a decent amount of money. Plus if you’re poor/broke and you’ve put money in bitcoin/cryptocurrencies, you’re not investing, you’re gambling. Yes, you read that right! Investing in something without knowing what it does or really means, equals to gambling.

So think twice before investing in things that promise you quick/more return in the shortest time possible. DON’T fall into propaganda.

buying-bitcoin-is-propoganda-blog-themadscientistlab(dot)com-bitcoin-meaningless-sankalp-sinha
Don’t listen to people and follow the propaganda. Choose wisely!

P.S.: This post is not about robbing you of your opportunity of investing in bitcoin/cryptocurrencies or into anything else. Just by writing this post, I, for myself, am making sure that wherever my time and energy goes, it’s giving me the most value in return in terms of feeling joy, feeling content and feeling worthy (mostly the qualitative metric rather than quantitive). And I get that one cannot apply the same filter to everything that’s happening in life, but bitcoin/cryptocurrencies just don’t cut it to my to-do list when it comes to feeling accomplished for reasons I mentioned above. And I hope that this post will help someone gain that same perspective and choose better for themselves instead of investing in bitcoin/cryptocurrencies or any other quick-money-making investment opportunity in future.

Happy Christmas and choose wisely! 🙂

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Books to read this year – 2015

Here’s the list of books I will be reading this year [If you’re curious, here’s the full list of my goals this year – Link].

The list has been compiled mostly from a self-help perspective rather than just reading-for-fun perspective. I have also added the purchase links of the books in case you want to read them as well. I might also put my thoughts on these books in separate blog posts once I am done reading them. 🙂

  1. The Lean Startup: How Constant Innovation Creates Radically Successful Businesses – by Eric Ries – Link
  2. Getting Things Done: The Art of Stress-Free Productivity – by David Allen – Link
  3. One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work – by Stephen Key – Link
  4. The $100 Startup: Fire your Boss, Do what you Love and Work Better to Live More – by Chris Guillebeau – Link
  5. Steve Jobs – by Walter Isaacson – Link
  6. Delivering Happiness – by Tony Hsieh – Link
  7. Losing My Virginity – by Richard Branson – Link
  8. Daily Rituals: How Artists Work – by Mason Currey – Link
  9. Secrets of Power Negotiating – by Roger Dawson – Link
  10. The Wide Lens: A New Strategy for Innovation – by Ron Adner – Link
  11. Permission Marketing: The Marketing Classic for the Internet Age – by Seth Godin – Link
  12. Gut Feelings: The Intelligence of the Unconscious – by Gerd Gigerenzer – Link

Hope I finish what I started. Fingers crossed 😉

Happy reading!

 

Why we need to spend less on quantity and more on quality – Buy less to buy the best

3_March_2013_buyless

Everyone is a buyer. We consume many things as a buyer on a daily basis. But, WHY DO WE BUY? This question led me to surf the internet for about an hour and this is what I got: “to purchase something” Now that “SOMETHING” is something which I wondered upon. What does it mean “to purchase SOMETHING?” Is it like buying anything from a size of a planet to the size of a Nano- particle? Well, I am not sure! But I am pretty much sure that this “SOMETHING” comprise of two buying elements i.e. need and desire. We buy things either from our need or desire. And, unfortunately, most of the time we buy out of our desire.

So, what’s the basic difference between need and desire? As Wikipedia (and many other online reference website) says: A need is something that is necessary for organisms to live a healthy life and Desire is a sense of longing for an object, a person or hoping for an outcome. So which is more important? To buy something or to buy what is needed.Since the evolution of human race, buying and selling were the important elements of livelihood. But, in the early ages they bought and sold things which were most crucial to their evolution for example wood for fire or to build houses, sheep for wool or animals for food. Now when the evolution phase has come to an end and developing phase has started, we have forgotten what is more important to us. We have forgotten what our need is. Now-a-days, almost everyone first buy to fulfill their desire and then to fulfill their need. Just because we wish for a bike, we buy it with our first salary rather than saving it for long run or in case of emergency. Buying is more like an addiction which starts and grows from the day 1 when we start buying the things we desire. If not controlled, it results in Continues-buying. As for example, in India, we follow this stupid tradition to buy new clothes every Durga puja or Diwali or at any other festival, regardless our needs. Another example is that we buy smartphones rejecting phones with simple call and text feature just because it is a style statement now-a-days. People argue on the multitasking abilities that smartphones has got, but according to a survey, most people use their smartphones to entertain themselves which is unfortunately not a need (always), it is a desire.

Since the evolution of human race, buying and selling were the important elements of livelihood. But, in the early ages they bought and sold things which were most crucial to their evolution for example wood for fire or to build houses, sheep for wool or animals for food. Now when the evolution phase has come to an end and developing phase has started, we have forgotten what is more important to us. We have forgotten what our need is. Now-a-days, almost everyone first buy to fulfill their desire and then to fulfill their need. Just because we wish for a bike, we buy it with our first salary rather than saving it for long run or in case of emergency. Buying is more like an addiction which starts and grows from the day 1 when we start buying the things we desire. If not controlled, it results in Continues-buying. As for example, in India, we follow this stupid tradition to buy new clothes every Durga puja or Diwali or at any other festival, regardless our needs. Another example is that we buy smartphones rejecting phones with simple call and text feature just because it is a style statement now-a-days. People argue on the multitasking abilities that smartphones has got, but according to a survey, most people use their smartphones to entertain themselves which is unfortunately not a need (always), it is a desire.

This Continues-buying leads us to:  a cluttered life where we have too much to de-clutter and we finally give up, a life with no peace of mind, a life where we have no choice left other than buying cheap and bad designed products/services which requires consistent maintenance, a life in which we spend all our money but doesn’t feel like an investment, a life where we don’t enjoy a single day of our life and we continue to work hard to balance this system.

So what’s the way out? It is simple, yet not common. We need to buy less. We need to buy things we ‘NEED’. We have to prioritize our needs and then buy the best in order to use it on a long term basis. Doing a monthly audit in this regard can help. We have to avoid unnecessary shopping trips. On top of all, we have to understand this elementary question of life i.e. why we all are here and what we actually “need” to walk happily throughout the journey of life. Once we ask ourselves this question, the rest is assured we will get our answers.

The results of buying less are always positive and amazing. We need and deserve that better life but either we don’t know or we don’t want to. If we buy less, our life will be more controlled and full of happiness. Buying less will buy us the best product, best services, best time, best moments and the best life. That is what BUY LESS TO BUY THE BEST means.

Buy less to buy the best!