the union banking corporation

To the people who've sent me love notes over Bitcoin:

Just kidding — they’re nastygrams. I’m not even going to answer your messages pissing and moaning about how you lost money and you think I’m making fun of you.

First off, I mocked the idea of Bitcoin and its crash. But now, I’ll validate your feels insofar as being mocked. What did you expect with an unregulated, speculative form of currency without any oversight of its market, value, or exchange, or much legal precedent?

One of the messages I received was from a young guy who invested all his savings in Bitcoin because he doesn’t trust banks. Look, I get not trusting banks, but at least you know who’s running the show. If hackers stole your money from a bank, it’s insured by the FDIC. Bitcoin? Nope. It would have been safer in a coffee can in your backyard — or go with a local credit union if you truly hate corporate banks.

Your libertarian dream crashed with Bitcoin, and I bet that hurts. However, you forgot to factor in a few things — if you’re truly governed by rational economic self-interest and complete individual freedom, other people’s rational self-interest will conflict with yours, and not everyone behaves in that manner. Oh, and some humans are altruistic and some are greedy.

You know what? The hackers that jacked your Bitcoin were acting in their own rational self-interest as well — they jacked your money because they could, and figured they could do it without getting caught. Good luck getting it back, and it sucks you lost it. But in a truly free market, isn’t that what happens? You’re free to make good and bad investments and deal with the good and bad consequences.

Now if you’ll excuse me, I need to go raid my change jar of Realcoin for a coffee.

Cheers!