All posts by Tom

What makes the “God Letter” important.

Written in 1954, when Einstein was 74, the one-and-a-half page response to German philosopher Eric Gutkind was sold at auction for  … Three Million Dollars!  Give or take.

Is $3 million a big number?

It seems so to me, but then, crazy people …

It certainly drew attention, which is good because of what’s behind it.  A clever, thoughtful mind, in collaboration with others.

My attention was drawn by Albert Einstein writing about god!

Einstein was a scientist.  The scientist.

Talking about religion.  In a deeply spiritual way.

If you are a bit like me: a scientist (small “s”, ie asks questions) who is religious about some things (including “antitheism” for a while), the”God letter” would intrigue you.

It is seen as a key statement in the debate between science and religion.  In the letter, written in his native German, Einstein summarises his views:

“The word God is for me nothing but the expression and product of human weaknesses.”

“The Bible a collection of venerable but still rather primitive legends.”

“No interpretation, no matter how subtle, can [for me] change anything about this.”

The physicist also muses on his own Jewish identity, writing that it is “like all other religions, an incarnation of primitive superstition”.

“The Jewish people to whom I gladly belong, and in whose mentality I feel profoundly anchored, still for me does not have any different kind of dignity from all other peoples.”

Skipping to the end, the newsflash read:

In 2017, a note in which he gave advice on happy living sold for $1.56m in Jerusalem.  A single sentence, it reads:

“A calm and humble life will bring more happiness than the pursuit of success and the constant restlessness that comes with it.”

Fascinated that this “laboratory based” character, this “mad professor” would express such complex spiritual understanding, a quick hop over to Wikipedia was in order to find out more about his perspective, which appears sensible and sound:

Einstein distinguished three human impulses which develop religious belief: fear, social or moral concerns, and a cosmic religious feeling. A primitive understanding of causality causes fear, and the fearful invent supernatural beings analogous to themselves. The desire for love and support create a social and moral need for a supreme being; both these styles have an anthropomorphic concept of God. The third style, which Einstein deemed most mature, originates in a deep sense of awe and mystery. He said, the individual feels “the sublimity and marvelous order which reveal themselves in nature … and he wants to experience the universe as a single significant whole.” Einstein saw science as an antagonist of the first two styles of religious belief, but as a partner in the third.[34] He maintained, “even though the realms of religion and science in themselves are clearly marked off from each other” there are “strong reciprocal relationships and dependencies” as aspirations for truth derive from the religious sphere.

In Einstein’s view, “the doctrine of a personal God interfering with natural events could never be refuted, in the real sense, by science,” for religion can always take refuge in areas that science can not yet explain. It was Einstein’s belief that in the “struggle for the ethical good, teachers of religion must have the stature to give up the doctrine of a personal God, that is, give up that source of fear and hope” and cultivate the “Good, the True, and the Beautiful in humanity itself.”

In 1936 Einstein received a letter from a young girl in the sixth grade. She had asked him, with the encouragement of her teacher, if scientists pray. Einstein replied:

“Scientific research is based on the idea that everything that takes place is determined by laws of nature, and therefore this holds for the actions of people. For this reason, a research scientist will hardly be inclined to believe that events could be influenced by a prayer, i.e. by a wish addressed to a supernatural being. However, it must be admitted that our actual knowledge of these laws is only imperfect and fragmentary, so that, actually, the belief in the existence of basic all-embracing laws in nature also rests on a sort of faith. All the same this faith has been largely justified so far by the success of scientific research. But, on the other hand, everyone who is seriously involved in the pursuit of science becomes convinced that a spirit is manifest in the laws of the universe—a spirit vastly superior to that of man, and one in the face of which we with our modest powers must feel humble. In this way the pursuit of science leads to a religious feeling of a special sort, which is indeed quite different from the religiosity of someone more naive.”

The following was written a few years before the “god letter”.

“The most beautiful emotion we can experience is the mystical. It is the power of all true art and science. He to whom this emotion is a stranger, who can no longer wonder and stand rapt in awe, is as good as dead. To know that what is impenetrable to us really exists, manifesting itself as the highest wisdom and the most radiant beauty, which our dull faculties can comprehend only in their most primitive forms—this knowledge, this feeling, is at the center of true religiousness. In this sense, and in this sense only, I belong to the rank of devoutly religious men.”[33] In December 1952, he commented on what inspires his religiosity, “My feeling is religious insofar as I am imbued with the insufficiency of the human mind to understand more deeply the harmony of the universe which we try to formulate as ‘laws of nature.'”[41] In a letter to Maurice Solovine Einstein spoke about his reasons for using the word “religious” to describe his spiritual feelings, “I can understand your aversion to the use of the term ‘religion’ to describe an emotional and psychological attitude which shows itself most clearly in Spinoza. (But) I have not found a better expression than ‘religious’ for the trust in the rational nature of reality that is, at least to a certain extent, accessible to human reason.”

We people have consumed nature over the past 60 years using his, and others’ insights in to “technology”.  The nuclear age and sixth mass extinction began in 1945.  We have nuclear power and weapons, cars and guns, drugs and drugs, and food and houses and people and fewer other species and climate breakdown …

Sadly we paid less attention to the enlightened perspectives on the meta-physical and on liberating human potential which have been smothered as we clamour for more, … more stuff.

Happy christmas.

Three million dollars …

 

… breathe … think … flow….

Good and Bad People

The truth about “good people” and “bad people”.

From “Guards! Guards!” by the great Sir Terry Pratchett.  (Guards! Guards! is recommended reading for these  fractious political times.)

Setting: As the dust settles the Patrician speaks with the Captain of the Night Watch (a civilian police force, i.e. of the people not of the state, it is not military – soldiers shoot citizens).

‘It may help you make some sense of the world.’

‘Sir.’

‘I believe you find life such a  problem because you think there are the good people and the bad people,’ said the man. ‘You are wrong of course.  There are, always and only, the bad people, but some of them are on opposite sides.’

He waved his thin hand towards the city and walked over to the window.

‘A great rolling sea of evil,’ he said, almost proprietorially.  ‘Shallower in some places, of course, but deeper, oh, so much deeper in others.  But people like you put together little rafts of rules and vaguely good intentions and say, this is the opposite, this will triumph in the end.  Amazing!’  He slapped Vimes good-naturedly on the back.

‘Down there,’ he said, ‘are people who will follow any dragon, worship any god, ignore any iniquity.  All out of a kind of humdrum, everyday badness.  Not the really high, creative loathesomeness of the great sinners, but a sort of mass produced darkness of the soul.  Sin, you might say, without a trace of originality.  They accept the evil not because they say yes, but because the don’t say no’.  I’m sorry if this offends you,’ he added, patting the captain’s shoulder, ‘but you fellows really need us.’

‘Yes, sir?’ said Vimes quietly.

‘Oh, yes.  We’re the only ones who know how to make things work.  You see, the only thing the good people are good at it overthrowing the bad people.  And you’re good at that I’ll grant you.  But the trouble is that it’s the only thing you’re good at.  One day it’s the ringing of the bells and the casting down of the evil tyrant, and the next it’s everyone sitting down complaining that ever since the tyrant was overthrown no-one’s been taking out the trash.  Because bad people know how to plan.  It’s part of the specification, you might say.  Every evil tyrant has a plan to rule the world.  The good people don’t seem to have the knack.’

‘Maybe.  But you’re wrong about the rest!’ said Vimes. ‘It’s just because people are afraid, and alone–‘ He paused.  It sounded pretty hollow, even to him.

He shrugged.  ‘They’re just people,’ he said. ‘They’re just doing what people do.  Sir.’

Lord Vetinari gave him a friendly smile.

‘Of course, of course,’ he said. ‘You believe that , I appreciate.  Otherwise you’d think you’re standing on a feather-thin bridge over the vaults of Hell .  Otherwise existence would be a dark agony and the only hope would be that there is no life after death.   I quite understand.’  …


Genius and beautifully explained.

So, is there a way off the bridge?

Is there a chance for “goodness”?

I believe so.  But it is not some dramatic performance, it is simply about being more universal.  It is about letting go of our animal fear and greed.  It is about embracing existence and allowing ourselves to reconnect with nature.  It is about realising that you are part of the bridge and the abyss and it is only fearful if your ego overpowers you.  If you let go of fear,  the bridge becomes choice and the abyss a pool of love.

It is simple to follow the path presented by the universe once you have let go.  How to let go?  Breathe. Think. Flow.

Live to ride!

Being able to let go and step back allows us to see things that we would otherwise miss.  And if you allow it, the universe drops hints in your way all the time.  Slowly, I’m getting better at letting go and noticing the hints…

So it was an unusual coincidence that I happened to see a FB post by Dana with a couple of snaps of his brother, Chris.  And for some reason I decided to read the words.

Chris had died.

It took a while for me to realise that was what the post was about.  And as surprise turned to sadness I remembered the good times we had had all those years ago as kids.  We lost touch as families do, but luckily I linked up with Dana a few years ago as I started to try to rejuvenate relationships that had faded over the years.

Chris died a few days ago when he crashed through a roundabout on his bike.

It turned out, in another unexpected twist of fate, that he had written a personal post to his friends and family about why he rides, even knowing the danger.

Why?

Because riding is living!

Each of us finds release in different ways – booze, bikes, work, hobbies,  meditation, etc – and hopefully we can limit the risks  while we continue to experience life.  The lesson from Chris is to remember that we all suffer demons and stress and we need space to let them fade.  So let’s all take a breath, give those around us a bit of space and enjoy the ride!

Ride on, Chris!

Chris Marlin in his own words:

Dear loved ones,

I want you to know I’m sorry.

I’m sorry for making you worry every time I climb onto my bike. For you worried this could be my last. I want you to know that if that is the case, I’m sorry I left on such short notice. Please know that was never my intention. You may sometimes ask why I would risk my life “just for a ride”? To some people, no answer will be good enough. Others may say things like, “he is careless, selfish or crazy”! And for the rest of you that are undecided, please take a minute to read on.

‘A ride’ is my freedom away from a world turning evil, nagging, a person that’s on our last nerve. “A ride” could have helped you stay another day. “A ride” could have saved an argument, or kept a someone from saying something he or she regrets! “A ride” could be the only time a mom, dad, wife, husband, grandma, grandpa, girlfriend, boyfriend, sister, brother, aunt, uncle, friend, daughter or brother has during a day to catch his or her breath, to re-energize, to pray for strength to continue on with all the “job titles” a mother or father has in a day!

Last but not least, I love it and everything about it. I love the long roads with the beautiful views! I love the excitement I feel every time I twist the throttle. I love the gas station conversations. I love the out of the blue rides. I love the most the family that’s within the biker community. I just love the ride!

I will finish by saying THANK YOU! Thank you, for supporting me even though you’re not comfortable with it.hank you, for the countless prayers. Thank you for every phone call to make sure the biker down wasn’t me. Thank you for showing your love even when it’s difficult.

 

Justice and Morality vs The Law

A fitting reminder of our past and current failing to live up to the moral code we all profess.  Personally, I know my direct ancestors have been party to self-aggrandising laws and behaviour which was wrong.  As have I …Laurie Embree, having been arrested for protesting the Kinder Morgan pipeline, speaking eloquently to the court on 31 July 2018:

Your Honour, I have lived my 70 years abiding by the law. But, if we look back into our history, there have been many times when our laws have supported injustices.

In the 18th century there were laws that supported child labour to the benefit of the Industrialists of the times.

In the 19th century, laws were created to support the ownership of black people to the benefit of Plantation Owners.

In the 20th century, we made laws that allowed us to take native children away from their parents and to place the rest of the family on reserves, to the benefit of Europeans that wanted their land.

And again, laws that suppressed women’s rights, to the benefit of their husbands.
All of those laws were created through the judicial system- that you are a part of, sir – but they were actually designed by influential people behind the scenes that would profit from them.

As much as we think we have come a long way, the mentality behind the Industrialists, the Plantation owners, the European lust for Indigenous land, and the men that wanted their wives to do their bidding, is still very present in our society.

Our judicial system is still being manipulated by rich and powerful people that have the influence to make our legal system work for them.

I truly believe that when we have laws that support injustices, it is the duty of all good men and women to stand up and challenge those laws.

A prominent and recent case in point would be when Director Chatenay of the Canadian Wheat Board was jailed for protesting the Canada Customs Act and its restrictions on grain exports. In his own defence, Mr. Chatenay stated that, “The greatest respect for the law is to change an unjust one.”

Subsequently, on August 10th of 2012, Mr. Chatenay, and others jailed for that protest, were pardoned by then – Prime Minister Harper who, in doing so said, and I quote,

“These people are not criminals. They are our fellow citizens who protested injustice by submitting themselves peacefully to the consequences of challenging injustice.”

I believe the man I just quoted is the person who appointed you to the position you hold today.  This law sir, that you have created, and that I, and many others are peacefully challenging, is unjust.  It supports an industry that is not just harming children, or black people, or women, or Indigenous peoples. Your law, in fact, is supporting an industry that has been scientifically proven to be harming the whole world and every living thing on it.

Spring Snow, Yoga, Fishing, and more …

birdonhorserock

A little bird said …

The Beast from the East came and stopped spring for a few days.  We treated it as a special occasion.  We had to.  We couldn’t drive out for a couple of days. So we fed and watered the animals, checked on guests in the cottages, thawed the pipes that needed thawing, and took a lot of photos!  You can see a selection of snaps here.  It was also a good excuse to stoke up the fire and enjoy a quiet evening or two at home … 😉

IMG 20180302 114707b DSC 0121b

Yoga, yoga, yoga.  It was never my thing. In fact I’ve always thought it was a bit weird since it didn’t seem to actually be exercise and took a lot of time.  Living with a yoga guru meant that I got a bit of an inside look and started to appreciate its challenges.  I even did a couple of lessons over the past two decades which were both cathartic.  The philosophy of yoga, at least as I’ve picked it up, has always appealed.  At its essence it is about unity and the oneness of existence is an idea that has great appeal and increasing foundation in science.  But I never really tried yoga.  Until last November when Pam launched Yoga for Men as part of Movember.  I let the beard grow a bit and joined the class.  It has been good for me.privateyogahomepamb

  • It reaches parts of your body you didn’t know existed.
  • Pam guides you to stay in touch with your breathing which helps adapt breathing techniques to other spheres of life and is a foundation of meditation.
  • Pam’s technique encourages mindfulness so you practice that at the same time, with its consequent benefits of reconnection and stress relief.

I don’t need to mention relaxation because that’s what everyone loves – shavasanaaaaa!

So I’ll definitely encourage yoga for everyone.  If you’re a guy you might be more comfortable with more men in the class so you might prefer Yoga for Men, but you can go to any yoga class.  BTW, there are women in the Yoga for Men class.

I feel lucky that we’ve got such a dedicated, experienced teacher in our midst.  I would have served myself better by trying it sooner, but better late than never.  Check out the class options here.

The fishing usually opens on 10 March, but it was pretty quiet here.  We haven’t operated the salmon syndicate at Ballin Temple for some years now owing to deteriorating riparian habitat.  The regulations for fishing for salmon are on the Eastern Region Fisheries Board website: http://www.fishingireland.net/ Salmon fishing is restricted in numbers and size, so we won’t encourage it. (Get your salmon fishing license here.) Trout fishing is usually good on our beat and is a pleasant way to spend a summer’s evening.  Please get in touch if you would like to fish here.

St Patrick’s day was special this year.  Ireland beat England to win the Six Nations Championship.  You can imagine how quiet it was in the afternoon.  The St Pat’s parade at 2pm in Tullow was only 20 minutes long – it used to be a couple of hours.  Then after that few people could be seen in the streets, unless you went in to the pub.  Here’s the crowd at the Tara Arms:

IMG 20180317 160343b IMG 20180317 160353b

S3200004b

And the snow began to sprinkle down, so that the following day there was a gentle white blanket covering the countryside.  We ventured in to the woods and explored parts I’ve not walked in years.  It was magical.  We quietly found our way to the “pulpit” and “altar” overlooking the river. (You may wonder how this sanctuary got its name.)  Many trees were down, which is sad, though more will grow.  There is plenty of work to be done removing them and if you would like timber for the fire, please drop a line.  And if you would like to reconnect with nature and enjoy the ancient woodlands, please join the club, drop me a line and ask for a tour …

The weather even brought down timber in the garden.  A huge cedar dropped another branch under the weight of snow and wind over the St Pat’s weekend.  We started to clear it and then decided to trim the whole tree severely.  We did that on Saturday after I guest hosted a slow chat on Nature vs Artificial Intelligence which reinforced the benefits of exposing yourself to nature. (Storify archive here.)  There’s a brief article about that little logging experience here:Nature’s the Teacher, including a video some of the cutting.  (BTW, please be cautious about climbing trees and using tools, especially a saw.)

The cold weather in March slowed things down. I’ve only planted a few garlic and germinated tomatoes.  Hopefully I’ll catch up this week and put in the potatoes, onions and broad beans… So much to do, so little time … 🙂

Looking forward we’ll probably have a walk on Easter Monday so watch out for that.  And if you want to escape the city for a while, check out our cosy cottages for a holiday – clean air and water, plus nature, included free!

Equinox has passed, the days are longer, enjoy!

Tom and Pam

Nature is the Teacher

After the opening hour of #edchatMENA “Nature vs Artificial Intelligence” on Saturday 24 March 2018 I went outside to my other “office”.

A large branch from a cedar tree had fallen during recent snow and wind.  We had cleared much of it in the past few days, but, because it was now looking a bit lopsided, we’d decided to trim the other branches.

Without realising it you think, and learn, a lot when playing with nature.  There’s the physical aspect of simply walking over fallen branches, or climbing up to get at the branches that you want to cut or carrying the saw.  Then there’s the care that you want to take to avoid getting hurt.  This is learning where failure can be terminal.  I’ve had a couple of close shaves, and have the scars to remind me, so I’m not as audacious as I used to be.

It would be wonderful if you could also hear the birds and smell the wood.  Fresh cedar has a powerful aroma.  Its sap is sticky and stays on you.  When you’re up close and personal with the tree you also notice the differences with the other fir trees nearby.  With a guide book in hand you can accelerate your understanding of the trees and their different habitat.

Here’s how it looked a couple of years ago after one of several main trunks had fallen backwards leaving a bit of a gap …  You can see a “monkey” in the fir tree to the left, which helps indicate scale.  The tree is about 30m high.

Continue reading Nature is the Teacher

Facebook, Google, Microsoft, Psychometrics and You

It has been reassuring to see the news headlines about investigations in to the illegal use of personal data by leading people and organisations.

However, it is unlikely that this kind of behaviour will stop.  Curtailing the activities of a company or two will simply result in others adopting the same unethical behaviour, but hiding it better or skirting the law better.  Our systems show that when we are caught, we improve our deception so that we don’t get caught again.  Or we pay off the authorities.  This is clearly evidenced by the lack of reform in the banking sector in the past decade.

Sharing users’ data might not even be considered illegal – it’s quite clear that it’s been going on for years.  (Have a look at the extract below from How to Get Rich and Famous which discusses the original algorithms developed by Kosinski.)  The concern being highlighted is that the CEO of Cambridge Analytica was caught on camera offering to bribe and blackmail.  The abuse of private data is becoming acceptable as we all turn a blind eye to the gratuitous relationships we have with social media platforms and search engines.

Instead, we must each care enough to change our own behaviour.

So here is some advice from the BBC on protecting yourself, if you can’t bear to leave Facebook, Google, Microsoft et al: Continue reading Facebook, Google, Microsoft, Psychometrics and You

How to Invest in Stocks

The Efficient Frontier
Optimal returns, for a given risk level, are on the efficient frontier – a statistical fact demonstrable by financial engineers. A market portfolio, or the index, is on this frontier,

It has long been known by investment analysts that optimising risk and return (which is their job) is achieved by tracking the market.  Experienced managers, analysts and data all consistently say that, if you want to invest in the stock market buy the index.  And hold it.

Young bucks, and old, would like to beat the market.  Some might do so for a limited time period.  But no one has consistently done so.  Why?  Because to beat the market you have to consistently do better than everyone else.  That is cocky and statistically very unlikely.

The opportunity to make better bets than everyone else has declined in recent years as computerised portfolio management and trading has grown and index investing has become the principal approach of behemoths which control sizeable fraction of global share trading, like BlackRock.

In addition, some data suggests that taking higher risks can in fact lower your expected return, as appeared to happen in the 2000s.  We are now 9 years into a bull market with little regulatory reform, growing political uncertainty and upward pressure on interest rates (which might attract capital from equities to debt).

Absoulte Portfolios Over Time
The return to risk shrunk as the financial bubble of the early 2000s grew.

The people who beat the market are the ones who take fees (from you) for handling money, or have inside information.

There are reasons to choose a narrower portfolio of listed equities. You might want to restrict your investment to a country, region or industry, or avoid places or sectors.  But to try to pick stocks requires a consistent focus and adaptability.  If you are going to do it yourself, fine.  But if you are paying someone else, they generally have an incentive to take risks with your money that they mightn’t with their own.  And of course their fees eat in to your capital.

So, simply, if you wish to diversify your savings beyond property (your home usually) or debt (bank deposits etc) by putting some in the stock market be careful not to be blinded by the attraction of “expected return” ignoring the danger of risk, and the cost of fees.  So buy a low load (i.e. low fees), index (i.e. market tracking) fund.

(If you wish to use your capital to make a difference you might consider directly investing in small businesses.  This has become more accessible with crowd funding opportunities.  Or you might invest directly in a local business or a sector for which you have a passion, for example Green, Ethical, Socially Responsible businesses.  But all of these options demand more care (“due diligence”) and should be approached with awareness that you can loose all of your investment, and sometimes more if you sign up for that. )

And remember, most people make money by working, not gambling.  Gambling is more likely to break your fortune than make it.

The following article by The Economist (11 June 2016) offers further insight. Continue reading How to Invest in Stocks

Bounce, Wobble, Smile – Ballin Temple notes at solstice

Bounce, wobble, spin – the solstice is here. And so the cycle continues.

Today is the day we’ve been looking forward to for a couple of months now. In the northern hemisphere, it’s the shortest day of the year and within a few days we’ll begin to notice the days lengthening again. Solstice is the root of the various festivities that occur at this time, like Christmas and Hanukkah, and increasingly it is celebrated for its own sake as more people reconnect with the natural cycles of our planet. That’s a good thing and it offers a contrast to the frighteningly consumerist nature of this time of year. Adverts on TV, emails asking for donations or promoting consumption and an extraordinary pile of “items” in the supermarket which will join the landfill before long are ironically in direct contrast to the spirit of the Christian Christmas. We are lucky to escape some of that commercialism as we live in a remote place.

The good side of this season is that family and friends gather, which we should do more regularly during the rest of the year. This gathering and goodwill is a wonderful opportunity to do things other than the daily grind, reflect on one’s situation and the coming year and liberate the better qualities of humanity. We are playing that game today as we tidy up and prepare for the arrival of family and friends over the coming week.

This is the time of year for reflection. It’s natural to do so since the earth is cool and quiet, birdsong is muted and the slowdown in natural cycles offers the opportunity to prepare for the coming spring. In many ways the past year has been “sad” to use a comical expression popularised by the Tweeter in Chief as nature has been further brutalised, environmental protection has been deprioritised and our economic and political systems have continued to widen inequality among people and between humanity and the rest of nature.

There might be a positive side to the regression that has been seen in the headlines: People are a beginning to notice and even change a little. Simple things like avoiding over packaged and out of season food, a bit more exercise and mindfulness (Pam really is a good yoga teacher who will help you feel parts of your body that you didn’t know existed, as I find out more and more!), and becoming more aware that a top down control model of society is not what we want, even if we are higher up the ladder than others. We are finding out that democracy without thought cultivates demagogues (as Socrates warned) and capitalism’s dark side is becoming ever more present as organisations amass control over public resources and our personal choices, even in rich countries – who would have though that the standard of living for those with less opportunity (say the lower 25% income bracket) has declined in the past decades!? So perhaps in the coming year more people will look up and ask “what is it really all for?” “how can I be more human?” “what can I do to make a difference?”

Our connection to nature is smothered by the technologically advanced virtual world we have chosen, from climate controlled buildings, to cars, planes and trains to whisk us hither and thither, to mod cons, to packaged food, to computers and mobile phones which allow us to communicate without facing another person. It seems normal, but it’s not natural – we’ve adapted well. But to live, rather than merely exist, our spirits need succour and that means connecting to real people and touching real nature. Enjoy that while we can.

So, if you want to touch nature, join us next week when we’ll host our Walk in the Woods here. We enjoy the gathering of people who we otherwise might not meet and many of whom we see too infrequently. The atmosphere in the woods and along the river seems to lift everyone’s spirits. Children enjoy clambering over logs and squishing through mud. Tea afterwards is accompanied by chat and laughter as friends catch up. We love it.

And if you like our eclectic perspective please stay in touch, join a yoga class, come for a holiday in nature, or read about how new perspectives can liberate your spirit.

Bounce, wobble, smile.

Pam and Tom

Bitcoin: the World’s first decentralised Ponzi scheme by David Webb

This article by David Webb is insightful and brief.  You may have no interest in Bitcoin, however, his observations are relevant to banking and the financial system.  For me, one conclusion is that it is immoral to support (buy) bitcoin, on the level of gambling, and, if you understand it as a pyramid scheme, morally worse than gambling because the scheme is destabilising and fraudulent (in that people don’t know what they are getting in to).

The original is here: Bitcoin: the World’s first decentralised Ponzi scheme  You may sign up for Webb’s free newsletter, which is particularly relevant for Hong Kong financial markets.

Summary: So long as we have governments with the power to tax and spend in their own currencies, digital pseudo-currencies will never gain traction. Bitcoin and its imitators are a zero-sum game in which the sum of all fiat currency paid for it is the sum of all fiat currency received for it, excluding mining costs. The earlier participants are now cashing out the billions that newcomers are putting into this distributed Ponzi scheme. Play it for entertainment value if you want, but remember that you are purely betting on the greater stupidity of others.

Continue reading Bitcoin: the World’s first decentralised Ponzi scheme by David Webb