Part 1 of the Mom and Dad Normal Bitcoin series
Abe Normal, the 26-year old son of George and Linda Normal, lives in their basement. He pays them rent for his quarters, a low rent, because he is paying off his student loans. Since Mom and Dad are co-signers on those loans, they want to help. Abe is not at all worried about inflation, because when you’re in debt, inflation is a good thing. It allows you to pay back your debt in inflated money. But the problem is, while inflation is impacting food, healthcare, gas, and every other thing the Normals buy, it is not impacting Abe’s wages at the BoxMart where he works. So Abe has decided to consider starting his own business. Of course, Abe has no money to start a business, so he is researching his options.
Today, Abe is examining the possibility of mining for Bitcoins.
Dad, always interested in his son’s activities, looks over Abe’s shoulder, as he makes his plans. “What’s this Bitcoin thing?” Dad asks.
“Bitcoin is a cryptocurrency, Dad,” Abe says. “You mine it, just like gold.”
Dad Normal, who has worked for the same company all his life, secretly envies his son’s freedom. After all, Abe goes to work every day at a menial job, where his mind is best kept empty at work. He comes home to a luxury basement apartment, where his mom still cooks his dinners and his bills fit his paycheck. Abe could quit his job and take a year backpacking in Europe. Then Dad would be left with the student loan he co-signed. Abe has nothing, so he has nothing to lose.
“I don’t understand,” said Dad.
“Okay,” Abe said. “You know that money is imaginary, right? It’s a certificate on paper that says you are entitled to a certain measure of buying power. Governments issue money. But who says only governments can do it?”
Just then Abe’s schoolteacher sister, Sue B. Normal, arrived at Abe’s basement apartment with some groceries for Mom and Dad. “I believe,” Sue said, “that governments say only governments can issue money. It’s a law.” Sue nodded to Abe so he would help her carry the groceries upstairs to Mom’s kitchen.
When they got upstairs, Mom opened her wallet to pay Sue for the groceries. “My goodness, Sue. This same bag of groceries would have cost $5 a few years ago. Now groceries cost $25 a bag!”
“That’s inflation for ya,” said Dad. “Everything’s going up and up and up. Except my social security check. Can you believe the government says the cost of living is only up 1.5%?” Dad had lost interest in the bitcoin topic, so Abe left the three of them and went back to his computer in the basement.
He put a flashlight band around his head, and began to mine.
It was like a nerd gold rush. His adrenaline started running as he learned more and more about how to do it. “Well,” Abe muttered to himself, under his breath. “I may not get rich mining for bitcoin, but if I can just make enough money to pay for my Affordable Healthcare, it’s more than I can get working at BoxMart.”
Next: How Mining for Bitcoin Works for the New Generation
- In One Slide, Here’s Why Bitcoin Bulls Think It Could Go To $37,815 (businessinsider.com)
- Chip designers see dollar signs in Bitcoin miners (news.yahoo.com)
- If You Believe In Bitcoin, You Should Never Buy Anything In Bitcoin (embargozone.com)