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      "body": "The Nobel prize Laureate Robert Shiller said in an interview “the best example (of a bubble) right now is bitcoin”. He argues in the book Irrational Exuberance: “there’s a fundamental deep angst of our digitization and computers, that people wonder what their place is in this new world…\n\nSomehow Bitcoin fits into that and it gives a sense of empowerment: I understand what’s happening! I can speculate and I can be rich from understanding this! That kind of is a solution to the fundamental angst.”\n\nI agree with the point that Bitcoin created a story that fits our angst. However, I want to make a counter augment: A story maybe the most powerful thing in the world. Value isn’t a physical attribute, it only exists in our collective imagination. Money only has value if people believe in it.\n\nAn analogy is the spread of Christianity in the Roman empire. It started as a slaves’ religion. The preaching of compassion soon rose in popularity within the poorest. No long till the Roman governors have to face the choice: either to accept the region themselves or lose control of the people they govern. Eventually, Christianity became the state religion.\n\nToday the top 1% have more wealth than the bottom 99%. If the majority see the system is unfair and only benefit the rich. They will stop to believe in the system and create a new narrative. The 2008 crisis was indeed the greatest crisis after the great depression, and it is far from over. The interest rate has been near zero for about a decade. It creates the bigger bubble in the stock market and real estate. The great depression only resolved by the WWII. So, what’s at the end of this crisis. Maybe, the end of nation states, and the rise of DAO(Decentralized autonomous Organization)\n\nReference:\nThe interview with Robert Shiller: https://qz.com/1067557/robert-shiller-wrote-the-book-on-bubbles-he-says-the-best-example-right-now-is-bitcoin/",
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      "body": "Will AI take my job? Will Ethereum make me a millionaire? That’s everybody’s question. Here is my answer:\n\n1. Live our passion, take pride in what we do, what we buy, serve others and ourself.\n2. Make money by investing in blockchain.\n\n**Why live our passion?**\nFor the majority of us, what our job will soon be irrelevant to the economy or more precisely irrelative to the productivity. Just like electric revolution rendered horsepower obsolete, AI will eventually render human brain power irrelevant to most of the productivity tasks. We shall make a distinguishment between productivity and the economy. Productivity is the capacity to provide goods and service. The economy is a labor allocation mechanism which tells people how to spend their lives. In addition to the basic human need that can be satisfied by goods and services. We have “love/belong”, “esteem”, “self-actualization” on the higher level of the Maslow’s hierarchy, which can only be initiated and accomplished by ourselves. Thus, human will always be relevant to the economy, by definition. After all, the time in our life is our most scarce resource. We need to spend it on our passion nevertheless.\n\n**How to make money by investing blockchain?**\nOr how not to lose money on “Scamcoins”. Now everyone can launch an ICO (Initial Coin Offering) without an army of lawyers and accountants. There will be a million scamcoins out there. When a project launch all they have is a “white paper”, so how do we know they are legit:\n\na. Founder’s reputation\nJust as investing in real life, we invest on the people in the project. For example, Brendan Eich, the founder of BAT (Basic Attention Token), is the creator of the JavaScript language and co-founded the Mozilla project. The founder’s reputation is the most valuable asset especially at the early stage when everything else is just a piece of paper.\n\nb. Use social proof as a filter\nSometime Invest later isn’t a bad thing, social proof is a great way to filter out a lot of scams. Most people get into Bitcoin not because they have read Satoshi’s white paper, but because world leaders like Bill Gates believe in it. If a coin is not listed on the major exchanges and does not have a good wallet support, maybe is not legit after all. And the most important, the price! The price reflects the best estimation of the possibility of its success through the collective calculation of the whole society, based the efficient market hypothesis.\n\nAfter all, technology is neutral. It’s neither good nor bad. It only empowers us, but how to use this power to improve our life is depend on us. And our reality is the story we tell to ourselves, which is only limited by our imagination.",
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