Search

Black, Brown, and Bitcoin: What people of color need to know about cryptocurrency investing.


Photo by Prostock-studio / Adobe Stock Hi, my name is Teddy Kareem. I'm like your magic 8 ball for crypto questions. I've been investing in Cryptocurrencies since January of 2017. I've got millions of coins. I've lost money, and made money in the crypto market like many other early investors in the space. My losses can be entirely your gain if you take a few minutes to read this article. Before we get started, I'd like to make two true statements: This is not financial advice (unless you're going to split your earnings with me). I MUST leave so many key details out because this is an article, not a book, and it would produce more questions than answers. Please forgive me if it's not as "techy" as you'd like. I know what you're thinking: "Teddy, what the hell is this magic internet money for nerds and terrorists doing at $50,000? How come the government didn't ban it yet?...and how can I buy some?" I get it. There has been a lot of misinformation about crypto over the last 11 years. Many people speak on this subject, and have done very little research, regurgitate hearsay to sound smart, or flat out lie for whatever reason they have. When I first got into the space, I listened to people who sounded reasonable, because I didn't understand how they were wrong. It cost me money. In an effort to save you the pain of losing your hard earned dollars, let's address some actual facts about Bitcoin: Bitcoin is not the first cryptocurrency, but was created in 2009, by a person/group/organization called "Satoshi Nakamoto". There have been other attempts at making money for the internet. They typically involved a central authority over it. These people who attempted to do this were raided by law enforcement every single time, and around the world. When Satoshi Nakamoto created it, he/she/they/it decided not to reveal their identity, and also created it in a way that it didn't need a governing authority. The network that facilitates the operations of the currency is decentralized(no one controls it) and autonomous(it runs on its own). It will continue to do what it does without anyone's involvement, and in perpetuity(forever). Bitcoin cannot be hacked....well it can, but the technology that needs to exist isn't here yet to hack it, and it would still cost many billions of dollars to do. Even if Bitcoin was hacked, the community can vote to split the blockchain and reset the hack, then create a defense mechanism to prevent it from recurring. It would be a devastating blow to the market, but by no means would destroy it....only a solar flare destroying all electronics in the world, or shutting down the internet globally and permanently could do that. Your banks, and credit bureaus get hacked almost every day, just fyi. No one controls bitcoin. No government, no military, no entity, no corporation, no bank, no individual, no group controls bitcoin. Not even the illuminati, the FBI, the CIA, not China, not North Korea, not Elon Musk, not Diddy or Jay Z, not even Satoshi Nakamoto. Whatever bitcoin you have in your wallet is yours. No one can take it away from you. You have to type in your code and send it to someone. No one even knows that it's yours. You don't need a social security number, or even a name to get a bitcoin wallet. You can just download exodus, or bitpay, or a number of bitcoin wallets to set one up. They're just apps. Your wallet is just a series of letters and numbers that only you have access to. Much like what President Barack Obama said "Bitcoin... is like having a Swiss Bank account in your pocket." You right, brother.


"Ok, so get to the part about black and brown people." Ok, let's take it there. Here's a disclaimer: If you like the status quo of people of color in the world and especially in the US or Europe, then you're not going to like this part. Historically, the people who have printed the money have had the power to oppress. That's almost always been the government, and the governments have used their power to coin money and pen laws to almost always empower white people. Yes, you're right, not ALL white people. Can you let me finish now? I want you to try, to imagine in a wild fantasy, disconnected from reality, using all your creative life force to muster up the mental capacity needed to fathom a time when these governments have printed too much money. I mean so much money that the money they've been printing is now worthless...because if you woke up today, that's the time you're living in. Rich people (who are mostly white). Have taken notice of this. They've been watching this for a while now. They're unsure what to do. Their wealth is in US dollars. They're wondering about their savings, their pensions, their retirement funds, their 401ks and Roth IRAs, living trusts, and all kinds of things that hold money. Now that money is plummeting in value like a meteor crashing down to earth, disintegrating the closer it gets to the bottom. They want to put it in real estate, but that market has to crash soon. They know that stocks are inflated because of all the money printing and stock buybacks. They know that--"OK what that got to with black and brown people bro?!" Bruh, lemme finish. Damn. You're used to a federal, state, and local government making all kinds of wild and egregious violations against you without any punishment. Every now and then someone gets fired for something they should have got jail time for, and every now and then someone gets put in jail... for a little while. Bitcoin can stop that from happening. But like not right away, but at some point. You see, we claim this old saying to police officers who are in the middle of doing us wrong, or politicians who aren't backing up their campaign promises: "We pay your salary."...yeah...kinda. Actually we don't really pay it. Most municipalities aren't collecting enough tax revenue to run government. They rely on federal money to be issued to them to do that. Federally, alot of people don't pay income tax. Much of the income tax that comes in is spent on social security, medicare, income security, medicaid, veteran benefits and services and a measly 3.2% of the mandatory spending is spent on...whatever. Where do they get this money from to give to Local Municipalities? Brrrrrrrrrrrrrrrrrrrrrrrr.... that's how you spell the sound of money printing. Hence, we're in this deficit that never stops growing. Think about it: How can a money printer lend someone money, and then expect them to get money back to them? Where do they get the money from? The money printer?!...yeah read that again. They don't need to do right by you. They don't need you to pay taxes. They get Fed money. They been getting stimis for a cool minute now y'all. They don't need to serve you because they don't need your tax dollars. Imagine if a McDonalds was run the way police departments are run...that could never happen, because the McDonalds wouldn't make any money. Now imagine if McDonalds could just get printed money handed to them. Why would they care about the job they do? Do yourself a favor and look at the yelp rating for your local police department. If it's higher than 3 stars, Congratulations you've got men and women in blue who probably do their job. Or you live in a community that is not black and brown.

Photo by: Kosin / Adobe Stock "I'm bout to stop reading if you don't get to the Bitcoin and colored people part." Ok, chill. Bitcoin makes the money printer worthless. You can't print bitcoin. Yes, there's "Mining"...which is not printing, and no one can control how much they mine or how many bitcoins they can mine from the network. It's already predesignated by the network. There's 21 million Bitcoin that will ever exist. There will be no more made after that. The last Bitcoin will be mined in 2140 according to the network law. Yup, in 100 years. There's 21 million total, 3 million left in the network, 6 million

that is lost forever because nerds and terrorists was playin too much when it was worth nothing($.0008) back in the day. The top 10 wallets has 4 million bitcoin in it, and that leaves 41,999,990 Bitcoin wallets(Accounts on the blockchain) that have to split the remaining 8 million Bitcoin. We're not counting paypal that buys 900 a day, or square that buys 2000 a week.... Yeah, I'm talking about Bitcoins not Dollars. So there's actually wayyyy less than 8 million Bitcoin available. If the world started using Bitcoin for transactions, the dollar would weaken exponentially faster than printing it, but the value of the bitcoin we would be using would grow exponentially faster than its current market growth. 80% of the world currencies are backed by the US dollar. If black and brown folks bought just a little bit of Bitcoin. Like...$10, $50, or $100 a month, we could own large portions of this finite and scarce asset...as a people. If you think that President Joey B can just keep printing money all the time, and it would be all good then ignore everything you read here in this article. I got nothing for you. But if you see the writing on the wall, and can do basic math, or have a rudimentary understanding of economics...then you may want to start investing in the new currency. As the value of it rises, so does the value of our portfolios. If we can hold on long enough(5-10 years), I expect we'll see an extremely high price for Bitcoin and other cryptocurrencies, we'll have the power to reinvest that into our communities or better yet build new ones. Since no one can take your bitcoin from you whether by repossessing it or garnishing it, tax will be highly voluntary. I advise us all to pay our appropriate taxes. However, when there's a voluntary tax system in place, those who get our tax-bitcoin are going to have to listen to us. We will pay their salaries. They can no longer print it. I advise you to do your own research before making any financial decisions. You can hit me up for questions on twitter: @teddykareem I've also got a Crypto Youtube Channel called "Caravan Crypto".



21 views0 comments