“Jack and the Beanstalk” is Really a Bitcoin Story
I was writing a letter to a good friend of mine the other day. In that letter I likened the growth of Bitcoin to the magic beanstalk from the English fairy-tale “Jack and the Beanstalk”. I threw that metaphor in passing. But after I had sent the letter, I couldn’t stop thinking about that comparison. It just fit so perfectly!
Jack (an early Bitcoin adopter and cryptocurrency enthusiast) buys (invests in or mines) five magic beans (bitcoins). His mother is angry (critics and sceptics) with him, calling him “a fool, a dolt, an idiot”. But just overnight (ahem, in short seven years), the beans sprout and the beanstalk reaches the sky (USD $1,000 price mark).
Jack climbs the beanstalk all the way up to the sky and there he encounters a giant ogre (governments, central banks, large financial institutions). The ogre naturally desires to kill and eat Jack, but he is dumb, so Jack easily outsmarts him (right?!) and escapes with the ogre’s bag of gold, the hen that lays golden eggs (again, Bitcoin?), and a magic harp (the Blockhain?).
Jack marries a princess and lives with her happily ever after. Even Jack’s mother (former sceptics) is convinced and benefits from the riches that the magic beans brought them.
What do you think? Are there other fairy-tales that make you think of Bitcoin?
Oh, and by that way: that friend – she has now acquired her first bitcoins. So, just like in the story of ‘Jack and the Beanstalk’, this post has a happy ending. :)
@oleg326756 very cool metaphor!
Now you've rewritten Jack and the Bitcoins :)
how about Jack and the Steem :p
Steem is definitely the next success-story that will become a classic fairytale of the Digital Age! ;) It’s something that our grandchildren’s grandchildren will be telling their children as a bed-time story:
@oleg326756 hahahah nice one
Lovely @englishtchrivy....good idea.
:)) nice
Thank you for your comment, @silvia! You have a cool blog, I’ll be following you from now on! :)
thanks for your good intentions
Sweet comparison. I just need to find a goose that gives me one bitcoin a day and I am set!
Such goose exists. It’s called ‘bitcoin miner’. ;)
Mine only gives about 0.0035 BTC per day, but – hey, it’s a start! :D
Not bad to get one every 286 days when your electric is included!
@oleg326756
excatly! Steem is one of my geese, too :)
True!
Probably be better off just buying BTC and holding for a return to be honest.
Miners aren't meant to make miners money.. But the guys selling the shovels.
I know this because I was actually around BTC when you could still mine it on a PC... Then I moved to ASIC miners before realizing it was no longer a game for hobbyists. :/
Yes, I will probably not make any profits from my home mining operation. Or, if I do, it will be a very small one, less than 1 BTC. So you are right: for me, at least, buying BTC on exchange and holding is a much more solid strategy. Mining is just an experiment and a fun way to learn more about how Bitcoin works. However, if I manage to sell my miner after it has earned a share of the price I paid for it, I might end up with a small profit.
Please check my latest weekly update for more details on my mining operation: https://steemit.com/mining/@oleg326756/mining-bitcoin-at-home-week-10-update
Atleast you're aware of this. Keep us updated on the mining!
I know I only ROI'd after selling my Antminer S1's for a bit more than they were actually worth.
yes!
Ahaha! Awesome post :))
Спасибо! :)
Thank you for posting @oleg326756. Lovely analogy. Especially the part regarding the early adopters. Appreciate the fairy-tale illustrations. Very nice.
Apologies for the lateness will catch another one later.
Thank you for taking time to leave this comment, @bleujay! I really appreciate your feedback. No need to apologise, friend! :)
Fun comparisons, really good!
Thank you for your comment, @opheliafu! You are creating some very cool art; I’ll be following your blog from now on.