Dear friend,

I just invested in some Bitcoin, and I’m super excited for this brave new digital economy!


Let me just share my personal thoughts and ideas with you.

My history with bitcoin

My first history is that I was interested investing in Bitcoin when it was around $600 a coin, but didn’t, because I wasn’t sure of its durability, and whether it was just another fad.

However more recently now that the price of Bitcoin has dropped from the peak of around $19k, I invested around $25,000 into Bitcoin (around 10% of my combined savings with Cindy), when it was around $7,000 a coin.


Why did you invest in Bitcoin?

To be honest, I don’t really care to make tons of money with Bitcoin (because to be honest, I’ll probably lose money). To me, I invested because I believe in the mission: open source, decentralized currency/money in today’s brave new digital economy.

I’ve always believed in open source; if there’s one thing I want to be remembered for after I die, it is for “open source photography”: the spirit and ethos of sharing, and helping empower photographers and individuals from all around the world, regardless of race, ethnicity, social class, etc.

Anyways, I have been philosophizing about money ever since I was 16. Simple questions like,

  • What is money?
  • How much money do you need to be “happy”?
  • What is the history and social function of money?

Ultimately I’ve concluded that money is social glue. Money is a tool that connects humans together, and allows strangers to cooperate with trust.

And when you really think about currency and money, it is simply trust.

When I give you $200 to fix my espresso machine, I’m trusting that you will actually do it. And when I pay you $5,000 to shoot my wedding, I’m trusting that you will actually show up and do a good job!

Philosophically, if I want to commentate on Bitcoin and cryptocurrency, I need “skin in the game” (Nassim Taleb). So I put my money where my mouth is, investing 10% of my savings into Bitcoin, knowing that I might lose all my money. But for me, it’s about being a part of the thrill of being a part of history: the first real, digital, and decentralized currency!


To think about applications for photographers, here are some ideas:

  1. What if instead of getting “likes” on your photos, you could get “paid” with some cryptocurrency instead?
  2. What if you sold digital photos, you can sell “original” digital works by putting it on the digital ledger of the blockchain?
  3. What if you would shoot someone’s wedding, and be agreed to be paid in bitcoin?
  4. What if you could buy your Starbucks coffee or buy camera gear (or buy second hand camera equipment) for bitcoin or any other cryptocurrency, without having to deal with any annoying banks, middle men, or people who take a percentage/cut of your money?

Essentially I see Bitcoin as freedom. Freedom for individuals to do more commerce with one another, without the bank mafia getting in your way, and taking a cut.


What’s the future of Bitcoin and other cryptocurrencies?

I think: faster transactions, less hassle with banks and international wire transfers, and a brave and exciting new digital economy, for all creators and individuals!

And on a side note, if you wish to sign up for one of my upcoming workshops and can offer to pay in Bitcoin or any other Altcoins (in the corresponding US dollar amount), contact my manager Neil at neilta@gmail.com


Be brave,
ERIC


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