Pretty sure EVERYONE has heard of bitcoin by now. Pretty sure there are far less “non-believers” (a/k/a bitcoin bears) too. BUT, for any diehard long term “bitcoin going to zero” folks out there, here is your sign.
A cruise ship with a grand business plan was purchased and re-named but is now headed to the scrapyard. What was it re-named? The Satoshi.
So just how did this possible bitcoin bear nirvana come about? An investor group with a “brilliant” (well, maybe not so smart) business plan envisioned a year round residence on an offshore anchored cruise ship. Over the past few months cruise enthusiasts watched as a company named Ocean Builders bought the former P&O Dawn cruise ship intending to create live/work community. The idea was to auction off staterooms to like minded people wanting to be in a warm weather climate (the ship was to be anchored off Panama), enjoy a vibrant community AND a controlled virus free zone. Perfect, right?
Well just as bitcoin has skyrocketed to a bit under $25,000, picking up a solid cadre of high profile followers/investors along the way, Ocean Builders thought they too had a long line of investors/community members. What could go wrong? Kinda important here, seems the ship’s operators didn’t quite know how to operate the floating community or (very important here, too) what the cost to the cabin/suite buyers would incur. But the final blow? Insurance.
Who (yes, who really?) could envision needing insurance? No protection or indemnity insurance company would insure the ship. Without insurance the ship could not legally have a crew, which means [it] would lose its class rating and flag and any possibility of running any of the businesses onboard. Oh oh!
Ocean Builders CEO Grant Romundt blamed “archaic big insurance companies that cannot adapt to innovative new ideas” and the world was “too slow to adapt to new ideas.” So will bitcoin investors investors cite the same thing if (IF) the digital currency falters? Will bitcoin bears have the “final” word? To be totally transparent, I am a super solid bitcoin bull for a very long time. But, seeing a beautiful cruise ship re-named “The Satoshi” and its first sail is to the scrapyard is………”interesting?”
By the way, in case you don’t know, SATOSHI is the person/entity credited with “inventing” bitcoin. Kind of like Tony Titanic inventing ships.