Finally, we have a TMOD script on something that’s on everyone’s mind – Bitcoin. We cannot thank TM Richard enough for this submission. It’s been quite some time since we received a TMOD script. So obviously we were elated to receive such a phenomenal script on such an interesting topic. Enjoy reading.
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If you walked into this session hoping to get investment ideas on Bitcoins or forecasts about the future of crypto currencies, let me disappoint you right away, I have none. I am no wiser than your friend who talks obsessively about Bitcoins, that cousin who vouches to be “all in” on cryptos or your neighborhood uncle who thinks cryptos are exactly like shares of a company. We are all clueless and yet that does not prevent any of us from speaking excessively at lengths on cryptos. I am going to do so today, right now.
With that disclaimer in place, let’s move ahead. At the risk of simplifying, let me tell you what crypto currencies are. Crypto currencies are virtual currencies that use a technology called blockchain to make them ultra secure, nearly impossible to counterfeit. What are blockchains you ask? Forget it not important. What’s important is that crypto currencies are not owned by any country and hence no central bank can lay a claim on them or regulate them. That’s an important feature once you know the history of the first crypto currencies Bitcoin. Legend has it that a group of people under the name Satoshi Nakamoto first invented a peer to peer electronic cash system naming it Bitcoin. The actual identity of the people behind the name Satoshi remains unknown till date. What prompted the group to launch it was the great financial crisis of 2008 that underlined the world’s excessive reliance on central banks for financial transactions. Hence the idea was to launch a new currency that sidelines these Central Banks manned by humans prone to misconduct. Now in Toastmasters, we know the power stories hold. And with such a powerful story at its core, is it any surprise that Bitcoins caught the fancy of people all over the world?
As I admitted I don’t know much about how Bitcoins operates but I do know how a Toastmasters meeting operates. So let me tell you about that. Every Toastmasters meeting is divided into three parts. The first part is the prepared speech section where members prepare a speech in advance, get it mentored and deliver the same. The second part is the impromptu session where anyone including the guest can participate. And the third part is the most important evaluation session where we will all learn how to improve ourselves. Let me now invite the General Evaluator to explain his role. Please help me welcome TM Name with a big round of applause.
Once the General Evaluator has explained his role, start the prepared speech section. After this session, continue with the theme as under.
So what led to the current hype around crypto currencies in general and Bitcoins in particular? Well it’s not current to be accurate. As I said Bitcoins was first invented in 2009. It took more than a decade for the idea to breach pop culture. But of late what has really led to its stratospheric rise and fall is one person whose identity is not unknown at all –Elon Musk, often called the Tony Stark of the real world. Sometime back, Elon Musk owned Tesla announced that it would accept payments for its cars in bitcoins. Validation by Tesla led to a sudden rise in the value of Bitcoin. Once that happened, Elon Musk later publicly abandoned payments in Bitcoin prompting a sudden crash its value. Thankfully, Elon Musk while powerful is not all that powerful to completely destroy the story of Bitcoin. Bitcoin still enjoys popular support of billions of other people in this world who believe the future is all too bright for Bitcoin, Elon or no Elon. It’s time now for the second session of the day, the Table Topics. Please help me welcome the Table Topic Master TM Name.
Once the Table Topic Session is over, continue with the theme as under.
One might wonder what led Elon Musk to abandon Bitcoin abruptly. Elon is one guy who is chummy with everything tech and Bitcoin is tech of the ultimate degree. Well Elon Musk claims it was his apparent realisation that Bitcoins hog a lot of energy for their operations and mining making them not that environment friendly. This prompted a pro environment company like Tesla to distance itself from Bitcoins. However something doesn’t sound right here. The fact the Bitcoin mining hogs a lot of energy was known long before Tesla started accepting payments in Bitcoins. An out and out tech guy like Musk who also happens to be an avid reader claiming to be caught unaware sounds fishy. Was there an ulterior motive behind this swift decision flip flops. Perhaps Elon may have made some bucks or a lot of bucks to be fair while the Bitcoin graph went up and down. Who knows? One thing is for sure, whatever it be, this episode will surely find mention in the biography of Bitcoins. It’s time now for the General Evaluator to present his report. Please help me welcome TM Name.
Once the evaluation session is over, conclude the theme as under.
Now I know I didn’t give you much new information about Bitcoins today. After all, that’s what the disclaimer in the beginning was for. But I am not gonna leave you high and dry. I do have one solid piece of advice for you. I once read in a book that if you hear an expert talking about the economy and saying this is going to happen or that is going to happen, you should treat it with the same scepticism that you might treat the comments of a stock broker about the stock market or a weatherman about the weather. The point is no one knows anything about anything, least of all about bitcoins. They were invented barely a decade ago. Most people learnt about it just a couple of years ago. So clearly no one knows a dime about bitcoins. (Pun intended.) Should you want to invest, follow your own gut but not your friend, cousin, neighbourhood uncle and definitely not me.
It’s time now for awards.
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Thank you so much TM Richard for this submission.
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