Something something something Bitcoin.
Stop. Take a deep breath in. Hodl it in for a moment, then release it all, slowly. Be aware of the headlines, the news, the FUD (Fear, Uncertainty, and Doubt), the concerns, the trolls, the censorship, the virtue, ….oh the virtue, the signalling, sell signals, buy signals, the chaos. Acknowledge it all. Accept that it’s there, and let it all go.
Now think. Just really, critically think for some time.
Among the news, tweets, the lights and screams, all the noise that’s inspired me to write, I found this quote, by Kadhim Shubber, to be ponder-worthy:
“Suppose for a moment bitcoin never existed. And ethereum never existed. And the whole crazy world of cryptocurrencies never happened.
Someone comes along and tells you to imagine an electronic network, for moving money anywhere in the world, that no-one owns. It’s an intriguing idea. It’s an unprecedented idea. In the entirety of human history such a thing has literally never existed.
Would your response really be: ‘lol the true value of bitcoin is zero’?”
Now is an opportunity to instead of falling into confirmation bias or gloating on current market state (because we know from experience it won’t age well and it really doesn’t do you any good), take some time to realize why this socio-economic experiment called Bitcoin has gotten to where it has.
This technology isn’t a zero-sum game and the utility for users, holders, or investors won’t be gone tomorrow. There isn’t a rush, but the risk of participating in FOMO (Fear of Missing Out) and making hasty emotional decisions, especially financial ones, may offer a good ego-check.
If you get very lucky, you may fall victim to becoming a [false] legend in your own mind convinced you will continue to make such “smart” decisions in the future. And if you get rekt (or have weak hands), you’re likely out of the game for good with a sour outlook on a missed opportunity that could have been so much more rewarding.
There will be but a few newbs who will take it in stride, hold their position and learn a great deal from the experience, and for them, the future is bright. Don’t ever invest more than you’re willing to lose. It can’t be said enough. It’s such a shame for those just getting involved to miss out on something so exciting due to their greed or intoxication on hopium.
There are many that don’t want to, or can’t make the time, to understand the technology behind blockchain and bitcoin. But censorship-resistance, disintermediation, decentralization, and being able to have more personal control of your privacy, data, and finances is deeply important.
Business consolidation is increasing, making companies larger and more powerful. The inconceivable amount of personal information being collected by governments, and the private sector, is alarming. News is continuing to be taken at face-value with increasing difficulty in the ability to source and verify it. Across the globe, there are unknowable amounts of censorship with respect to speech, ideas, and transacting. And finally, political powers are growing, concentrating, and centralizing to an even greater degree. All of this contributing to a dystopian outlook, but contemporaneously creating an incentive to learn, find solutions or remedies.
And no, buying coins and tokens is not going to protect you, make you rich, or solve all these problems. But if this movement, experiment, bubble, whatever you want to call it, has added any *real value*, it’s that it has brought awareness to the fact that mathematics, computer science, and some economics can be very powerful, when applied. It’s got people thinking about money and what it really is, or what it should or even could be. There are better ways to do things than the status quo, and that has become very clear.
