Oddbean new post about login | logout Here’s a fun bear market story. I was on a zoom call with two bitcoin friends when bitcoin was at $17k. One friend a millionaire, the other a billionaire. The millionaire was talking about buying bitcoin, but was anxious and wondering if he should wait for lower prices “what if it goes to 12k??” The billionaire goes, “put a big slug of your money into this thing right now in the next hour. I just did.” The millionaire goes “fuck, ok. I guess I will”. The lesson? The billionaire made his decision quicker and more aggressively than the millionaire. He didn’t wait around for anyone else’s opinion or approval. He acted with haste and encouraged others to do the same.
Because billionaire had fuck you money
Mindset proceeds net worth. You have to act like a billionaire before you become one.
6.15 is a vibe
I've already noticed this shift in myself. I'm already rich, the world just doesn't know it yet.
xD
But why did he have fuck you money? That's the root lesson.
🤙
how do we get those with a low income or any big saving to stack sats?
You don't. They have to get themselves to do it.
true, but i think the subject is probably more complex.
Not really. You can't make people stack sats unless you plan to put a gun to their head. All you can do is give them education. They have to choose to act on it.
yes, I do my part with educate others 😉
Time, reading, learning, understanding are all required for conviction. Once achieved, decision making time reduces. Dunning Kruger effect can cause both over confidence prior to true understanding and also a lack of conviction if not recognising arrival. Be aware of where you are on the curve!
Reversible decisions can be made quickly, irreversible decisions should be made slowly. It’s much more important to be able to recognize and seize opportunity. That’s what I think the billionaire did, rather than just acting quickly. If the millionaire had waited another week until it was $18,000, he would have still made a good decision for himself.
Escape velocity principle is why most people don’t invest and stay relatively poor: if you have a small amount to invest you feel you have to bet it all or it won’t make any difference. And so you always worry about timing or that you might lose it all. So you end up not doing anything. The key is patience, invest until you reach escape velocity and “betting” 20% won’t break you but can add a substantial amount to your net worth. But patience is hard, especially in times of insta-gratification apps.