Oddbean new post about login | logout The meme’s do get ahead of themselves each cycle. With many of the flaws that weren’t apparent in the hype showing up in the middle to the end. One of the best protections I’ve found is to try and stay true to the core of Bitcoin’s ethos. To step away from the noise and hype, and try to think critically and be unbiased in reviewing and reflecting upon the realities of what a meme is suggesting. This helps to be more realistic about the possibility and timing for which it would actually play out. Most memes seem to insinuate the outcome will be within a week, month or year; which creates a lot of FOMO. If we step back and look at the past, we can gain a better understanding of how long it actually takes markets to come around major change. Especially when it involves the way we think about and use money.
I try to think about it like this; "What does it mean to have 'outside money'?"
That’s a good why to think. Who wins? Who benefits? What changes? Outside money, especially in large size, typically comes with greed, fees, or overhead costs. It’s where middlemen usually siphon off a portion and that tends to grow over time. It’s part of moving from the hobby phase to the business and revenue generation phase. To put it in tech terms, it’s when you move out of the garage and into an office and start marketing.
That seems like a pretty good description of what I always understood to be outside capital. I was thinking more of money that is outside of counterparty risk. IE, bearer assets. Monatery metals, collectables, bitcoin. When I think of outside money, I think of money that is outside of anyone else's control.