Oddbean new post about login | logout #Bitcoin isn't going to magically pump to $1M overnight via an omega candle. It's going to be a painful, multi-year journey with no guaranteed chance at success. It's a reflection of humanity itself. Prepare yourself accordingly.
But at some point it has to go up. Otherwise it doesn’t “fix the money.” Class of 2021 over here waiting for our first clear price action move to clearly hurdle our cost basis. Personally, I’m not looking for $1M in the next few months…but I do think a significant appreciation (say $250k) is important validation for the newbies who have been stacking their hearts out. If you can’t build wealth and deploy capital to build cashflow and change the world, then a lot of this bitcoin movement is virtue signaling…preaching to the choir. The bitcoin OGs who are dismissing price action are moving the goalposts.
"At some point it needs to go up." You need to zoom out and look again, because Bitcoin has only travelled in one direction. It's not stopping here, but you can expect heavy turbulence at times.
Again … the OGs need to zoom in … at least to the 2020/21 class … I’m widely aware of what you and others enjoyed during prior cycles. But the last 4 years have been mostly flat to down…at least relative to the “zooming out” you suggest. Any maxis in the Class of 2021 who got into bitcoin because of covid have not yet experienced the personal validation and financial freedom you’re suggesting comes from “zooming out” … and it has been 4 years of stacking.
Welcome to Bitcoin, hope you like pain.
You give aspirin a headache, mate
Damn straight
Coined and mercy is for the weak. #pain #fictives
@Snowden Coined and that burdens deniability is kinda permafrost melting Of earth.
🙄
The sooner newcomers to Bitcoin internalise this gif the better…. …stay strong even if it all goes wrong https://media.tenor.com/_tT0mRfm0t8AAAAC/embarrassed-sad.gif
I'm also class of '21 and agree with much of what you say. My conservative case in '21 was hold till '31 and hope for, plan for $500k by then. After 3 years that is now beginning to look optimistic. Also, I didn't take into account just how insidious and dramatic inflation could be. Now I think the $500k number in '31 likely won't be nearly good enough. But, that's the whole point of Bitcoin, to solve this problem. There is still nothing fundamentally better than Bitcoin at this job. So I hodl.
This is the way
Good advice. What do you mean by no guaranteed chance of success? That a person may not execute his Bitcoin plan properly (e.g. loss of keys) or that Bitcoin as a whole may fail?
Just saw this in my feed & I'd say both
The Bitcoin experiment can still fail. It's foolish to think otherwise.
The Gold experiment can still fail. Oh wait, it already failed. The Stock experiment can still fail. Oh wait, it failed multiple times.
"As long as it stays decentralized and secure".... #jeffbooth
but Samson told me so after shilling tether to me
