Crypto Bull Market

11/Dec/2023 19:17:20 • Audio • 03:34

So, it seems like the crypto bull market might be back. I got into it, well, I took donations in Bitcoin from my podcast for years and sold way, way too early. But I basically got a laptop computer and a used pickup truck from my early Bitcoin donations that I received. But in terms of crypto that I purchased, I really got into it right around the beginning of the pandemic, I guess, and doubled my money pretty quickly and then lost three quarters of it to the point where I had funds on BlockFi, which were just gone. I had funds on, what was that, I can't even remember now, Voyager, gone. I had assets over on a South Korean exchange called Hotbit, gone, just evaporated, just gone. And then every now and again, I had to sell here and there at a loss because I was short on money. But I never touched the bulk of my assets, which I kept in Ethereum, and those are on Coinbase and Kraken, as far as I know. And most of them are staked, they're growing. So as far as I know, I still have access anyway, I know, not your keys, not your coins, still have access to my Ethereum. And it has grown a bit, you know, because I've held it for a few years. But I can't really bring myself to care all that much. Because I did sell Bitcoin way too early, like I sold my Amazon stock way too early, I missed out on big gains, I'm just not even tempted to do any profit taking in this bull market unless it gets, you know, crazy. I'm really interested in what people are going to do, what AI is going to do in the combination, with the combination of artificial intelligence and not necessarily cryptocurrencies, but blockchain technology. And I have no idea, you know, what the killer app will be, if it ever emerges. But it's kind of like the news right now, particularly political news, I just refuse to get sucked into it. The YouTube algorithm, you know, now that the Bitcoin price is up in the 40,000s and, you know, ETH is back over 2,000, the YouTube algorithm is very insistent that I check in with all my old sources and I'm like, nah, I don't really care. Because I don't, I just don't care. So questions for you, do you care? For those who are just, you know, they've had the same low information opinion about crypto for the last 10 years, you know, it's your business, I'm not interested in hearing it for the umpteenth time. So if, you know, if your position is it's a Ponzi scheme, it's all a scam, it's not worth anything, that's fine. You know, live your life that way, but you don't need to tell me about it because believe me, believe me, I have heard that position articulated sufficiently. But if you have a more interesting take, one that does not fit on a bumper sticker or a fortune cookie fortune, let me know. What are your thoughts on crypto?


Post comment

Bitcoin afterlife

I'm 72 years old, like elderly, so I shouldn't really care about Bitcoin. During the pandemic, I put a little bit, bought a little bit, and it's more than I can afford to lose. And it went down, and now it's kind of on its way up, so I'm going to hold on to it. But I'd like to quote a bumper sticker or some quote from Satoshi Nakamoto. Maybe you haven't heard of it, and it's relevant. He supposedly said, "Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone."

So [let's] compare what happens to Bitcoin held in a Coinbase account. When the person passes away, if he hasn't withdrawn it or spent it, that's just a donation to Coinbase. And if the person withdraws it to their own wallet, and they have their own private key, then they can spend it at any time. And if they don't, and they don't have anyone to give it to, it'll make the value of everyone's Bitcoin go up [when the aforementioned keyholder dies]. So it's sort of like a donation to something that you might believe in. And I believe Bitcoin's a good thing because it allows people to control their own money. But you've heard that before. Anyway, take care and stay well.

“Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone.” Satoshi Nakamoto