“Let him cook” All the young whippersnappers have been using this expression recently to describe something or someone that shouldn’t stop because they are on their way.
This piece may seem a bit annoying, as I’ve only been bullish about bitcoin for the past couple of months. pointed it out to my readers As a newly-found member of the The church Bitcoin community, it would be remiss of me not to try out my voice.
I apologize for expressing my opinion on topics that have been discussed and debated by many Bitcoiners for over a decade. In order to keep up with the latest developments, I must get educated. Writing is my best way to do so. You, the reader, suffer as a result. Don’t forget to renew any paid subscriptions. Fringe Finance.
Enough with the prelude — we all know it has been a breathtaking week for bitcoin, which is up well over 20% in just the span of days.
The ETFs have also sparked more interest than the previous month. Even Morgan Stanley said this week that they are considering launching their own bitcoin fund. own.
I’ve received a number phone calls and text messages about bitcoin and I’m neither a prominent community member nor a well-known bull. So I can’t imagine what the maximalists and long-time advocates saw this week.
It is thrilling, and it’s hard to imagine how many people have waited for this moment after years of being abused by family members, uninformed assholes, and general doubts about the asset class. If there is one thing I’ve learned over the years in the capital market that I believe applies to all asset classes, then it is this: Celebrate modestly, and prepare yourself for the worst.
It may not be on people’s mind this week, yet for me it is the best way to enjoy success. The audience members who attended the podcast that I did a couple of weeks ago Peter McCormack knows that arrogance, hubris and conceit were the reasons that I was turned off by bitcoin. It could be my fault that I didn’t have an open mind or did not do enough. own work – it’s a mistake that saw me miss out on large gains. Today, I speak as someone who is genuinely excited to onboard the rest of world and can see bitcoin as a success in the long term.
Over the past week, I’ve seen a lot of people on Twitter celebrating, bragging about the increase in price, and taking potshots at those who were skeptical. Here is an example of my brother James Lavish. I know him well enough to be sure he will not mind me using his example, because he knows how much I respect him. Behold Exhibit A: James talking shit to Vanguard.
James, do you have a point to make? He does. Could he be right in 50 years? He could. Is taunting the $7.7-trillion bear karmically acceptable? Not really. I would rather enjoy the temporary dub in peace.
Everyone is free to celebrate this short term action however they want, but I suggest today that it is a karmically, and psychologically, beneficial. The more you are humble and less forceful, the more bitcoin will spread evenly throughout the rest of the globe.
Consider this: tweeting or celebrating your exorbitant success will have two effects: (1) it’s likely to repel people who, like myself, believe that behavior is usually synonymous with fraud; (2) it’s likely to attract investors with less-than-average sophistication. These investors are more likely to be seeking quick riches than the steady hands needed to make bitcoin a success.
Instead, I would suggest that the news media continue to do their usual job (being useless and chasing stories years after they have occurred) while allowing people to discover bitcoin in the way I did. own, OI didn’t feel smothered by the idea No longer rely on outside sources.
What is my interest? looking at bitcoin this go-round In early 2024, it was all organic. I’d stopped reading the news about it, and had blocked or unfollowed a sufficient number of people who were hyping up the technology. I now had some clarity and peace of mind when I seriously considered how it worked for the first ever time. This calm, relaxed blank slate allowed me to understand the relatively complex concepts and now believe in it.
We’d probably be better off if we didn’t have the astronomical week we just experienced. “act like we’ve been here before” Remember that people will resist more if you continue to push an idea. It is better to taunt and bark like hyenas than to berate people. It would be different if bitcoin had a market cap of $50 trillion. We’re in the very early stages of courting the rest of world. Like any relationship or friendship, it has to be genuine. “showing up” The idea of this happening is frightening. All those who have experienced being smothered in the past by a friend or partner know how it creates distortions and unhealthy dynamics. These delicate things can’t be forced. They must instead be accepted as they are, like taking a deep, slow breath on a cold winter day.
It’s not that I do not believe that this week will be the beginning of a much larger adoption which would likely drive bitcoin price higher. As I said in the “What Bitcoin Did” podcastI believe at least one country, if there are not more, will be looking to include bitcoin in their sovereign balance sheets. This, then, will start a game-theory period for the digital assets revolution that we haven’t yet seen. Edward Snowden, just days after I made that statement, has now made the exact same assertion.
Eddie, try to keep up.
We know, in all seriousness what will occur if the cost continues to rise. Interest and adoption will increase, just as the hype. This will be the realization for people that took me more than a decade to come to: it’s not going anywhere any time soon. The community should focus on how they can clearly explain and communicate the transformation taking place before their eyes, in a calm and measured way.
You want to be able to ask questions on the next The volatility of the market is expected to be 20% lower overnight.
We will have less time to brag if we are right if we don’t overpromise and underdeliver. The journey itself is the reward. Or, as the Bible says:
“When pride comes, then comes disgrace, but with humility comes wisdom.”
— Proverbs 11:2
Jesus would probably tell us what to do today if he were still alive. “let bitcoin cook”.
QTR’s Disclaimer: I’m a fool and make mistakes and lose money. I often get things wrong and lose money. own You may transact with any of the names in this article at any time, without notice. I’m lazy when it comes to research and didn’t double-check the figures or numbers in this article. Contributor posts, aggregated posts and opinions are not fact-checked and belong to their authors. Contributor content is posted with the permission of the author or under Creative Commons. It is not intended to be a recommendation, nor a solicitation for the purchase or sale of any securities or stocks. These are just my personal opinions. I frequently lose money when I trade/invest. I sometimes lose money because I misplace it. I am generally irresponsible. Any name in this article may be added. article You can sell any names mentioned in this article at any moment, without any further notice. You can expect these positions to change as soon I publish it, with or without prior notice. You’re now on your way own. Do not base your decision on what I write. Research elsewhere. I’m on the edge. The publisher makes no guarantee as to the accuracy or completeness in the information on this page. These are my opinions and not those of my partners, employers or associates. Although I’ve tried to be truthful, I cannot guarantee that my disclosures are accurate. Sometimes I write these articles after a few beers. A lot of the time, I am just flat out wrong. It is so important to you that I’ve mentioned it multiple times.
This article was originally published at Quoth the Raven’s Substack here.
Quoth, the Raven is our guest blogger. Opinions stated are solely theirs own These views do not necessarily reflect the opinions of BTC Inc.
“This article is not financial advice.”
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Source: bitcoinmagazine.com
