The Financial Crisis of 2008
The rise of #Bitcoin
the Fallacy of Overchoice in #Crypto
And how to carve your own path in this ‘noisy’ & nascent market 💎
//A THREAD
Story time:
The year was 2008.
A global financial crisis had shaken the world with shock effects not seen since the Great Depression.
Bailouts upon bailouts saved us from world-wide catastrophe.
*Or* should I say saved the ones responsible for its occurrence
🙂
Effects of the 2008 crisis in US:
Opportunity cost of 640 Billion - approximately $5,800 per household
Home values: $3.4 Trillion in real estate wealth
Stock values: $7.4 Trillion in stock wealth - $66,000 on average per household.
And Millions of foreclosures…
It was around this same time when #Bitcoin emerged as the Phoenix rising from the ashes -
A peer to peer electronic cash system that takes the power from the banks and puts it back in the hands of the people!
Dare I say too perfect of timing? 🧐
On October 31st, 2008 @ 2:10 pm, the Satoshi white paper emerged at metzdowd.com
Little did we know the impact it would have on our future.
In the early days of $BTC you could say #btc was little more than a
Silicon Valley/fringe-hipster/Silk Road drug purchasing/libertarian-loving means of exchange.
And Greg Schoan. Bet this one hurts bro.
RIP your opportunity cost. 😔
Slowly, this all started all to change as the years went by
Bitcoin slowly became more widely-known , as transactional use started to exponentially increase
big names started to take notice, and new coins like $LTC & $XMR started to emerge in the space as the 2010’s started.
Present day:
As #Bitcoin is no longer the only choice
We now have 11,000 #cryptos to choose from in this nascent market!
11 THOUSAND.
Where do you start?
This has led to a fallacy of overchoice.
“What do I invest in?”
“Do I stick with just #BTC?”
“Or do I invest into higher ROI projects?”
“I don’t even know how it’s tech works!”
“There’s so many different consensus models!?”
“That one is pumping but the ones I hold aren’t!”
“There’s too many options!”
“Fy%!?wtf!!”
With no ETF’s currently available to the regular investor
Building a solid crypto portfolio is a tall task.
Building a thematic basket of stocks is already hard enough.
In a nascent space like crypto, that ambition becomes multiplied in nature.
In my early days of investing in crypto
I didn’t know what the **** I was doing.
Everyone was telling me something different, and I didn’t know who to listen to.
It started with YouTube.
YouTube influencers ended up siloing me in $XRP & $BTC as they were: “The only way”
Reddit told me #BTC was dead and that $ETH was the future
Twitter shilled me all kinds of alts
4Chan told me we were all f*cked cause of the NWO anyway
So I literally had no idea how to make sound investing decisions.
I was only listening to talk.
And was completely lost.
For multiple months I chased green candles
and got *wrecked*
Every
Single
Time.
not *ever* doing my own research
And continued to pay the price for my actions.
What was the catalyst for change?
I decided to stop taking the easy path.
I went straight to the white papers.
Read everything I could 5 times over
Searched the linked In’s of founders
Watched videos on understanding cryptography & blockchain & consensus models
And turned off ALL the noise from social media.
I took matters into my OWN hands.
Everything started to make sense.
I was finally understanding what I was investing in, and not at the mercy of my peers.
I understood why I got into this space to begin with.
To be a participant in the greatest wealth transfer of human history
To become a better investor
And become a better version of me.
Overchoice is an easy fallacy to be inundated by in crypto
Especially in a space where influencers tell you to ‘trust’ them
In a space supposed to be built on:
- Personal choice
- Trust-less in nature
- Self-reliance
-Being your own bank
My suggestion to you:
Cut out the noise
Do your own research
And ALWAYS have faith in yourself on this journey.
Study up, anon.
And if you do, you WILL be rewarded.
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