SOLAR KING Profile picture
| Solar King | 26 | Python and Quant | Jesus Christ is my savior |

Oct 15, 2021, 18 tweets

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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