Thread by @DoveyWan

Yesterday during the @coindeskkorea interview host asked me “who does not want to get rich quickly?” follows “why China/Asia market is highly speculative” I think I might have a full answer now

Below is an article I wrote with pretty technical explanation on “code is law” 1/

Chinese crypto landscape is hardly dev driven, most are retail and flippers. So in order to get your idea through you need to shill hard in a snake oil sales man style or just publish some “TA” BS like a chad traders, show off your P&L or other very scammy move

You name it

2/

+need to be VERY careful not to offend what CCP cares, hence it’s definitely hard to convey the true philosophy of Bitcoin and sound money

However, the arcticle above on “In Code with Trust”explaining actual Bitcoin code, surprisingly got a total over 100k views across platforms

Deep inside we all want to get rich quickly, that’s natural human greed.

For Chinese ppl the desire to climb up the social ladder especially financially wise is extremely strong, huge wealth gap makes ppl envy

get rich quickly is a dominated mentality among many

4/

However, speculation is the first attraction of Bitcoin (this @danheld and I we had discussion before) and it’s necessary

I myself got into it in the 13-14 bubble too

After the first stage, many who come only for the price (in bull) will leave for the price (in bear)

5/

If price is the only attraction it will definitely despair you

After the first boom and bust cycle’s laundry 🧺 whoever stay are not for get rich quickly scheme

Also many who were burned in the advertised ICO moon math eventually learn why Bitcoin is fair by comparison

6/

So you are either

1. Come for the philosophy at the first place

2. Taught by the market that “get rich quick” is a false scheme and become more fundamental driven

3. Leave the space as you realized “get rich quick” here is unrealistic so go on into next elsewhere

7/

Every cycle price movement attracts many, most of them left at the bottom after capitulation

even 10% new adopters stay, given Chinese large base population over time it can be significant

That’s why my not so easy to read articles get much more readership over cycles

8/

With Chinese Gen Z, who are much better in English, with better access to the internet, more independent thinking, and 30x better in terms of living standard than their parents (don’t have to get rich quick desperately)

I’m extremely optimistic in the future of Bitcoin in China