My view on altcoins is simple.
I’ve spent years learning about Bitcoin. Read a lot, watched more videos than I’m willing to admit, listened to podcasts pretty much every day.
I also learned to code so I could read the Bitcoin code. I had a paranoia about back doors that ... 1/n
... only went away after being able to audit the open source code. I researched how to safely compile the code and how to verify signatures. Also made a few modifications to see what would happen with rogue
Built several small apps - best way to learn is to do in my opinion.
2/n
Then there’s the game theory, economics and philosophy part. I have a background in economics and finance. I traded on some of the largest trading floors at Wall Street. But on game theory and philosophy there was (and is) lots to learn.

3/n
This whole process has been taking years. And maybe I’m not that smart but I have a constant feeling that I’ve only scratched the surface on understanding #Bitcoin

It is really hard for me to understand how anyone would venture into alts when there’s so much to learn.

4/n
I’ve also came to the conclusion that every alt is a testnet for Bitcoin.
All the code on this space is open source. Anything good enough to be copied, has the potential to be copied if there is consensus.
Consensus is the best way to balance between...

5/n
... reckless features and technological advances. Things take time. As they should.

Finally, I also think it’s impossible to replicate Bitcoin’s genesis. A multitude of variables needed to be aligned for its success. It created an anti-fragile network that feeds...

6/n
... from distress. This is the most perfect social network we’ve ever witnessed. And we are all alive to see it.

7/n
I wish I was more eloquent like many on this space. There is a lot I could share but I also think my time now is better spent enjoying my family, growing my business and coding some hobby projects for #bitcoin.

8/n
But I would like to encourage everyone to really question why you need to venture into alts. You may say that you don’t want to go deep into Bitcoin, that knowing 70% of something is enough to make a decision... I’ve heard it all.

9/n
But the beauty of this system is that it is completely voluntary. No one is forcing others to act. You control your own destiny and the result of your actions will have a strong correlation to how much you’ve really dedicated yourself to learning.

May Satoshi be with you.

EOF
Many people asking about how to learn to code. There’s enough free and quality content around.
I would start with CS50 (Free at EdX). But for those looking for a more complete experience, the Open Source Society University is the perfect path.
#opensourcetheworld

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More from @alphaazeta

30 Jan
A threat on potential risks on this market and why we may see more asset price volatility and failing companies.

I haven't been involved in swap markets for a long time and I am admittedly making a few leaps here to draw some conclusions but I don't think these are too off.
Let's use Robinhood and their "crypto" platform as an example. A user logs into their RH account and buys $500 worth of bitcoin. What happens next?
Most would intuitively think:
"Well... Of course RH goes out, finds a seller of the same amount of bitcoin and holds those bitcoins in their custody under my name."
Right?
Nope...
Read 23 tweets
27 Jan
GBTC premium keeps getting crushed and currently sitting close to historical low levels.

Not going to get into details but there’s probably a massive unwind of carry trade happening.

Cont... Image
I’ve been a critic of services like @BlockFi for a while. Not getting too much into that. And the below is a guess on my part.

But how do you think they can pay an interest on the #btc you deposit in their custody?

coindesk.com/blockfi-takes-…
Given the article above, you can speculate that they take your Bitcoin, convert into GBTC, wait for the lockup period (6 months) and capture the premium.

More info on that trade below:

skew.com/blog/connectin….
Read 6 tweets
11 May 19
0/ This whole bear market I've been repeating that Bitcoin prices move quickly, unexpectedly and in large jumps. If you are following any of the technical analysis talking heads or if you think you have an edge in doing TA yourself, take a few moments to analyze historical prices
1/ The chart below, for example, has data from 1/1/15. The scatter plot shows daily returns. Do you see how many of those are above 7%?
No need to go far, remember 4/1 when BTC moved from 4,150 to 4,900?
How many "experts" saw that coming? Image
2/ When markets go down, you often hear: "well... I'll just take my money and wait on the sidelines"
The opportunity cost is massive. I remember in 2008, after the crisis, when many investors were on the sidelines and only came back after 2011 at much higher prices.
Read 12 tweets
6 Mar 19
0/ I’ll try to make a case on why using @therealblockfi interest account is one of the worst decisions a BTC investor can make. I’m all for innovation and new products in the BTC space. But, in my view, this is highway robbery + exposes investors to a risk they don’t understand👇🏻
1/ Let’s start with the 6% yield. This is pre-tax. There’s enough here to be concerned that this could be taxed as ordinary income (0% to 37%). @ 37% - the aft tax yield = 3.78% NOT 6%.
2/ even pre-tax, let’s use 1 month treasuries as a comparison paying ~2.4%. On @therealblockfi you receive a premium of 3.6% above treasuries (“risk free”). Is 360bps enough to compensate for BlockFi’s credit risk you will be taking?
Read 11 tweets
30 Nov 18
I keep hearing people say: "I will sit on the sidelines until BTC starts a bullish trend again". For some reason that sounded like a dangerous approach. So I wrote a web app to check what would happen if you missed some of the best days of performance. Time for a thread 👇
Disclaimer: I've learned to code very recently and would love if someone could check my work (link to git at the end of thread). But it looks like... 👇
1/ For the last 3 years, by missing the top 5 best 3 days, your total return would have been 215%. But the total return for the period was 963%. So, by not being allocated 15 days (1.37% of the time), you would have missed 25% of the returns (assuming compounded returns) Image
Read 8 tweets

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