Bitcoin volatility is in the news and many newbies are naturally panicked.
Let me show you how I took the stress out of buying bitcoin.
A thread π
You are about to see how I turned high time preference shop til you drop Stacy into low time preference chill and stack sats Stacy.
I've been in bitcoin since 2011 & as @saylor recently pointed out, it wasn't as stressful to buy at under $50. While this is perhaps true in hindsight, it didn't necessarily feel like that at the time.
We are all humans and our fear and greed, panic and euphoria are what have driven markets since the beginning of time. I still get euphoric when I win 10 sats on @fold_app
So here is an experiment I started on 31 January 2018. While at the cash register about to mindlessly buy something - probably a pair of sneakers or a t-shirt that may have made me feel great for a day but that I would have lost or ruined by now, I decided instead to buy bitcoin
I put the item back on the shelf and bought $100 worth of bitcoin on @CashApp
Here is the receipt, I received 0.00983939 BTC
Today (despite bitcoin's crash) that is worth $420 . . .
I was going to 'spend' that $100 no matter what. It was money that I had intended to consume, rather than invest. So it didn't matter emotionally to me whether bitcoin prices had instead of going up 300% since then, gone down 30%.
The fact is, however, that bitcoin was about $15,000 in January of 2018 and it, indeed, went down by about 75% from there! Did I stress? Nope. Because remember, in my mind, the $100 was gone anyway. It was either the t-shirt or the sats.
As the price of bitcoin went down, I instead started to convert more and more of my non-essential spending into bitcoin.
And, in the past four years, I converted a lot of what would have otherwise been wasted $$ into bitcoin on my CashApp . . . ππ
While I could have bought $92,400 worth of pretty clothes (at least for one or two washes), I bought the equivalent in perfect money instead.
And without stress.
While turning my mindset of high time preference over consuming into a low time preference chill Stacy
I know that not everyone has as much $$$ to spend but we all waste some $$, even just $10/month - on non-essential consumer items - whether clothes, junk food, porn (I'm looking at you @ICOffender), cigarettes, alcohol, etc.
Those are stress free sats to stack. imo
Full disclosure: I own shares in $SQ which I bought simply because I saw myself using their product to lower my time preference
And I still use CashApp for that purpose while I dollar cost average at @SwanBitcoin
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In early 2022, the NFT market was (allegedly) 'worth' $178 billion.
Today it is 'worth' $1.4 billion.
(It is actually worth $0).
Billions in value destroyed, precious time wasted, and economies weakened by governments pouring resources into a blatantly nonsensical 'industry.' It's as absurd as funding a Beanie Baby economy.
Or, an AstroBabies one ...
This shitcoin exited El Salvador entirely because of me.
Their plans were to turn the country into the largest NFT market in the world and to build a casino in the 'metaverse!"
Hahaha. NFT and Metaverse.
Remember those 2021 scams?
The opposition media and the then government 'crypto' person supporting this project howled that I was harming the country by discouraging 'good businesses' like Astro babies (worth $0 today) in order to help my bitcoiner friends (bitcoin worth $104,000 today).
But, in fact, I had saved El Salvador from shitcoins.
Instead of being down by 100% in the case of Astrobabies or 99.9% with the rest of the NFT market, El Salvador now has one of the largest Strategic Bitcoin Reserves in the world.
We are now a benchmark for the world.
Even the United States is following our lead.
I have had many conversations over the past few months with senior government officials from other jurisdictions seeking the advice of the Bitcoin Office.
All have been so impressed by how pristine our global reputation is after four years as pioneer and leader as Bitcoin Country and they want to know how to do the same for their countries/cities, etc.
And this is one of the many things I tell them about what to expect when they first announce plans - that they will be bombarded by requests for meetings with any of the 20 million blockchains and that there will also be many seemingly generous offers of 'donations' ... in exchange for a government MoU that will then end up costing them so so so much more in reputation than any possible value of that shitcoin donation.
If you've ever been 'regulated' by Ofcom, you'll know this to be true . . .
And if you've ever had the US Dir of National Intelligence claim in a report to Congress that your reporting somehow caused Hillary to lose 'her turn' in the White House, you'll also know it to be true
When Ofcom sends you a threatening letter, you are actually not allowed to defend yourself publicly.
When the DNI tells Congress that your stated opinions and observations are somehow subversive, this is intimidation. It certainly feels like it anyway.
Nevertheless, I am happy to take credit for Hillary losing if they are doling out credit. imo, we all escaped a major disaster. And it forced the Democrats and the allegedly liberal media to out themselves as actually puritanical authoritarians w/ totalitarian tendencies