BitKane Profile picture
Mar 15 21 tweets 12 min read
One word @CaitlinLong_: GREED.

You’ve been spot on. I struggled w/ noticing the same issue of #derivative and #TradFi games infecting #bitcoin & #Crypto over the last 1.5yrs or so.

Structurally it was quite easy to see. But...

/1 👉🧵 on a few thoughts.
you have to know how these things have played out in other markets as well as how intermarket relationships work within markets in general. And, you never really know how the change will play out. Especially, in new asset classes like #DigitalAssets.

It felt like most in the space chose not to acknowledge the changes & continue to pump the narrative of NGU and BTFD with little regard for what’s *actually* happening w/ the fundamental picture. Time horizon matters. All participants have different goals.
The fundamental change was twofold (probably more):

1. Broader #WallSt adoption - casino mentality w/ #leverage

2. Mass adoption - “I can make a living trading” or erosion of #hodl culture (the avg person has a very high time preference).

With infrastructure in place & regulations scant, #degen leverage was used by both, while OGs and holders seemingly became obsessed w/ seeking yield for the first time.

The latter was largely unavailable and considered unacceptable in prior cycles.

Enter the #lending games, #leverage, & #rehypothecation. I’m guessing the historic accounts of money changing forms felt like?

It seems we’re at that conversion pt. w/ the US’s EO & acknowledgment last week.…

🙏 it's genuine.

Personally, the leverage/manipulation conversations I attempted to have seemed to fall on deaf ears.

It's hard to battle the ideals of there is “no bear market” in #bitcoin. Or, “you can’t corrupt the hardest soundest money ever”.

While great narratives to #pump… all money is corruptible (you’ve noted) & only gold has survived for thousands of yrs.

#boomer rocks may not be popular (not a $gold bug), but that’s the fact.

#btc's had a phenomenal run to date, but asset allocation is still required.

Anyone interested in finding out what real money & wealth is should sit through the 39 lessons by @HassanBoyle 👉

Or, listen to our conversation on some of these topics
Fortunately, in regard to these games, I was able to discuss some of these points w/ @FossGregFoss

There is still much promise for #btc & #crypto. Together, they can provide a means for struggling individuals & nations to opt-out, even if temporary.

As all markets do, #Crypto is finding that when all views pt in one direction participants miss what’s right in front of their face.

At that pt, markets change course. That's just part of being a participant. @nntaleb covers this well in The Black Swan.

Sound #money is a great thing. It’s necessary for the foundations of a booming economy that can last generations.

Yet, growth and production within an economy require more than sound money to generate wealth.

Sound money alone is not the only driver of an economy, though it is the core at the beginning of new cycles.

Were youth & lack of asset market experience the cause of what was missed in this cycle?

Too much reliance on the nuances of the #tech behind the #digitalAsset?

Or, boredom? Creating the feeling of needing to do something; using #leverage for an adrenaline pump?

Even if the #leverage meant succumbing to the greed and high time preference that so many shout from the hilltops to avoid.

I say these things tongue in cheek w/ the goal of better understanding the foundational details.

I believe fundamentals are what get us through bear mkts & allow #builders to have the confidence to continue on & make the space better in #future years, hopefully ridding out some of the bad.

Looking forward to @TheBitcoinConf and chatting on this topic with you there @CaitlinLong_.


• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with BitKane

BitKane Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @kanemcgukin

Dec 10, 2021
Time for a 🧵 on two charts (at the end) that seem to tell an interesting #Bitcoin story.

For several yrs @CaitlinLong_ has openly discussed the potential negative impact of #rehypothecation of #bitcoin by banks, wall street, hedge funds & the broader #tradfi community.
@saylor has discussed and shown the need for sound money and the value that having a savings mechanism brings to the system.

@JeffBooth has shed light on the fact that #deflation isn’t such a bad thing when #technology is actually making our lives better and costs cheaper.
@saifedean taught the 🌏 the importance of time, effort, and energy & the value that living by the #Bitcoin Standard can bring to individuals and countries across the globe.

@FossGregfoss has done a phenomenal job helping to #educate on the benefits of owning #volatile #assets.
Read 24 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!


0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy


3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!