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May 14 • 4 tweets • 2 min read
Absolute madness coming out of the #Terra ecosystem this week. I won’t pretend that I foresaw the #Luna crash coming, but it did prove the point I’ve been making recently about how #Bitcoin is money, not an investment.

🧵👇🏻
A lot of people were thrilled when @LFG_org announced Bitcoin purchases to help stabilize the peg of the #ust stablecoin.

But it was always in LFG’s plan to sell its BTC when it felt it was needed. Now people are mad because LFG’s BTC liquidation crashed the market.
Bitcoin is the best money the world has ever had. But that’s all it is.

In other words, if your business or project doesn’t create lasting value in and of itself, trying to self-validate by latching onto Bitcoin won’t keep the music from stopping eventually.
Read my full analysis and get more Bitcoin insights on my newsletter:

thehificrypto.substack.com/p/terra-falls-…

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More from @hifi_crypto

HiFi Crypto Profile picture
Apr 30
A lot of people think that #Bitcoin is an investment. Its price goes up and down…a lot. It’s sometimes correlated with equity markets or tech stocks. Wall st is buying it. Investment, right?

Wrong. #BTC is money.

🧵👇🏻
There are three many functions of money - store of value, unit of account, and medium of exchange - and people tend to gravitate towards monetary mediums that best fulfill all three.

Makes sense, right? We tend to reach for the best with everything we do.
Bitcoin is a great store of value primarily thanks to its 21 million coin supply cap. The supply of almost everything else goes up, but the supply of Bitcoin stays constant, meaning your Bitcoin are worth more. That’s just how supply and demand work.
Read 6 tweets
HiFi Crypto Profile picture
Apr 23
For the first time in history, all people have a real chance at financial freedom, through #Bitcoin

🧵👇🏻
Authoritarian governments pose a threat to people’s ability to freely move their money. Bitcoin, which can easily be self-custodied and moved, is a lifeline to people who need to take control of their wealth and keep it.
Fiat inflation is driving billions of people closer to poverty and financial ruin. Bitcoin’s hard money cap ensures that people’s hard-earned money can never be inflated away, for any reason.
Read 5 tweets
HiFi Crypto Profile picture
Apr 2
Taking custody of your #Bitcoin is one of the most important steps you can take to ensure your financial sovereignty.

Do you know what wallet type you’ll use?

🧵👇🏻
Paper wallets are easy to make, but also easy to lose.

Hot tip: If you use a paper wallet, don’t put a pic of it on your phone or computer, and don’t email it to yourself or save it in the cloud.
Software wallets are everywhere. They’re easy to download and easy to back up online. But that also means they’re easy to hack.

Plus, you’re at the mercy of whoever develops the software. Did they do a good job? You don’t want to find out that they didn’t.
Read 5 tweets
HiFi Crypto Profile picture
Mar 23
#Bitcoin is the most censorship-resistant financial technology in history. That strength will continue to grow as we build a Bitcoin economy where people can easily get what they need to survive and thrive.

I believe there are three main phases along that path:

🧵👇🏻
#1 - BTC for Saving:

This is where BTC is now. People are holding onto it because they expect the price to go up.

The reality is that BTC’s true worth as a savings mechanism lies with its immutable supply cap defended by rock solid economic incentives and decentralized network.
#2 - BTC for Earning:

This is the next step, but it’s already happening too. People want to accumulate BTC so much that they’re asking to get paid in it. Companies like @coinbase and @strike are making it pretty effortless to convert your paycheck into BTC.
Read 5 tweets
HiFi Crypto Profile picture
Mar 19
Critics of Proof of Work often suggest that #Bitcoin migrate to the Proof of Stake consensus mechanism.

Little do they know that Proof of Stake is one bad cycle away from a government takeover.

🧵👇🏻
The ability to confirm transactions on PoS is determined by the amount of the cryptocurrency’s supply a holder owns.

Buying a large stake is typically the only major cost. There are no ongoing costs like on PoW, so it’s much easier to maintain one’s stake over time.
Staking rewards are also tied to the amount of the cryptocurrency you have. The more you own, the more you get to dilute other small holders who can’t afford to stake as much or as long as you.

Rich get richer, poor get poorer.
Read 9 tweets

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