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The Habits Of Highly Effective HODLers – Bitcoin Magazine

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How can you maximize your bitcoin stack and the benefits you gain from it, while HODLing?
As the title suggests, I’ll go over what I believe makes a good Bitcoiner with the hope of persuading you that being a HODLer is actually an important job that entails certain responsibilities.
The outline roughly will be:
Let’s go.
We have an important role as Bitcoiners to always be orange-pilling, but to do so in a way that’s constructive, and that means being sensitive to the reality that not everyone is ready to hear what we have to say.
We recognize that becoming a Bitcoiner often results from a set of philosophical underpinnings or dependencies. Someone lacking in one or more of these prerequisites will likely face obstacles along their journey that make adoption difficult. The fact that not yet everyone is onboard with bitcoin is testament to this difficulty.
There are other impediments to adoption beyond a mere conceptual understanding that can usually be traced to conflicts of interest. We believe in time these too will give way to a more free and open financial system based on voluntary cooperation. It’s our job to bring bitcoin to the world with the least number of casualties along the way and to remind people that bitcoin is available to everyone equally.
Studying bitcoin, I asked myself why some people aren’t profoundly astounded by it, or worse, feel an aversion to it at first glance. There are the usual FUD talking points that could scare you away if you don’t know any better, but this fud doesn’t seem to have a real effect on the HODLers. It soon became apparent that it is nearly impossible to have an appreciation for bitcoin if you don’t already see the shortcomings of the existing financial system.
It is the distinguishing qualities of bitcoin HODLers that prompted them to break allegiance from the old system and led them to demand a new one. Interestingly, the gold bugs warned us that the loss of sound money would eventually end in catastrophe. In a sense we owe it to them for sounding the alarm. However, the sound money narrative had to evolve beyond precious metals to reflect a digitally connected world.
The gold bugs, the Austrian economists, and other sound money advocates grew accustomed to being quietly swept into the corner of public discourse because of their tendency to be critical of mainstream economics. To regular folks the path of least resistance is to embrace the fiat system, as we’ve been so assured that the system is in good hands. However, those who seek financial autonomy, who crave logical integrity, and who value saving may find the trade-offs made in the fiat world to be intolerable.
Let’s dig a little deeper to see what sets apart a true Bitcoiner from the rest of the pack. As I alluded to, Bitcoiners not always but generally tend to lean libertarian, even anarchist in some cases. There is a tension between the concepts of personal liberty and state-granted permission. Bitcoiners tend to be skeptical of propaganda and corporate media which points to a fundamental divide in where we personally derive our human rights. Are we endowed with unalienable human rights, or are we granted rights by the state so long as we’re in good standing with the various bureaus, branches, and departments?
Skepticism when wielded properly is not just aimed at the media out of spite or for the heck of it. Rather it is a tool for reasoning that applies to all areas of life. It is simply the default m.o. when encountering new information. A rational person applies a healthy degree of skepticism whether dealing with science, business, or politics. Along the same lines is a need for logical consistency. Bitcoiners demand intellectual honesty and accountability from both our peers and our critics.
Bitcoin tends to be popular among tinkerers, early adopters, and gamers. Bitcoiners are always trying to think two steps ahead, they’re good at reading between the lines, and analyzing the second and third order consequences.
Finally, to be a good HODLer one generally has to have a propensity to save money. That may go without saying, but it just can’t be over emphasized. In a world entirely founded on credit, bitcoin challenges the conventional advice around debt and borrowing.
There’s a common denominator that ties together many of these characteristics which is what bitcoiners call low time preference. Put simply, it means they place little value on short-term gratification, opting instead to work toward long-term goals. To be fair, everyone has to put food on the table, so we can’t pretend it’s realistic to delay gratification forever, but what we can do is make decisions about what will satisfy us today and what is worth waiting for. Bitcoin takes saving to a whole new level. We suddenly realize our everyday decisions to spend and consume carry a lot of weight when judged against the opportunity cost of owning bitcoin. It’s common for Bitcoiners to undergo profound behavioral changes in the interest of saving. It might seem an excess of savings would lead to issues when it comes to stimulating the economy and the velocity of money, however the inflation/deflation debate and the mandate of perpetual growth are subjects that remain to be fully hashed out.
For these reasons bitcoin tends to resonate strongly with people who are motivated by things like math, economics, and game theory. But not everyone is wired that way; in fact, many people are not. People are motivated by all sorts of things, not the least of which are food, shelter, and love. Bitcoiners wouldn’t have the luxury to opine on monetary sovereignty if their basic needs were not met, which sadly is not the reality of large groups of people in the world.
But assuming one has the bandwidth to begin to understand bitcoin, that’s still no guarantee they will see any value in it if it doesn’t quite scratch their itch. A mere lack of education is easily fixed, but they say it’s hard for a man to learn something if his job depends precisely on him not getting it.
It’s hard to see the benefits of bitcoin if you don’t already see the problems with centrally controlled currency. Not surprisingly people tend to feel safest knowing their dollars are in the bank and insured by the Federal Deposit Insurance Corporation (FDIC). What is interesting is that bitcoin HODLers feel the exact opposite — they view using custodians as more risky than not, and that’s what makes this topic so fascinating. Sure there will still be trusted third parties going forward, but the choice of whether to use custodians wasn’t a choice we had before bitcoin.
The harsh truth is that the people who are most privileged by the financial system are the hardest to convert because they arguably have the most to lose from jumping ship. The persistence of the fiat machine relies heavily on the “Cantillon” class who are incentivized to bring ever more minions under their purview. And what’s a more powerful tool of persuasion than the money printer itself?
This is why we see the most pushback from wealthy bankers and money managers, the likes of Jamie Dimon and Ray Dalio. Not surprisingly, the most fearful rhetoric comes from the upper echelons of central banking. Central banks are supranational entities that have subtly extracted themselves from nearly all oversight and so must express a distaste for anything they don’t have a hand in. They then defend their position as the self-appointed arbiters of financial stability. The sentiments of central bankers toward bitcoin is rather telling of where their interest truly lies. Fortunately, bitcoin doesn’t need the approval of the immovable incumbents; their competitors in rising economies will adopt a bitcoin standard, gradually then suddenly setting off a global fomo. One by one, they come to the light, or they go the way of the dinosaurs. In bitcoin we say everyone gets the price they deserve.
I can understand the conflicts of interest in a business sense. When you have a job to do, what you say at work doesn’t necessarily reflect your personal views. Okay. But I have less sympathy for people that resort to attacking bitcoin because they believe they’re too late to invest (save) and think if they can’t be the boss of it then it shouldn’t exist. This is quite clearly an issue of human ego. Indeed one has to learn to subjugate the ego to appreciate what bitcoin has to offer — which is at the same time freedom and solidarity.
Instead we end up in a situation of fiat nihilism where everyone wants to get in on the ground level of the next bitcoin. The irony is that altcoiners seem to live in a world where bitcoin can be taken for granted. Bitcoiners, on the other hand, are under no such pretense. They’re the ones on the frontlines making sure we succeed in making that world a reality. Altcoiners are only succeeding at bringing about the rise of fiat 2.0 which is anathema to the bitcoin ethos. Be wary of anyone who claims to support bitcoin and in the same breath tries to pitch you on their new token. It’s easy to tell if a bitcoiner has pure intentions because they’re the only ones without ulterior motives.
Critics point to the unyielding optimism of bitcoiners and attribute it to arrogance. This then becomes a block in their mind and they assume if you evangelize for bitcoin that means you are just pumping your own bag. While that’s superficially true, a more accurate observation is that bitcoiners actually practice what they preach. Bitcoiners put their money where their mouth is, not the other way around.
It may sound toxic to hear Bitcoiners say things like, “there is no alternative,” but at the end of the day toxicity is in the eye of the beholder. If your opinion of bitcoin is that it’s toxic, then I would question where you choose to get your news from. We say, “bitcoin fixes everything,” not just to be cheeky but to point out that fiat in so many ways ruins everything, and bitcoin, for once, fixes the fatal flaws in money brought about by central planning. Bitcoin is information, and information seeks to be free. The internet hit a dead end under information dictators and walled gardens, and bitcoin erodes those walls allowing participation by simply plugging into the globally interoperable network.
If you genuinely go down the bitcoin rabbit hole, you find that the only logical conclusion is to go ALL the way down it. In other words you go all in — if not financially, then at least philosophically. You’re not likely to encounter someone who claims to be a bitcoin moderate. You begin to see that bitcoin may just be the only way out of the hole we’ve dug and our best chance at living in a free society.
I believe our job going forward is to live up to the dream of the original cypherpunks by making a habit of the following:
Throughout bitcoin’s history anyone who was firmly down the rabbit hole would have appeared radical in the eyes of no-coiners; just look at Max Keiser. However it’s clear bitcoin has passed a tipping point as its network effect takes hold and feeds on itself. What started as a small group of tinfoil-hat crypto-anarchists has grown to include people from all walks of life who share in the values of hard money, as bitcoin doesn’t discriminate among its users. It is beautiful to witness the people who have been most marginalized by fiat imperialism come to have the most conviction because they see the benefits of sound money in their own lives.
The end goal of course is a globally recognized reserve asset but also to make sure we get there with the least collateral damage. This may mean moving cautiously forward to make sure we do it right. This is difficult for the fiat world to understand where people are happy to get paid today and damned be the long term consequences. However, open-source development tends to be messy and that’s the trade off we make for the sake of decentralization.
Bitcoin wasn’t born out of a vacuum; we have to consider the context in which the seed was planted in order to navigate what lies ahead. Can bitcoin alone achieve the dream of a free and open financial system? What else may be needed, that without it, bitcoin may face substantial headwinds? I think El Salvador may have something to say about this as the birthplace of the first bitcoin bond issued by a sovereign nation. Bitcoin calls on us to rethink everything about finance and economics from securities law to energy infrastructure. El Salvador showed us that we can’t wait to get permission before innovating. At times we have to be disruptive if we want to see change. And things are just heating up.
In the future bitcoin can be said to have been a success if it becomes so entrenched in the global economy that it finally is taken for granted. In some ways that day is already here and that’s something to celebrate. The work ahead lies in improving education and user experience and making sure we don’t go backwards along the evolution of human action.
This is a guest post by Tyler Parks. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.

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Bitcoin Is '100 Times Better Than Gold,' Michael Saylor Says – Here's Why | Bitcoinist.com – Bitcoinist

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Bitcoin and gold are both valuable assets that can be used to protect against inflation; nevertheless, there are important differences between the two in terms of their history, accessibility, and other sources of demand.
Gold, undoubtedly, has a lengthy history and solid basis, while Bitcoin has barely more than a decade of existence to prove its worth as an inflation hedge.
In November of last year, the price of a single BTC soared beyond $65,000, setting a new record high. This increase was related to the introduction of a Bitcoin exchange traded fund in the United States; while others during the year were due to events involving Tesla and Coinbase, respectively.
As of this writing, BTC is trading at $$19,058.84, down 5.5% in the last seven days, data from Coingecko show, Sunday.
Despite the fact that BTC has lost over 73% of its value since its all-time high in 2021, crypto bull and MicroStrategy co-founder and CEO Michael Saylor is unfazed.
Not only does he think the digital coin will regain its former glory, but he also thinks the cryptocurrency has a lot of room to grow beyond its current high point.
While the value of the most popular cryptocurrency in the world has been falling in recent weeks, MicroStrategy has been buying the dip. With 130,000 BTCs in its vault, it is sitting on nearly $4 billion of the crypto.
“I think that the next logical stop for Bitcoin is to replace gold as a non-sovereign store of value asset and gold is a $10 trillion asset as we speak. Bitcoin is digital gold, it’s 100x better than gold,” Saylor said during the Money Festival hosted by MarketWatch on Wednesday.
Bitcoin has a market cap of around $365 billion, according to data by TradingView on Sunday.
And during the festival’s Best New Ideas segment, Saylor didn’t hold back when he predicted the crypto’s price tag may reach $500,000 within the next decade.
“The half-life of money in crypto is forever. You can move it on billions of computers at the speed of light. So if Bitcoin goes to the value of the yellow metal, it’s going to $500,000 per coin, and I think that happens this decade,” Saylor pointed out.
According to MarketWatch, Saylor has around 17,732 Bitcoins that he purchased for around $9,500. Meanwhile, MicroStrategy’s stock price has fallen almost 65% this year, just like Bitcoin.

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Freelance writing is Jet’s other cup of tea. When not on his computer, he unwinds with a cold bottle of beer and laughs with his son over cartoons. Other than that, he’s just like everybody else who wants to be happy with their life.
Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.
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Cryptocurrency prices today under pressure: Bitcoin falls 3%, ether 6%; Uniswap gains | Mint – Mint

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  • The global cryptocurrency market cap today remained below the $1 trillion mark

Cryptocurrency prices today came under pressure after the US Federal Reserve delivered another big interest-rate hike and warned of economic pain from the aggressive policy tightening still to come. The Fed’s determination to raise rates to levels that hammer inflation at the cost of sliding asset prices sent a chill across global markets.
Bitcoin, the world’s largest and most popular cryptocurrency, was trading more than 2% lower at $18,627, came close to dropping below $18,000 level. The global crypto market cap today remained below the $1 trillion mark, as it was down over 2% in the last 24 hours at $943 billion, as per CoinGecko. On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, continued to underperform and fell more than 6% at $1,260.
“Bitcoin, Ethereum, and most cryptocurrencies traded lower on late Wednesday after the Federal Reserve raised interest rates by 75 basis points marking the third consecutive time this year. BTC continues to struggle below the $19,000 since bears are more powerful than bulls in the market. The second largest crypto, Ethereum was seen changing hands above the $1,200 level. The price of ETH has been dipping since the Merge took place as miners continued to dump their ETH in the market coupled with macroeconomic factors. If the selling pressure from miners increases, ETH is likely to fall below the $1,000 level,” said Edul Patel, CEO and Co-founder of Mudrex.
Meanwhile, dogecoin price today was also trading about 3% lower at $0.05 whereas Shiba Inu slipped more than a per cent to $0.000011. Other crypto prices’ today performance also declined as XRP, Stellar, Solana, Polygon, Avalanche, Binance USD, Polkadot, Litecoin, Apecoin, Cardano, Chainlink, Tron, Tether prices were trading with cuts over the last 24 hours, whereas Uniswap gained.
Such a backdrop offers little respite for crypto markets. They were already reeling from a $2 trillion plunge from a 2021 record high, an unraveling pockmarked with blowups such as the Three Arrows Capital hedge fund and the Terraform Labs project — whose co-founder Do Kwon is wanted by authorities.
(With inputs from agencies)
 
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Bitcoin's Accumulated Momentum Is Going To Be Hard To Stop – Bitcoin Magazine

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While "the smartest people in the room" scan the horizon, bitcoiners are out there actually building the future they want to live in.
The below is a direct excerpt of Marty's Bent Issue #1259: "Bitcoin is action. The accumulated momentum is going to be hard to stop." Sign up for the newsletter here.
This morning I listened to a recent Macro Voices podcast with Brent Johnson from Santiago Capital. It was a very good conversation about the state of the global economy, particularly focused on the dollar's relative strength against other currencies and how things may play out as the dollar continues to strengthen as prophesied by the "Dollar Milkshake" theory. Here's a link to the episode for those interested.
Toward the end of their discussion Erik (the host) and Brent make it clear without saying anything explicitly that it is insane that global markets are essentially beholden to the whims of a very select few people, central bankers, out of the billions who are alive on this planet. The fact that the world hinges on the cryptic language of people who are completely disconnected from reality and do not suffer the consequences of their actions is a bit baffling. With that being said, what I'd like to focus on is the fact the Erik and Brent ended their conversation with a brief detour to discuss the next world reserve currency. Both gentlemen acknowledged that it would likely be a cryptocurrency – likely produced by one of the governments or a coalition of governments – and will certainly not be bitcoin.
To your Uncle Marty, this is an incredibly hilarious line of thinking from a couple of individuals who seem to "get it" in regards to the fact that the fiat system is doomed for failure and it's failure is being driven by incompetent central planners. To think that the solution to bad central planning from an incompetent group will be better central planning from the same group via a fresh slate a CBDC or something like it would provide. Even funnier is the fact that they emphatically proclaim that bitcoin most certainly will not become the dominant money in the world while deriding "bitcoin maximalists". This is our edge, freaks.
While "the smartest people in the room" scan the horizon waiting to place their bets on something that hasn't materialized yet and is sure to end in failure if it ever does because it will suffer from the same centralized attributes that doomed the dollar, bitcoiners are out there actually building the future they want to live in. The macro mensches of the world can continue to sit on the sideline and pontificate about what they think will come to market. Bitcoiners will continue to act and bring their distributed, censorship resistant, sound money to market. And the headstart bitcoin has amassed is approaching insurmountable. It is a step-function improvement on the incumbent monetary system in every way.
It's provably scarce and extremely hard to change.
You can send it over the internet.
You can divide more granularly.
It is extremely hard to prevent someone from receiving or sending bitcoin if used correctly.
And, what might be the most underappreciated aspect, it is beginning to become an integral part of the energy sector. And as we're finding out now energy is pretty damn important. Arguably the most important asset on the planet. Bitcoin becoming an essential for energy producers makes it significantly harder to kill from a logistical and political perspective.
We are so early.

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