I’ve been a Bitcoiner since 2015, and these last few years have been an eye-opening experience for me. Bitcoin takes you on a journey that involves technology, economics, human behaviour, and so much more. Reading and listing to podcasts is a great way to absorb information.
However, my best lessons in Bitcoin has always been through my personal experiences. Getting hacked taught me the importance of self custody, trading shitcoins taught me the importance of research and verifying instead of trusting.
Hodling has taught me the benefits of having a low time preference, and I am sure there are plenty more lessons I still need to learn.
I learned the hard way, and it’s been one hell of a humbling experience. When you live under a hard money standard, you are exposed to the sheer brutality of an ultra capitalistic market—a world where even the slightest miscalculation can cost you big time.
I’ve yet to classify this one as a miscalculation, but it sure was an interesting experience that I thought I would share. My latest lesson came during our latest bull market all-time high breaking the $65k mark.
Naturally, I am excited, holding for six years, seeing another all-time high is vindication for me. The decisions I made have been rewarded, so why shouldn’t I celebrate them?
So you posted a few status updates about it, and while some of the feedback was positive. Messages coming in from those wanting to learn, asking newbie questions and trying to make sense of it. There was a certain subset that was generally hostile to something they’ve chosen to ignore.
It’s not as if I make a secret of the fact that I am a Bitcoiner; I was shouting about it when it ran down to $3000 in the bear market after the 2017 run, the same way I do today. The only thing that changed was the price, yet suddenly it’s a problematic topic for people.
Those responses got me thinking deeper about why some people felt the need to react like that rather than ignore me as they would do on any other day.
The growing pains of hyperbitcoinisation.
Bitcoin continues to monetise as more people voluntary onboard themselves onto the network. In a world where people are conditioned to listen to what their government, boss, parents, peer group and family have to say, many refuse to opt-in or ignore Bitcoin. That is your right; if you don’t need Bitcoin and you feel you’re doing well in fiat, by all means, more power to you.
That’s a luxury I can scarce afford, so I champion Bitcoin, and while I may act like a cheerleader, I am also there to share my learnings and experience with others. Seeing someone you now lay the path and set the example does make the course to Bitcoin more relatable, or so I tell myself so I can justify my shitposting and meme’ing as valuable.
Since Bitcoin is a completely voluntary system and you can choose to participate, you also choose to exclude yourself from any benefits derivated from storing your wealth in the network.
This is a bitter pill to swallow, and since people have a tough time taking personal responsibility, they look to lash out and blame external factors. They made a poor economic decision and rightly got punished for having a high time preference, and you are a reminder of that poor decisions.
Those paper losses trigger feelings of regret, anxiety and jealousy, and those feelings will be weaponised. They will either attack Bitcoin, which is fine; Bitcoin doesn’t give a shit, so have at it. Alternatively, they can choose to go for a softer target, you! To see if they can get a rise out of you.
Bitcoiners are the new Cassandra’s but also the new cantillonaires.
Bitcoiners have made NO secret of their distaste for the fiat system and have been warning about its apparent failures for years. Our advice has fallen on deaf ears but can only be ignored for so long. Bitcoin is an open monetary scorecard of the state of international economic policy, and reality is starting to smack many people in the face.
Bitcoiners have weaponised the thing they hate the most, the Cantillon effect. As new monetary units are printed, they are looking for a home and the only asset class that can absorb it is Bitcoin. We are becoming those cantillonaires as we benefit from inflation.
So why would we think that our increased wealth wouldn’t be met with the same hospitality as the fiat billionaires and millionaires from the traditional finance and business world?
I’ve been told to shut the fuck up about Bitcoin; it doesn’t matter that I am going to die anyway, so my Bitcoin is useless. Lashing out at me, with baseless claims hoping something will stick. I have had to endure a cytokine storm of insults, most of them being rather comical.
It doesn’t mean I discount the hostility by any means; it’s a sign of pure ignorance. Fiat junkies and fiat maxi’s refuse to understand the games played with their prefered store of value and now think that we’re lucky. That we just fell into Bitcoin, made one good trade, and now we’re rich.
Since the fiat mind doesn’t understand the difficulty and commitment involved in hodling, they discount the returns we receive for our behaviour.
Look, I get it; I was there too; I also had the fiat mindset. I know the morass you find yourself in as you run faster and faster to stay in the same place. It’s painful, it’s soul-destroying, but you have the same chance I did.
I am not going to cry you a river or show you any sympathy.
The great filtering.
Sadly many of us will have to draw the line somewhere, regardless of the ties and history we’ve had with some people. Bitcoiners know how much they are worth both monetarily and personally as a Bitcoiner, you’re not going to tolerate anything less than your worth.
Hodling Bitcoin isn’t easy; it’s hard work and takes daily dedication to resist temptation, to maintain a lower time preference and to improve yourself as a capital allocator. Nocoiners cannot see that daily work; they cannot see the mental fortitude involved in reprogramming yourself.
Bitcoin changes you and makes you more capitalistic in a sense. You evaluate everything from a time and resource aspect. If something is not worth your time or doesn’t bring you joy or add value to your life, it can and will get cut; this includes certain friends, family and colleagues.
When you have fuck you money, cohesion doesn’t work on you, and these fiat tactics seem rather silly. That doesn’t mean people aren’t going to employ these tactics on you for some or other reason.
Bitcoin is non-voilent protest.
To quote the OG of non-violent protest:
First, they ignore you; then they laugh at you, then they fight you, then you win. Mahatma Gandhi
The time to be ignored and laughed at is at an end. Naturally, it’s going to progress to the conflict stage. As a Bitcoiner, you have to be vigilant; some may have to deal with mild microaggressions while others may deal with more sinister attacks. I know this is not something we want to think about, but that’s the nature of the reality we find ourselves in today. Some people will feel above proof of work and will want to infringe on your property rights.
You should be prepared for any form of aggression on yourself or your property, especially with the kind of wealth you will be building with Bitcoin.
I am not going to protest; I am not going to justify my decisions; I will ignore you and keep stacking like a rational economic actor. My protest, opinions and economic value are all locked on the timechain, and nothing can change that.
I am not here to judge others lives or their economic decisions; Bitcoin will do that for you. We all have our own lives to live, but if you have a problem with me and my Bitcoin.
You can fuck right off and #HFSP.