Falling down the rabbit hole that is bitcoin reminds me of my adolescent years navigating the various pitfalls that come with transitioning from a moronic child to a moronic man-child. Making your way through high school and university is an awkward phase in any young humans life, and so too is navigating your way through bitcoin.
You’ll be faced with challenges, temptation, misinformation, the madness of crowds, the yearning to be accepted and conform and all the while crafting your own path through every decision you make.
Regardless of your motivations for getting into Bitcoin,
- Be it to get rich,
- Make a little money on the side
- Store your value “offshore.”
- Hedge against inflation and government shitfuckery
- Exit a failing currency
- Save for the future
You will have to face up to the wider cryptocurrency world eventually to walk your own path to becoming a bitcoiner. Sheltering new-coiners from shitcoins is not the answer, a few may listen, but the vast majority have to walk the path of the shitcoiner to understand; I know I have and received my rekt t-shirt to prove it.
Facing the forces of ev-shill
When you choose to play in an unregulated market, you choose to step into the world west. There is no central body that dictates or enforces what messaging can be pushed out on social media and the various forms of content marketing. Instead of relying on a regulated entity to filter out what you should know and what you don’t need to know, you are responsible for it.
This will come as a shock to you, but many people are actively lying to you, especially when there is a monetary incentive involved.
It costs nothing to lie.
It costs very little to come up with a story and push it out into the world, and if people pay you for making up stories, why would you quit?
Since there is no absolute truth in the space apart from the transactions committed to the bitcoin blockchain, you should take anything said online or on mainstream media with the heaviest pinch of salt. It doesn’t matter the source of information, economists, technologists, investors, coders, venture capital, media publications, online personalities and even your family members. They all have an agenda, be that malicious or driven by ignorance and naivety.
We will all have our beliefs challenged and principles tested by the sheer brute force attack of the shill army of various shitcoins.
Why shitcoiners want your bitcoin
Many of them preach their coin to high heavens, but the sinister fact is they’re trying to lure you into buying their coin so that they can escape the roach motel that is their shitcoin. They’ll promise you insane gains; they’ll promise you improved tech; they’ll promise you their firstborn as long as you convert your bitcoin or fiat into their shitcoin.
If you’ve given them a stablecoin, fiat or another shitcoin they then convert the proceeds into bitcoin, or if you traded directly for Bitcoin, they’ll gladly take that off your hands too.
Shitcoining is a game of musical chairs designed to test your resolve, you have the superior asset, so everyone will be out to get the most coveted store of value in the market.
Since you cannot acquire bitcoin without either:
Shitcoining becomes the wealth without work alternative to acquiring bitcoin. It’s easy enough to spin up a shitcoin on any of these “smart” chains, its as easy as copy and paste, and then all you have to do is punt your coin to high heaven and encourage people to part with their fiat or bitcoin, which they then turn around and use to stack sats.
Ask any shitcoiner if they’re 100% in that shitcoin they keep shilling; I am pretty sure they won’t be! How is that for confidence in your product?
- Surely if it’s so superior to bitcoin, why do you hold it or a sizable portion of your wealth in it?
- Why aren’t you all in on the “future of insert random useless application for blockchain”?
Probably because you know it’s a lie, and you’re trying to bait and switch for bitcoin.
How shill-fluencers drive shill-liquidity
Shill-fluencers are those “investors” with some social media clout or a hefty social media budget; they use this reach to pepper various platforms with their propaganda to try and pick off the weak hands and the early-stage bitcoiners.
How the process works is it’s either one of a combination of:
- Venture capital fund
- Project insiders
- Social media influencer
- Digital marketing agency
These entities are gifted a certain amount of the token supply before the public; they can provide liquidity to the various exchanges and set the initial price and sell wall.
They’ll enlist some exchanges or market markers to do some wash trading for a fee to try and showcase some trades and trade volume for their token to add to the legitimacy of the digital asset.
Then once the market price is established, they can start to bleed out their allocation.
You see, these token allocations are substantial, and because volumes aren’t high enough, selling all of it would tank the price of the token as they saturate the market. They are effectively stuck in a roach motel of liquidity they cannot check out and need to find new suckers who take their spots.
So instead of trying to trade their market while they sell, they spend some of this on PR, various announcements and promises, suckering in an audience of money-hungry shitcoin gamblers willing to say anything to skim a profit.
They effectively shill new participants into their trading pair and create liquidity through the hyping of the token.
Keep your enemies close but your bitcoin closer.
Being a bitcoiner was NEVER going to be easy; taking control and responsibility for your money is always going to be a painful lesson to learn. There is no shame in falling for a shitcoin pitch; at this point, it’s almost a right of passage, a battle scar you can wear on your sleeve to remind yourself never to shitcoin, and to vow never to be that person again.
The powers of shill will be strong, but as you learn to HODL and build your low-time preference, their powers of persuasion will wane, and you’ll see them for the frauds they have always been.