I became a Bitcoin maximalist 6 months ago. I started buying it at $30k and kept buying it till $62k when I ran out of all my savings. I am a HODLer. I have spent a lot of time reading and understanding bitcoin. I have also spent time reading the arguments for and against it. And I feel like very few people, if any, truly understand what Bitcoin is and how it works. Following are my thoughts and honest opinions on some of the most common questions and arguments I come across online. I don't claim to be an expert, so read it with a huge grain of salt.
- Is this a bull or a bear market?
Don't know, and don't care. Bitcoin is not for trading. It is for holding.
- Can bitcoin actually fail and some other crypto become more more successful?
Maybe. It is certainly not outside the realm of possibility.
- So why HODL?
Because I believe that it will not fail. Part of this belief is pure conviction, but majority of it is based on the timeline and on the tech, as well as human psychology. Believe it or not, a big reason bitcoin is unlikely to fail is because HODLers refuse to sell. Ever.
- Is there anything that can convince HODLers like me to sell?
Aside from critical financial emergency, no.
- Do you know you are batshit crazy?
Yes.
- Are you not worried about losing all your savings?
No. I truly believe that bitcoin will not fail, so I am not worried.
- Do you realize you might be part of a cult?
Yes.
- Aren't you worried you've been brainwashed?
No. My conviction stems from the effort I put into understanding Bitcoin and to an extent, modern economy. It made sense. I couldn't make it not make sense. And so I was convinced this is the right decision.
- Are you sure you won't regret this decision?
No, I might regret it. But I'm ok with that possibility. If there is any huge risk I am comfortable with taking, it is this. Nothing else has ever made more sense to me.
- Are you a libertarian or a conservative?
No. I'm a liberal.
- Then don't you care about the environmental impact?
I do. But I believe the energy consumption is worth it. And I think this will become more evident as adoption increases. We don't question the energy consumption of banks precisely because way more people have bought into it. But the underlying infrastructure takes the same effort regardless of how many people adopt it.
- Do you think everyone will use bitcoin at some point?
No. Bitcoin is not user-friendly. It is not intuitive.
- Aside from money, what other reason do you have to put so much time and faith into this technology?
Because I can see that if it succeeds, Bitcoin will drive us into the next phase of technological progress. You cannot put a price on the value of truth, and bitcoin enables you to transact with your fraction of truth as money.
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