《Hoarding Bitcoin》 Chapter 1: Bitcoin and Idealism

• “Bitcoin is the first time in human history that the sanctity of private property has been realized through technological means.”
• The moment I truly understood the Bitcoin white paper, I was filled with indescribable feelings of astonishment, excitement, and regret. I was amazed at Satoshi Nakamoto’s ingenious design, excited about the massive social changes that Bitcoin was about to trigger, and regretful that I hadn’t read the white paper the first time I heard about it.
• I am an idealist, and my initial intention was to participate in this unprecedented social experiment. However, I cannot deny that the skyrocketing price of Bitcoin was the main driving force that led me to read the white paper.
• Unexpectedly, participating in this social experiment also changed my cognition, and my human nature was greatly tested. Human nature is fragile and often cannot withstand tests. For a while, I doubted myself because I was caught in a huge contradiction.
• I was hoarding Bitcoin almost crazily. Was it because of idealism or greed? I couldn’t tell anymore. On the one hand, I still adhered to my ideals. Perhaps the experiment would ultimately fail, but I had no regrets. On the other hand, I was so convinced that it would succeed that the more I hoarded, the faster I would achieve financial freedom. I couldn’t control my impulse to hoard coins.
• In the end, I had to set a hard rule for myself - not to sell coins. Not selling coins means that I can’t make fiat money, which means that my investment coexists with this experiment.
• However, I still couldn’t control my impulse to hoard coins. I could only comfort myself by thinking that I was Satoshi Nakamoto, Bitcoin was my child, and I needed to keep investing to help it grow.
• In the field of investment and finance, idealists cannot survive. For example, there is a classic quote from teacher Li(a Bitcoin influencer in China) in his classic recording:
• “Fuck, you talk about value investing all day, then fuck, let me give you an example, I curse traditional Chinese medicine every day, traditional Chinese medicine is stupid, but I really bought the stock of a traditional Chinese medicine company. Why? The reason is simple, I know that fools believe, there are many fools, and then I know that if I don’t buy, others will buy, why shouldn’t I make this money? In business terms. In the end, nothing is more winner-takes-all than the world of finance.”
• The words are crude but the logic is not. How can idealists succeed in the field of investment and finance?
• Look, I don’t think highly of traditional Chinese medicine, I would never buy stocks in traditional Chinese medicine; I hate child abuse incidents in certain kindergartens, I would never bottom out their stocks; I despise fork coins and air coins, even if I know the probability of making money is high, I would never speculate.
• Sometimes I wonder, why am I so stupid, why am I so stubborn? I don’t know.
• Fortunately, I have Bitcoin. I have to admire Bitcoin, it actually treats idealists so well. Some time ago, Teacher Li’s fund was cashed out, but the 5-year return rate was only more than 40 times, which was not as high as my silly hoarding idealist. It’s so ironic to think about it.
• This shows that even if you are as awesome as Teacher Li, with countless fans, cut BTS and EOS with BM God, stood for countless coins, tossed and turned, claimed to be very busy, seven years is a lifetime, excitedly working every day, arguing with collaborators for interests. In the end, the return still did not outrun Bitcoin.
• However, if you think that idealists can definitely be very moist, then you are wrong again.
• The fact is, many idealists have not held on until now. After staying for a while, they completely failed to see any ideals in other people in the circle. All they saw was greed, their eyes were green, and they were extremely disappointed and chose to quit. It’s a pity.
• Those who can persist until now may be able to distinguish who they are disappointed with. Is it disappointed with the people in the coin circle? Or is it disappointed with Bitcoin itself?
• Many people will count all the bad things done by the people in the coin circle on Bitcoin, such as VV sauce. Of course, this is wrong. We can’t count all the bad things done by murderers on guns, nor can we therefore believe that guns are not technological innovations.
• Bitcoin is an amplifier of human nature, scams you can think of, scams you can’t think of, will happen here, and they are endless. What’s even more annoying is that scammers can scam a second time after scamming once. Sometimes it’s helpless to think about it.
• But no matter what, I am still sticking to the original ideal. And the longer I hold Bitcoin, the more optimistic I become, and I am convinced that Bitcoin can succeed. I hope everyone can stick to it.
• The more chaotic the circle is, the more it shows that the Bitcoin system has strong resistance to shocks. Some people spare no effort to blacken Bitcoin and suppress Bitcoin; some people spare no effort to deceive people, cut leeks and make the circle smoky; some people spare no effort to control Bitcoin, but the wicked have their own grind. However, Bitcoin just develops on its own, develops at a high speed, accelerates its development, and is not affected at all.
• More and more people will join us, and the trend is unstoppable.
• If you are an idealist like me, then I have a few experiences to share.
• First, don’t get too excited.
• Don’t brag about Bitcoin to everyone, don’t bring up Bitcoin in any topic, there’s no need to make yourself a neurotic, and there’s no need to act like a pyramid scheme member. Moreover, the more excited people are at the beginning, the worse their endurance. There are really many precedents for this.
• Take some time to quietly study some economics and cryptography courses. Online courses are actually very convenient. It takes time to deeply understand Bitcoin. It requires both theoretical guidance and your own practice. But in any case, it is much more reliable than pseudoscience popularization and coin speculation strategies.
• To tell the truth, my excitement is no less than anyone else’s, and I am very persistent. After many years, I am still very excited. Perhaps in between the lines, you can also feel my excitement. But apart from writing articles, I don’t talk about Bitcoin in my daily life.
• Second, don’t ask where the bottom is.
• Imagine, several years later, you have turned from a newcomer to an old man, and a newcomer sends you a private message, asking where the bottom is? How would you answer?
• For something that has no upper limit, there is no need to always worry about where the bottom is. Although you came late, you don’t need to be annoyed. Coming late is bad luck.
• Only those who are lucky and don’t seize the opportunity should be annoyed. Do you know? Many people have been here for several years, but they still don’t have coins in their hands. From 8000 yuan to 900 yuan, they are worrying about where the bottom is. From 900 yuan to 130,000 yuan, they are still worrying about where the bottom is. From 130,000 yuan to 40,000 yuan, they are still worrying about where the bottom is. You should be glad that they are always worrying.
• I bought coins for 5000 yuan, I bought coins for 1000 yuan, I bought coins for 130,000 yuan, and I am still buying coins for 40,000 yuan. I only care about the beautiful scenery at the end.
• If you really want to hold coins at a low cost, guessing the bottom is not as good as regular investment. From 8000 yuan to 900 yuan, the average cost is about 2000 yuan, although it is twice the lowest point, but it is only a quarter of the highest point, it should be acceptable.
• Third, don’t forget your original intention and be patient.
• Don’t knowingly go and speculate on fork coins and air coins that have no future; don’t cheat, even if you can make money that way; don’t endlessly argue, we don’t need to argue, time will prove the greatness of Bitcoin.
• Along the way, I feel that many people have changed their taste. Those who are near Zhu are red, and those who are near ink are black. It’s hard to stay clean in a big dye vat. Outsiders can clearly see the bad things, but insiders always weave various reasons to numb themselves.
• Think back from time to time, why did you come here in the first place. Try to find a balance between idealism and greed, and make a rational profit.
• The road is long and the horse is strong, and the day is long and the heart is seen. I look forward to seeing you here 4 years later, 8 years later, 12 years later, N years later. At that time, you have withstood the test of human nature and achieved financial freedom. We are old friends who have never met. Maybe we can’t drink together, we can’t skewer together, but our hearts are connected, and we can feel close across the network, just because we are all Satoshi Nakamoto.