Jakk Goodday on Nostr: Bitcoin is Dead (Written on June 20, 2022) ...
Bitcoin is Dead (Written on June 20, 2022)
"Dad...is #Bitcoin dead?"
"What do you mean by 'dead,' son?"
"Well... the price has dropped by more than 70%, Dad."
"But I see the hash rate increasing. Plus, the Lightning Network already has a capacity of over 4,000 BTC. It's growing!"
(This was the data at the time of writing. Back then, the hash rate wasn't even 200 EH/s. Now it's over 800 EH/s. There are also about 17,500+ Lightning nodes with a capacity of over 5,300+ BTC. And there's even a Bitcoin City starting in Thailand, in Huai Pueng District.)
"Wait a minute, Dad... are we talking about the same thing? I've never even heard of this 'hash rate' or 'Lightning' thing."
"Yes... we seem to be talking about different things. You're talking about 'death' because of the sharp drop in price. But I see it growing stronger from the distribution of nodes, mining power, and network growth.
From my perspective, it's not even close to being dead. In fact, it has grown a lot."
"I think... it's not wrong for me to care about the price. We invest, we shouldn't lose money, right?"
"You're not wrong. You invest in Bitcoin hoping to get more baht. When it doesn't increase, but instead decreases a lot, you're disappointed and see it as a failed investment.
But me... I invest in a network that I believe in, that it will be strong, continue to grow, and be sustainable in the long term.
It won't die. Its value will increase over time. If you look at it this way, I haven't failed yet."
"But to believe in what you say while our investment shrinks... isn't that like taking our money and risking it on a belief that no one values?"
"It's risky, for sure, if you buy at a high price. But I didn't buy at 50,000 or 60,000 like you. I've been dollar-cost averaging for years.
I buy more every time the price drops sharply. I think I'm still making a good profit, even if the price drops to 8,000 dollars."
"Oh... that's not fair, Dad. You bought earlier, so you have an advantage. What about people who come later like me?
Do I have to risk buying at these high prices, so long after you?"
"Your uncle bought 4 years before me. He used to complain to me the same way.
Your grandfather bought gold and land 40 years ago. It wasn't at today's prices...
What's the point of complaining or lamenting their advantage, the risk they took before us, which was much greater?"
"The important thing is... we ended up buying at a high price in that time cycle, right?"
"In the past, Bitcoin could drop by more than 80% in every cycle. There was always an opportunity for us to buy it cheap, but most people didn't buy it then.
...You're probably one of those who felt more comfortable buying during an uptrend, when there was good news all over the market, when everyone was cheering, right?"
"Well... it's not scary when it's positive like that. Who would dare buy now? There are negative factors everywhere. I don't see any good news at all.
Recently, someone even said it's a conspiracy theory. They said Bitcoin will never be accepted by major governments."
"Those who think that way just haven't accumulated at this price. Those who don't believe just didn't buy Bitcoin when it was cheap. Those who hate or dislike it, well, 5 or 10 years from now, they just won't have any Bitcoin.
That's all. Do we really need to care?"
"Besides, these days, if I want to send Bitcoin, or if someone wants to pay with Bitcoin to buy something, we don't need to ask anyone's permission.
I understand those people, I really do. Because I used to be like that. I just didn't understand Bitcoin well enough."
"Ah... okay, okay. I don't want to argue anymore. But shouldn't we wait for the price to stabilize first?
Do we need to rush to buy now?"
"You're asking someone who doesn't care about the price and just focuses on silly DCA. You won't get an answer from me.
If you want to be sure, if you want the bottom price, go study charts, make a trading plan, manage your money, manage your risks.
I have a headache, I'm too lazy to think about it. I need to spend my time working to earn money to buy more Bitcoin."
"Geez... Dad, is that really an answer?"
"Seriously, Dad, aren't you afraid of this downturn?
I think there's no support. I don't know how deep it can go. The economy is bad, there's inflation, it looks like it's going to get worse. Bitcoin has never experienced this kind of period before."
"Yes... I know that risk exists. No one knows how deep Bitcoin can fall this time.
But what I do know for sure is that no one has found a way to destroy the Bitcoin system yet. No one has the power to change its code.
It will continue to be produced, and there will always be a limit of 21 million coins. And in two years, there will be a halving."
"Ugh... everyone knows that,
Dad. How much longer are you going to keep saying that?"
"Everyone knows it... but how many people really understand its importance?
Let me tell you something. Every time there's an economic crisis, there's a shift of money to reduce risk or switch to investing in other assets. Money is pulled out of all markets. Some people lack liquidity and need money urgently. Some people get margin calls, etc. All assets go down."
"But the price drop won't change the scarcity that Bitcoin has. And scarce things always have value in themselves over time, especially when they can't be destroyed or broken."
"It's scarce, so what, Dad? You keep saying that."
"It's nothing, kid... You'll understand when you can't buy it, when it's hard to find, or when you can find it but they sell it to you at a high price. Which hasn't happened yet."
"That's delusional, Dad. Right now, they're selling it off like it's rotten."
"Bring on the selling... I like it. I don't have much money anyway, so I can buy more at a time."
"So, I need to rethink your answers, change my mind, and care less about the price, right? It would be better, wouldn't it? So I don't have to stress about the price right now."
"It's your money, you have to decide for yourself. Don't believe it just because I said it. Go find knowledge yourself. Go prove it yourself. Invest however much you can take the risk for.
Don't blame anyone or make excuses."
"Okay, okay, Dad. So this time I came here just to get lectured?
I didn't get anything useful at all."
"The point is hidden between the lines."
#plebchain #siamstr
"Dad...is #Bitcoin dead?"
"What do you mean by 'dead,' son?"
"Well... the price has dropped by more than 70%, Dad."
"But I see the hash rate increasing. Plus, the Lightning Network already has a capacity of over 4,000 BTC. It's growing!"
(This was the data at the time of writing. Back then, the hash rate wasn't even 200 EH/s. Now it's over 800 EH/s. There are also about 17,500+ Lightning nodes with a capacity of over 5,300+ BTC. And there's even a Bitcoin City starting in Thailand, in Huai Pueng District.)
"Wait a minute, Dad... are we talking about the same thing? I've never even heard of this 'hash rate' or 'Lightning' thing."
"Yes... we seem to be talking about different things. You're talking about 'death' because of the sharp drop in price. But I see it growing stronger from the distribution of nodes, mining power, and network growth.
From my perspective, it's not even close to being dead. In fact, it has grown a lot."
"I think... it's not wrong for me to care about the price. We invest, we shouldn't lose money, right?"
"You're not wrong. You invest in Bitcoin hoping to get more baht. When it doesn't increase, but instead decreases a lot, you're disappointed and see it as a failed investment.
But me... I invest in a network that I believe in, that it will be strong, continue to grow, and be sustainable in the long term.
It won't die. Its value will increase over time. If you look at it this way, I haven't failed yet."
"But to believe in what you say while our investment shrinks... isn't that like taking our money and risking it on a belief that no one values?"
"It's risky, for sure, if you buy at a high price. But I didn't buy at 50,000 or 60,000 like you. I've been dollar-cost averaging for years.
I buy more every time the price drops sharply. I think I'm still making a good profit, even if the price drops to 8,000 dollars."
"Oh... that's not fair, Dad. You bought earlier, so you have an advantage. What about people who come later like me?
Do I have to risk buying at these high prices, so long after you?"
"Your uncle bought 4 years before me. He used to complain to me the same way.
Your grandfather bought gold and land 40 years ago. It wasn't at today's prices...
What's the point of complaining or lamenting their advantage, the risk they took before us, which was much greater?"
"The important thing is... we ended up buying at a high price in that time cycle, right?"
"In the past, Bitcoin could drop by more than 80% in every cycle. There was always an opportunity for us to buy it cheap, but most people didn't buy it then.
...You're probably one of those who felt more comfortable buying during an uptrend, when there was good news all over the market, when everyone was cheering, right?"
"Well... it's not scary when it's positive like that. Who would dare buy now? There are negative factors everywhere. I don't see any good news at all.
Recently, someone even said it's a conspiracy theory. They said Bitcoin will never be accepted by major governments."
"Those who think that way just haven't accumulated at this price. Those who don't believe just didn't buy Bitcoin when it was cheap. Those who hate or dislike it, well, 5 or 10 years from now, they just won't have any Bitcoin.
That's all. Do we really need to care?"
"Besides, these days, if I want to send Bitcoin, or if someone wants to pay with Bitcoin to buy something, we don't need to ask anyone's permission.
I understand those people, I really do. Because I used to be like that. I just didn't understand Bitcoin well enough."
"Ah... okay, okay. I don't want to argue anymore. But shouldn't we wait for the price to stabilize first?
Do we need to rush to buy now?"
"You're asking someone who doesn't care about the price and just focuses on silly DCA. You won't get an answer from me.
If you want to be sure, if you want the bottom price, go study charts, make a trading plan, manage your money, manage your risks.
I have a headache, I'm too lazy to think about it. I need to spend my time working to earn money to buy more Bitcoin."
"Geez... Dad, is that really an answer?"
"Seriously, Dad, aren't you afraid of this downturn?
I think there's no support. I don't know how deep it can go. The economy is bad, there's inflation, it looks like it's going to get worse. Bitcoin has never experienced this kind of period before."
"Yes... I know that risk exists. No one knows how deep Bitcoin can fall this time.
But what I do know for sure is that no one has found a way to destroy the Bitcoin system yet. No one has the power to change its code.
It will continue to be produced, and there will always be a limit of 21 million coins. And in two years, there will be a halving."
"Ugh... everyone knows that,
Dad. How much longer are you going to keep saying that?"
"Everyone knows it... but how many people really understand its importance?
Let me tell you something. Every time there's an economic crisis, there's a shift of money to reduce risk or switch to investing in other assets. Money is pulled out of all markets. Some people lack liquidity and need money urgently. Some people get margin calls, etc. All assets go down."
"But the price drop won't change the scarcity that Bitcoin has. And scarce things always have value in themselves over time, especially when they can't be destroyed or broken."
"It's scarce, so what, Dad? You keep saying that."
"It's nothing, kid... You'll understand when you can't buy it, when it's hard to find, or when you can find it but they sell it to you at a high price. Which hasn't happened yet."
"That's delusional, Dad. Right now, they're selling it off like it's rotten."
"Bring on the selling... I like it. I don't have much money anyway, so I can buy more at a time."
"So, I need to rethink your answers, change my mind, and care less about the price, right? It would be better, wouldn't it? So I don't have to stress about the price right now."
"It's your money, you have to decide for yourself. Don't believe it just because I said it. Go find knowledge yourself. Go prove it yourself. Invest however much you can take the risk for.
Don't blame anyone or make excuses."
"Okay, okay, Dad. So this time I came here just to get lectured?
I didn't get anything useful at all."
"The point is hidden between the lines."
#plebchain #siamstr