Is anyone worried they're consuming too much hopium? \ stacker news ~bitcoin

Is anyone worried they're consuming too much hopium?

2450 sats \ 24 comments \ @Danny_stacks_sats 1 Nov 2023 bitcoin

Would love it if some fellow stackers can help bring me down to earth. Everyone on Twitter is making we want to ape everything into Bitcoin all at once.

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1353 sats \ 2 replies \ @nerd2ninja 1 Nov 2023

If you feel all excited now, just think of how you'd feel if the price went down by $10,000

Its still Bitcoin. Its still working, the price has gone down before. Its gone down from $69,420 to $15,000 before, but why after all that FOMO do you feel like the world has ended over $10,000?

Dollar cost average brother. It'll keep you sane

20 sats \ 1 reply \ @JesseJames 1 Nov 2023

^^^ What he said.... stackem and don't worry about anything, look back at your wallet in 5 years and you will have 0 worries...That's "almost" a guarantee. Long-term preference and you will be fine

10 sats \ 0 replies \ @nemo 1 Nov 2023

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646 sats \ 0 replies \ @ek 1 Nov 2023

Yes. My counter to that is to read stuff that apparently is unrelated to bitcoin and find the connections to bitcoin myself.

For example, when reading about the history of the internet (open protocols > proprietary standards) and the history of money (what is money?), bitcoin might never be mentioned but you start to see the path to bitcoin.

609 sats \ 2 replies \ @kepford 1 Nov 2023

SN is so much better than Bitcoin Twitter. Learn as much as you can about Bitcoin here. Hopium is no good but Bitcoin is hope.

If you ask me, the true hopim is believing what the state says. Believing what the lying politicians say. Being a fool. Dont be fooled.

31 sats \ 1 reply \ @brandonsbytes 1 Nov 2023

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31 sats \ 0 replies \ @kepford 1 Nov 2023

Here's the deal. Bitcoin is valuable because of its utility, scarcity, and security. Its NOT valuable because of the market price. The market price is simply a refection of what people think/believe. Over time market prices become more stable and accurate as people gain experience with something. If a product or thing is terrible over time people stop valuing it. MOST people do not understand bitcoin's utility. They are just followers. They aren't explorers. Some are speculators. They wanna make a quick buck. And I mean fiat. Many SN people actually get it. Bitcoin is a revolutionary idea. Its utility value is still unknown to us. Most of us believe it is cheap right now. It is undervalued. The more I study bitcoin and understand it they more conviction I have that it is hope for future generations.

543 sats \ 5 replies \ @nullcount 1 Nov 2023

I think people are going to be surprised at how little capital is interested in a USA Bitcoin ETF.

Other countries have had ETF for years. The first BTC ETF only has $900M in AUM. That's less than 0.15% (about 1/7th of one percent) of total BTC supply and it took years to grow that large.

People projecting that 10% of funds will allocate 1% to a BTC ETF by next year are the ones smoking too much hopium

10 sats \ 1 reply \ @okpj 1 Nov 2023

While I agree it won’t be the avalanche expected by some, there is a non-negligible percentage of my peers who are extremely excited about parking some cash in Bitcoin via a Roth IRA.

20 sats \ 0 replies \ @nullcount 1 Nov 2023

Yea, plebs electing to put their IRA or 401k in the BTC etf is the target audience at launch IMO. But this is a tiny tiny percent of capital.

10% of US companies/funds/individuals hold 90% of the wealth. If you're already fiat mega-rich, you're unlikely to ape into a BTC ETF.

Also, your peers are likely biased to want BTC. More than the average retirement account holder

10 sats \ 2 replies \ @BlokchainB 1 Nov 2023

While I do think social media hypes this for clicks and views I must say the Gold ETF might be evidence of what the market will do once they can get price action on Bitcoin. All of these firms are asking for a spot ETF because that’s what the customers want.

0 sats \ 1 reply \ @nullcount 1 Nov 2023

IMO a reaction similar to a gold etf is not a likely outcome. Boomers control most of the capital and boomers love their shiny rocks. Some of them even remember when USD had gold backing

10 sats \ 0 replies \ @BlokchainB 1 Nov 2023

I disagree people are greedy especially boomers. It’s most of the boomers who do business with Blackrock. YTD gold is what flat and BTC is up 100% greedy boomers see this and say hey I been sitting in this GLD ETF since Jan and it hasn’t done anything for me but if I had that Bitcoin ETF back in January I would of doubled my money

30 sats \ 1 reply \ @WeAreAllSatoshi 1 Nov 2023

Everyone on Twitter is making we want to ape everything into Bitcoin all at once.

Don't go on twitter, easy solution ;)

10 sats \ 0 replies \ @bitcoin_rationalist 1 Nov 2023

Twitter is so toxic

10 sats \ 0 replies \ @lunanto 1 Nov 2023

Especially anytime Bitcoin moves 3%

10 sats \ 0 replies \ @DiracDelta 1 Nov 2023

I have zero hope

I have zero belief

I have only understanding

Going all in from understanding is fine, but doing so out of fervor is risky

10 sats \ 0 replies \ @2bithits 1 Nov 2023

Yes, but I've felt this before. Now I just try to take it easy. DCA & relax. The halving is still 6 months away.

10 sats \ 0 replies \ @TheBTCManual 1 Nov 2023

Absolutely, I think this last price pump did drive a little fomo on my part, but we're all human and seeing the little bit of net worth bump up in fiat terms to solidify your theory and make you feel like you were dead on right, is intoxicating.

I try to remember it can revert at anytime and not to tie myself to the fiat value, but Ihave my slip ups. I think it will get worse during the halving, I was there for previous ones, as a shitcoiner and I know how crazy it can get, if the cycle repeats I can hear another 200/500k predictions going viral and everyone piling in on the most bullish morons on twitter and youtube