The last one standing: Reflections from a bitcoin bear market \ stacker news ~bitcoin

The last one standing: Reflections from a bitcoin bear market www.jtwoodhouse.com/the-last-one-standing/

3456 sats \ 13 comments \ @jtwoodhouse 7 Nov 2023 bitcoin

186 sats \ 2 replies \ @elvismercury 7 Nov 2023

This is really elegant, lovely writing. I dig it.

My conviction on bitcoin itself has not changed, but the community of bitcoiners has me question my judgment from time to time as I've learned about the crunchy bullshit and general buffoonery they're into. Don't worry, it's the usual rich person mix of hedonism and paranoia.

I agree, generally. But I'm also really settling into the idea that there's room to make a different kind of vibe. If you don't want to be a brainless zealot whose zealotry happens to be btc instead of some other dumb-ass thing that you might have attached onto, you don't have to be. Be a different kind of bitcoiner. Talk about different kind of things. Supply creates its own demand, sometimes.

I'll never understand why believing in one fringe thing must mean you believe in all of them.

I've thought about this a bit -- it would be a fun thing to post about. Or for you to :) I agree with @siggy47 in thinking that you should post more.

777 sats \ 1 reply \ @sudonaka 7 Nov 2023

Who said you have to believe in fringe things? The money is fake The food is poison The addictive drugs are prescribed The government is totalitarian

This is a time for radical change whether you are ready for it or not.

7 sats \ 0 replies \ @nemo 7 Nov 2023

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50 sats \ 4 replies \ @siggy47 7 Nov 2023

This article is well written, and I can relate to the author since we became bitcoin obsessed at around the same time. He makes good points about surviving a bear market, but I don't always agree with his assessment of fellow bitcoiners. I do agree with his criticism of those who believe bitcoin is the cure for every problem. His belief that the dollar may survive longer than most of us imagine seems plausible. In short, it's not your run of the mill take that I have come to expect from a committed maxi. I'm glad to see the author posted this! I hope it inspires some good conversation.

176 sats \ 3 replies \ @jtwoodhouse OP 7 Nov 2023

Thanks, Siggy! I appreciate the kind words and even where our opinions might diverge.

100 sats \ 2 replies \ @siggy47 7 Nov 2023

I believe I read a review you wrote of a bitcoin conference a while ago. I enjoy your articles. You should post more here on SN.

176 sats \ 1 reply \ @jtwoodhouse OP 7 Nov 2023

Roger that! I enjoy SN a lot and it's becoming my go-to. It reminds me of the old-school message boards back in the day. I miss those simpler days.

Admittedly, I didn't know how to follow up that last story. I'm glad to hear it was memorable even after a few months.

20 sats \ 0 replies \ @siggy47 7 Nov 2023

This is a great community.

25 sats \ 1 reply \ @343pg 7 Nov 2023

Really enjoyed this, thanks for posting.

I’m in a similar situation. Bitcoin has turned my world upside for nearly 3 and a half years. Bitcoiners, in my experience, tend to be smart and independent thinkers. And I still think they are right, and on the right side of history.

But I’m incredibly beaten by two things - the hostility by the media and powers that be towards Bitcoin, and the endless volatility.

And before darthcoin pops up and tells me I’m NGMI and stop fixating on price - it must matter. Every allocation to anything has an opportunity cost, and I’ve got bills (present and future) to pay. Also - it underpins network security.

Allocation to Bitcoin inevitably includes faith of some sort- a) in the workings and protocol - I am comfortable with that , but also b) that demand from any current or future holders of bitcoin will mean it retains purchasing power.

In the end two things still shine through for me - one that Bitcoin and PoW are just about the most objective source of truth there is, and secondly what an OG told me when I asked him why he still bought bitcoin when it was 100x where it was when he first started.

“Because no one can afford my time”

0 sats \ 0 replies \ @jtwoodhouse OP 7 Nov 2023

Wow, love that last line. Thanks for sharing!

10 sats \ 0 replies \ @orthwyrm 7 Nov 2023

Nice article.

We lean on the future for what we can't feel in the present. This time two years ago, I was the guy you know who wouldn't shut the fuck up about bitcoin. Today, I'm the one guy you know who's still in it. I'm a weary traveler in the desert telling people I've seen the Cave of Wonders. At some point, you stop bringing it up.

I think I audibly sighed when I read this paragraph. It fits me exactly.

10 sats \ 0 replies \ @nemo 7 Nov 2023

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0 sats \ 0 replies \ @td 7 Nov 2023

Is calling it a religion a criticism? “Puritanical sect” is spot on though: Bitcoin is often criticized as a religion. To some extent that's true, and the laser-eyed puritanical sect does nothing to rid themselves of that association.