Only time can create immortality. It is time for a new round of Bitcoin super bull market cycle. Let us review the classic work completed by ahr999 in 2018 and recharge our faith for those who are confused.
Bitcoin has been around for ten years since the creation of the Genesis Block in 2009. Bitcoin has gone through many hardships and obstacles, from being worthless to being worth millions of dollars. It has always attracted the attention of the world in the most dazzling way and shocked the people in the economic turmoil with the most subversive ideas.
People always think that early Bitcoin players became rich overnight and achieved financial freedom. But this is not the case. There are only a handful of early Bitcoin players who can hold Bitcoin and hoard it until today. Hoarding Bitcoin may seem simple, but it is not.
It is not easy for veterans in the cryptocurrency industry. Because they are facing a completely new situation, there is no experience or lessons to learn from, and they have to rely on themselves to explore, so the probability of making mistakes is naturally high. However, newcomers can fully learn from and absorb the experience and lessons of their predecessors, make reasonable decisions, and avoid mistakes as much as possible.
Many seniors will not come back to hoard Bitcoin after making wrong decisions because of the heavy psychological burden, and they will miss the biggest opportunity in life. As newcomers, we do not have this burden.
Here, I would like to share with you my experience of hoarding coins over the years. Generally speaking, hoarding Bitcoin can be divided into three levels:
Getting started. Clarify the goal of Bitcoin, be willing to participate in Bitcoin experiments, take risks voluntarily, and start using Bitcoin to store value, master the Bitcoin private key, and perform cold storage.
Advanced. Deeply understand the source of Bitcoin's value, know when to buy Bitcoin, know how to make rational decisions, live according to the currency standard, and have Bitcoin in your hands but not in your heart.
Contribute. Become the best version of yourself and turn yourself into the strongest Bitcoin node. At the same time, maintain a real Bitcoin node and contribute to the Bitcoin network.
I am an idealist, and my original intention was to participate in this unprecedented social experiment. But it is undeniable that the surge in Bitcoin prices was the main motivation for me to read the white paper.
Unexpectedly, participating in this social experiment also changed my cognition and put my humanity to a great test.
Human nature is fragile and often cannot stand the test. For a while, I doubted myself because I was caught in a huge contradiction.
I am hoarding Bitcoin almost crazily. Is it because of my ideal or greed? I can no longer tell. On the one hand, I still stick to my ideal. Maybe the experiment will fail in the end, but I have no regrets. On the other hand, I am so sure that it will succeed that I just want to hoard more, more, and more. The coins on hand are increasing little by little, and I can't control my urge to hoard coins at all.
In the end, I had to set a hard rule for myself - not to sell coins. Not selling coins means that I can't earn legal currency, which means that my investment will live and die with this experiment.
If you are an idealist like me, then I also have a few experiences to share.
First, don't get too excited.
Don't praise Bitcoin to everyone you meet, don't bring up Bitcoin in every conversation, there's no need to make yourself look like a psychopath, and there's no need to act like a pyramid schemer. Moreover, the more enthusiastic people are at the beginning, the less they can last. There are many precedents like this.
If you have time, you can calm down and 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 popular science and cryptocurrency trading strategies.
To be honest, my excitement is no less than anyone else's, and I am very persistent. After many years, I am still very excited. Maybe you can also feel my excitement between the lines. However, except for writing articles, I usually don't talk about Bitcoin.
Second, don’t ask where the bottom is.
Imagine that after several years, you have gone from a newcomer to an old-timer, and a newcomer sends you a private message, "God, where is the bottom?" How should 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 have to be upset. Coming late is bad luck.
Only those who were lucky enough not to catch it should feel upset.
You know what? Many people have been here for a few years, but they still don’t have any coins. From 8,000 yuan to 900 yuan, they are struggling to figure out where the bottom is. From 900 yuan to 130,000 yuan, they are still struggling to figure out where the bottom is. From 130,000 yuan to 40,000 yuan, they are still struggling to figure out where the bottom is. You should be thankful that they have been struggling.
I have bought 5,000 yuan coins, 1,000 yuan coins, 130,000 yuan coins, and I am still buying 40,000 yuan coins. I only care about the beautiful scenery at the end.
If you really want to hold the currency at a low cost, it is better to make a fixed investment than to guess the bottom. From 8,000 yuan to 900 yuan, the average cost is about 2,000 yuan, which is twice the lowest point, but only a quarter of the highest point, which should be acceptable.
Third, don’t forget your original intention and stay patient.
Don’t follow the hype of forked coins and virtual coins even though you know they have no future; don’t cheat, even if you can make money that way; don’t engage in endless quarrels, we don’t need to engage in verbal battles, time will eventually prove the greatness of Bitcoin.
Along the way, I feel that many people have changed. If you stay in the big dye vat for a long time, it is difficult to stay out of it. Outsiders can see the bad things clearly, but insiders will always make up all kinds of excuses to paralyze themselves.
Always think back to why you came here in the first place. Try to find a balance between ideals and greed, and pursue profit rationally.
A journey of a thousand miles tests the strength of a horse; time reveals a person's true character.
2. When you decide to hoard coins, you will have to face these things
You may have made up your mind to hoard Bitcoin. From past experience, most people fail. External factors are of course important, for example, something unexpected happened and you need money urgently. However, the decisive factor is still the mentality.
You may think that the most important thing you need to overcome is fear, but it is not, because you have already been prepared for the sharp rise and fall of the currency price.
(1) Impulsiveness
The price of altcoins can rise tenfold or even a hundredfold, which often makes us want to buy them. This is a very irrational impulse, but we often find it difficult to resist.
People are naturally immune to gambling. Even though they know it is a zero-sum or negative-sum game, they often can't help but go ALL IN. Many people have lost their fortunes because of this.
Speculating in altcoins is like buying a lottery ticket. You may win 10 times, 100 times, or even 1,000 times the prize, but the probability is extremely low. A few coins do have high returns, but most will eventually go to zero. And if you take it seriously, you will lose. The "value coins" you think of will not increase in value, but the junk coins will increase dramatically. They call this "market value management."
Leveraged cryptocurrency trading is like gambling on the size of the bet. If you win, you will win 10 or 100 times, but if you lose, you will lose everything. I don’t deny that there may be some technical content in it, but this is obviously a zero-sum or negative-sum game. The coins you win must be the coins that others lose.
Hoarding Bitcoin is a positive-sum game, and everyone will benefit as Bitcoin grows and develops. In the past decade, Bitcoin has never let down anyone who believes in it.
However, I also know very well that it is useless to say these reasons. Gambling has a long history and has learned many bloody lessons, but it is still very popular. People are born with the gambling nature, and we often find it difficult to fight against it. My strategy is that the exchange does not release money or coins, and hides the private key deeper. Whenever the market comes, I can't operate the private key immediately when I am impulsive; and when I can operate the private key, the market has passed, and rationality has prevailed.
(2) Loneliness
People who believe in Bitcoin are lonely. You fall in love with a girl who is beautiful, gentle and kind, but she dresses avant-garde and is unique, so others think she has bad character, and your family is against you being together. What should you do?
You believe in your own judgment and firmly believe that you are right and others are wrong. However, you also find that no one listens to your reasoning and you are standing on the opposite side of everyone. From time to time, there are kind people who come to persuade you to turn back, claiming that it is for your own good. What should you do?
I have never mentioned Bitcoin to anyone around me. It is an underground relationship and a torment.
What’s even more painful is that for three years, no one around me ever mentioned Bitcoin to me.
I am a two-faced person. On the one hand, I am very active online, learning a lot of Bitcoin-related technologies and writing a lot of articles; on the other hand, I live in a circle that has no Bitcoin at all and am also very active.
I often imagine the life of Satoshi Nakamoto. On the one hand, he is a god-like existence on the Internet; on the other hand, in his social circle, I am afraid no one knows that he is Satoshi Nakamoto.
When many people feel lonely, they go to various cryptocurrency gatherings. But, believe me, it is useless. You will find that there are only a few true believers in the cryptocurrency circle, just like outside the circle.
In 2017, there were two occasions when someone mentioned Bitcoin to me. However, by then, I had gotten used to being alone and even began to enjoy it.
My advice to you about loneliness is to write like crazy. If you want to tell others something but they don't agree with you and you feel uncomfortable holding it in, just write it all down. When you get used to loneliness, you will find that not only your thinking has become more mature, but your writing has also become better.
(3) Boredom
The act of hoarding Bitcoin itself is extremely boring.
You love Bitcoin, and you feel that you must do something. I understand this feeling. But please believe me, hoarding coins itself has made a huge contribution to the Bitcoin network.
Only if you believe in the decentralization of Bitcoin, the security of Bitcoin, and its unlimited future, will you be able to hoard Bitcoin for a long time, and only then will you be able to save your hard-earned wealth in the "virtual" private key string of Bitcoin.
Your behavior and attitude towards Bitcoin far exceed your attitude towards your lover. How many people are willing to give their hard-earned wealth to their lover without regrets?
So, you really don't need to do anything else. If you really feel bored, go to the gym to keep healthy. Don't wait until you are financially free before your body is broken. If you are given a young model, you can only look at her, so what's the point?
(4) Contradiction
This is a very complicated feeling. You want Bitcoin to rise, but you also want Bitcoin to fall.
I once wished that I didn’t need to check the market, so I deleted all apps related to Bitcoin market. However, I found that I couldn’t do it at all, because I could check the market by opening the website on my mobile phone or computer browser.
For hoarding Bitcoin, the price increase is useless. If you hoard Bitcoin for a long time and don't plan to sell it, no matter how high it goes, it's "floating profit". However, the increase means that your persistence is correct, which is always gratifying.
On the other hand, although the price of the currency drops, people may feel depressed, but there is a chance to buy at the bottom and cover their positions, and the currency volume will increase exponentially. People will become somewhat divided. This is a normal phenomenon. Look at some old people in the currency circle. They come out to sing bullish and bearish at other times, and are scolded by fans.
My personal judgment is that they are hoarding most of their coins, neither going long nor short. The reason why they keep changing is that they themselves can't figure out whether they want to rise or fall, which is very contradictory.
I don’t know how to resolve this conflicting feeling, because I am still conflicted. But it doesn’t seem to be a big problem, because it doesn’t affect my hoarding of coins. We will experience psychological tests: impulse, loneliness, boredom and contradictions. However, those who don’t knock us down will eventually help us grow, just like those who don’t knock down Bitcoin will eventually make Bitcoin stronger.
3. See through everything!
I don’t hold any other digital currency except Bitcoin. But I won’t hack any currency either, because no currency can succeed by hacking other currencies.
I have sold all the forked coins of Bitcoin. Some people promote the so-called 1:1 holding, which is actually a manifestation of lack of confidence or lack of values. The values of forked coins are fundamentally in conflict with Bitcoin. It is impossible for a person who has confidence in Bitcoin and is consistent in his knowledge and practice to hold both.
However, I am not against anyone holding any currency, even if it is a pyramid scheme currency.
(1) Bitcoin is the most durable
For someone who hoards coins for a long time, there is only one question that matters: Can the coins I hoard survive in 10-20 years?
In fact, the answer is very obvious. Bitcoin has the highest probability of survival because it is the most decentralized, has the most robust network, the most secure system, and the simplest functions. This does not mean that Bitcoin will definitely survive 10-20 years from now, but if even Bitcoin cannot survive 10-20 years from now, other currencies will have even less chance.
Since you are hoarding coins for a long time, you must choose the one with the strongest life.
(2) Bitcoin has the greatest vision
Digital currencies on the market can be divided into two categories according to their functions: one is currency represented by Bitcoin, and the other is application represented by Ethereum. In fact, currency is also an application, and it is the largest application, no doubt about it.
There is an essential difference between the visions of these two categories, and the vision of the currency category far exceeds that of the application category.
In the currency field, Bitcoin is bound to be the winner. For currency, only one currency is the lowest overall cost and the most efficient.
As Bitcoin is far ahead in decentralization and security, it has attracted a large number of excellent developers and determined users. Other digital currencies have lost the possibility of a comeback.
However, it is impossible for Bitcoin to completely squeeze out other coins because many coins have their own value.
On the one hand, they can pave the way for Bitcoin. For example, the reason why Bitcoin's segregated witness can be activated is thanks to Litecoin's first activation, proving that segregated witness is safe and breaking the long-standing lies of some people with ulterior motives.
On the other hand, they can also be used for functional testing. Some high-risk functions can be tested on other coins first. However, if side chains appear, this testing task will be transferred to side chains.
Therefore, I predict that 3-5 digital currencies will survive in the future, but the sum of other currencies may only be a fraction of Bitcoin. Therefore, it is enough to hold Bitcoin, because it is difficult to judge which other currencies will survive. Litecoin is also in a dangerous position.
(3) Applications will flourish
Applications are different. They are likely to flourish. Today you propose a 2.0, tomorrow he will come up with a 3.0, and the day after tomorrow someone will definitely come up with a 4.0. Don't worry, these will definitely happen.
BTS was the first to propose 2.0 applications. Where is it now? Applications must be fast, large, and fun, and the demands on technology are endless.
To make it easier for everyone to understand, let me make an analogy that may not be appropriate. Apple needs to constantly upgrade to maintain its leading position, but gold only needs to remain stable to remain the same gold.
The function of money is actually that the less it is, the better.
We can imagine that if we add a contract signing function to the paper currency, open up a blank area for you to leave messages and draw pictures, or bring a game for you to have fun, would you think this is innovation? Obviously not. You will definitely think it is flashy and superfluous. People will eventually choose the "clean" currency, and Bitcoin is so clean.
In this case, can we not play with other coins?
Of course not. Can we only invest in gold and not in the stocks of a certain company? If you catch a potential original stock, you can also realize a hundred or a thousand times the return.
(4)Why don’t I invest in any other coins?
I am deeply attracted by the vision of Bitcoin, which is a winner-takes-all and has the strongest lifespan. Those messy coins cannot impress me in terms of vision, and I will not do anything against my will.
I would not buy Chinese medicine stocks just to make money even though I clearly don’t like it.
Moreover, I don’t need to invest in other coins. When you can achieve financial freedom by just holding Bitcoin, there is no need to spend time on other coins. The biggest cost of investment is actually the time and energy investment. What’s more, most people play with Bitcoin less and less, even Li Xiaolai is no exception. It’s really a waste of time and effort and you lose money. Why bother?
Again, you can think about it, if the stocks you choose rise sharply, what will you do? Many people will choose to cash out and exchange for currency. So what is the base currency in the currency circle? Without a doubt, it is Bitcoin.
Therefore, I don’t need to speculate in random coins, I can just sit back and enjoy the fruits of my labor. Because no matter whether others make money or lose money, the real money they invest will eventually flow into Bitcoin. The more money you make, the greater your demand for storage. The more money you lose, the greater the demand for storage by the person who makes money from you. In any case, I’ll just wait.
(5) Why don’t I object to others playing with other currencies?
I am not even against anyone issuing coins, nor am I against anyone playing with MLM coins. Because I am a liberal, and I insist that morality is used to restrain myself, not to attack others.
Even if you are not optimistic about Bitcoin, I support you to stay away from Bitcoin and buy the coins you are optimistic about. The core value of Bitcoin is not only to respect the freedom of personal wealth, but also to respect the freedom of personal choice. I completely agree with its values.
In a completely free world, everyone should be responsible for their own actions.
4. Invest with reason, not feelings
People often say: Investing is anti-human. It is true.
We often have to make decisions that go against our feelings. For example:
In the long run, I am so optimistic about Bitcoin, why do I only invest 30% of my funds?
In the short term, I think Bitcoin is likely to fall, and may even be cut in half. Why not sell it first and buy it back after it falls?
Since other coins can also increase by hundreds or thousands of times, why shouldn’t I even touch them? These all seem counterintuitive, but they are the result of careful consideration. Being able to overcome feelings with reason is an essential quality for an investor.
Those who have hoarded coins until today are actually not simple people. Because, as time goes by, we will repeatedly struggle with ourselves, struggling between hoarding and selling.
Hoarding Bitcoin is actually the result of repeated decision-making. Others think it is simple because they only see the results but not the decision-making process.
We may be entering the third best time in history to hoard Bitcoin (Note: this article was written in October 2018).
We will most likely enter a bottoming process for Bitcoin, first falling to the bottom, and then the bull market will begin.
In fact, I think the market will fall 80% in the short term, but my decision is not to sell the currency.
You can’t make decisions based on your feelings. It is unwise to sell when you feel the price will fall or to buy when you feel the price will rise. The reason why most early players did not hoard the coins is that once the market came, they completely forgot about the great vision of Bitcoin and only focused on the little gains and losses in front of them, thus ignoring the huge risk of missing out.
As a coin hoarder, it does not mean that you cannot sell coins under any circumstances. You should sell coins when you need money urgently. However, whether you choose to continue hoarding or sell immediately, your decision must be rational and well-thought-out.
5. Try currency-based thinking
Bitcoin has created a whole new world. In this world, there is only one standard - Bitcoin.
When an economy is backed by gold, we say it operates on a gold standard. Similarly, when an economy is backed by Bitcoin, we say it operates on a currency standard.
There is no such economy now, but I believe there will be one in the future. We cannot change others yet, but we can change ourselves first, starting with me.
For example, if we use Bitcoin as a reference, we see the following trend for the U.S. dollar (Figure 10).
Figure 10. USD price relative to Bitcoin (unit: 1 satoshi = 0.00000001 Bitcoin)
It can be seen that the US dollar is a zero-value coin. The US dollar has fallen from 2 billion satoshis in 2010 to 10,000 satoshis now (Note: This article was written in October 2018), and it will continue to fall in the future, and it is possible to fall to 10 satoshis or even 1 satoshi. Of course, looking at the world from the perspective of Bitcoin, most assets have a similar trend, with continuous depreciation and continuous depreciation. Not only that, they also fluctuate violently.
It was like being on a rocket and looking down at the ground. Everything was shaking and getting smaller and smaller until it disappeared.
You may have never thought about how a simple change of reference frame can bring about such changes. However, as a pioneer, you need to start adapting to these changes.
(1) Many concepts have really changed. For example, fixed investment in Bitcoin can no longer be called fixed investment, but should be called fixed deposit. Hoarding Bitcoin is no longer an investment, but a savings.
(2) Consumption will become more rational
In the past, I actually spent a little too much. For example, as long as I had some spare money, I would treat people to a meal. Whether we like it or not, the depreciating currency has been distorting our consumption concept. After all, holding currency means losing money.
Later, I entered the currency standard, and everything was different. At that time, each meal cost about 1 Bitcoin. You have to know that this is one 21 millionth of the total amount of Bitcoin. It was a pity to eat it in a casual meal.
So, I started to take on a lot of work on purpose, making myself very busy. When I encountered dinner parties, I had to turn them down. No one would mind if I turned down dinner parties because I was busy with work. This decision was very wise. The Bitcoins I bought with the money I saved from dinner parties during that time should be enough to treat people to dinner for the rest of my life. After all, the price of goods has fallen a bit fast in the past few years. Now a meal only costs 0.0X Bitcoins.
Those who assume that the continued appreciation of Bitcoin will curb consumption have never actually held Bitcoin. Back then, some people used 10,000 Bitcoins to buy pizza. No one would starve themselves to death just to hoard Bitcoin.
Consumption has simply become more rational, because every time we consume, we have to carefully weigh whether it is really worthwhile to exchange a certain item or service with a hundred or a thousand times the purchasing power in the future.
(3) Stay away from pyramid schemes
Every time there is a bull market, a new group of pseudo-Bitcoin fans will appear in the Bitcoin circle. They have a common feature: they promote Bitcoin to everyone they meet, they always bring up Bitcoin in any topic, and they spare no effort to persuade others to buy Bitcoin and use Bitcoin.
They think they have made a great contribution to Bitcoin and that they are not engaging in pyramid schemes, but what they do is exactly the same as pyramid schemes. They may not realize that the bad reputation of Bitcoin has a lot to do with them.
Of course, these people usually can't stick around for long. Once the price of the currency drops, the better ones may leave and disappear. The worse ones may even go down the road of hacking Bitcoin. So, I call them pseudo-Bitcoin fans.
Once you use Bitcoin, you will never work hard to "recruit people" again. Because no matter how many people you bring in, your 1 Bitcoin is still equal to 1 Bitcoin.
Not only is there no benefit, you also need to pay attention to the risks that "recruiting people" brings to others. Can the other party withstand the turbulence of the rocket? You think you are helping him, but in fact you may be harming him, because he may be very weak and die suddenly while sitting on the rocket.
The harder you try to “recruit people”, the more it exposes your inherent lack of confidence in Bitcoin. Deep down, you still believe in legal tender, because “recruiting people” can only earn legal tender, not Bitcoin.
So, please remember that Bitcoin does not require anyone to buy it, and the important thing is to keep your own coins safe.
You may ask, since Bitcoin is so good, why can't I tell my relatives and friends about it? If it is your relatives and friends, you can just buy a few coins for them. You bear the risk and they get the profit. If you can't do it, it means that your relationship is not that close.
(4) Have an abundance mindset
There is a book called (Scarcity), the central idea of which is that people in scarcity have their mental capacity and cognitive abilities greatly limited, leading to their habitual behavior patterns for coping with scarcity.
In simple terms, poverty is actually a mentality. A poor mentality will make people stupider and, of course, poorer.
Many people are deeply addicted to gambling and cannot extricate themselves. In fact, they know that gambling is wrong, but they still get deeper and deeper into it. This is because of the long-term poverty mentality, the desire to win but never get it, which causes the IQ to become low.
All in is also a typical poor mentality. You will become stupid after all in.
Next, let’s discuss the issue of 30% of funds hoarding coins again.
If the fiat currency standard is used, the difference between hoarding all your money and hoarding 30% of your funds is that you will achieve wealth freedom one cycle earlier (4 years). This is very important, after all, wealth freedom will be much faster. But the price is that you will become stupid. And stupid people usually get off the train early. I have never seen a person who hoards all his money until now.
6. Coins in hand, no coins in mind
In fact, I uninstalled almost all Bitcoin-related software - except for one hot wallet, which I rarely use.
I don’t look at the market, the news, or the comments of big Vs.
Many people asked me to recommend a wallet, but I really can’t recommend one because I have uninstalled it many years ago.
Why do this?
When our understanding reaches a certain level, we no longer need to pay attention to any information related to Bitcoin.
First of all, more than 99% of the information is meaningless to the hoarders, because no matter what others say, no matter how the market goes, no matter whether the ETF is approved, the hoarders only buy and do not sell.
Time and energy are our most precious resources. If you spend a lot of time and energy, even if you can earn some coins, it may not be worth it. What's more, most people lose coins.
Secondly, we need an "empty cup mentality". What is an "empty cup mentality"? If you want to learn more, you should first imagine yourself as "an empty cup", forget about other things you have learned before, and think about problems from a new perspective.
If you focus all your attention on Bitcoin, you won't be able to learn other things. In the long run, you will become obsessed. Remember, Bitcoin is not everything in life.
Again, if you have actually hoarded Bitcoin for a period of time, you are already much better than others. From mastering your own private key in the entry stage to entering the currency-based thinking in the advanced stage, your understanding of Bitcoin has surpassed 99% of people, including various big Vs. You can no longer read low-level content, you will feel insulted by your IQ.
Financial experts have a common problem: they only talk about correct nonsense. You think everything is correct when you read it, but when you really want to take action, you find that you have no idea where to start.
The meaning of "the great way is simplicity" is to have the ability to simplify complex problems and to grasp the main contradictions when looking at problems. The big Vs who sell courses or collect group fees will tell you that there is no such thing as the great way, and all the great ways are deceptive. This is to complicate simple problems, so that you feel that they are very profound and there is something to learn, so you pay for the course.
People who really make money will not open classes or charge group fees. Will a person who can make money by speculating in cryptocurrencies care about the small group fees you pay? Will a person who is financially free by hoarding cryptocurrencies open a fee-charging group? I won't say more, because it will offend people.
And the really useful information is often free. For example, many people, including me, told everyone about hoarding coins for free three years ago. It’s just that many people don’t believe that such an easy thing can happen.
Finally, after uninstalling all the software, selling coins becomes very difficult. Because you need to download and test the new version of the software again before you can send coins, which takes half a day. As long as you think about such complexity, you usually give up.
Uninstalling everything is the assessment criterion for the advanced stage of hoarding Bitcoin, because hoarding Bitcoin only requires a private key, not even a wallet, let alone anything else.
I even recommend that everyone unfollow me after reaching the advanced standards (uninstalling everything).
In addition, unloading everything is also related to hoarding 30% of funds. Only when your investment is not large, you can unload all your attention, otherwise, you can't do it at all.
Therefore, we systematically sort out the problem of 30% of funds hoarding coins here:
Bitcoin is still an experiment and the risks are huge. Rational decision-making does not support investing too much money.
To maintain an affluent mindset, you cannot invest too much money. Otherwise, the poor mindset will lead to a lower IQ, which is not conducive to long-term hoarding of coins.
You have to uninstall everything without investing too much money.
Next, we really have nothing to do, but learning should not stop. If you still want to continue to deeply understand Bitcoin, there are still some things you can learn. I recommend learning several aspects:
Critical thinking: This is both a spirit and a skill. If you think free things are worthless, it is because you lack the ability to discern information. Whether it is free or paid, we should have our own judgment standards for the quality of information.
Principles of Economics: Don’t just read the Austrian school, don’t just read one school’s opinion. Read the introduction to economics, macroeconomics, and microeconomics, focusing on understanding the monetary system, inflation, savings, investment, finance, and other aspects.
Principles of Cryptography: Focus on understanding probability theory, Shannon theory, public key cryptography, elliptic curves, hash functions, digital signatures, pseudo-random number generation, etc.
Psychology: Focuses on understanding the interplay of cognitive processes, emotions, stress, health, behavior, and attitudes.
I hope everyone can forget about Bitcoin and learn these contents from a broader perspective. In addition, learning after hoarding coins can be very easy, because you study and learn not to support your family, but purely to enrich yourself. After all, you have Bitcoin as a backing, and there is a high probability that you will not lack money in the future.
In addition, please be sure to maintain your character and protect your body.
Capital can allocate resources and magnify our dreams. However, capital contributes differently to society in the hands of different people. This is related to the knowledge and character of the person who controls the capital.
Since everyone may not be short of money in the future, please maintain your character from now on, don't lie to others, don't do things that hurt others, but think more about benefiting others. Once character is ruined, it can't be bought back with money.
It is not easy to protect your body. Many people know the benefits of fitness, but they cannot do it. Just like many people know the benefits of hoarding coins, but they also cannot do it.
Finally, I would like to talk about the issue of values.
What are values? Simply put, they are personal preferences.
For example, a certain place plans to build a factory. The advantage is that it boosts the local economy, but the disadvantage is that it consumes resources and energy. Based on the same facts, some people support building the factory, while others oppose it. Why? Because the former believe that boosting the economy is more important and can sacrifice some resources and energy; while the latter believe that protecting the environment is more important and economic development can be slowed down. The essence of the disagreement comes from the difference in values.
There is no right or wrong in values, just like people have different preferences for radishes and greens. You can’t say that people who like radishes are wrong. Therefore, the above questions, and all similar questions, are often debated endlessly.
Similarly, almost all questions about Bitcoin may ultimately be questions about values. For example:
PoW maintains the Bitcoin value network, but consumes a huge amount of energy. Is it worth it? If you think it is worth it, it is worth it. If you think it is not worth it, it is not worth it.
Bitcoin realizes the freedom of personal private property, but decentralization cannot be regulated and no one endorses it, leading to chaos. Is it worth it?
In order to ensure decentralization and security, Bitcoin has appropriately given up the transaction speed and capacity of the main chain. Is it worth it?
There are many similar questions, and my answer to the above questions is - it is very worthwhile. I stick to my own values and respect the values of others, so I will not argue with others on the above questions.
My values are consistent with those of Bitcoin. If you share the same values, then believe me, Bitcoin belongs to you and you will definitely be able to hoard it.