Today we continue reading the 'Hoarding Bitcoin' series of articles, the introductory chapter!
1. Bitcoin and Idealism
2018-09-12
Bitcoin is the first in human history to use technical means to achieve the sanctity and inviolability of private property. ------ Li Xiaolai
At the moment I truly understood the Bitcoin white paper, my feelings were indescribable in words. Filled with amazement, excitement, and regret. Amazed by Satoshi Nakamoto's ingenious design, excited about the social changes Bitcoin is about to trigger, and regretting that I didn't read the white paper when I first heard this term.
I am an idealist; my original intention was to participate in this unprecedented social experiment. But it cannot be denied that the skyrocketing price of Bitcoin was the main motivation that drove me to read the white paper.
What I didn't expect was that participating in this social experiment also changed my perception, and my humanity was subjected to a huge test.
Human nature is fragile and often cannot withstand tests. There was a time when I doubted myself because I was caught in a huge contradiction.
I am almost madly hoarding Bitcoin. Is it because of ideals or greed? I can no longer tell. On one hand, I still adhere to my ideals; perhaps the experiment will ultimately fail, but I have no regrets. On the other hand, I am so convinced it will succeed that the more I hoard, the faster I will achieve financial freedom. I simply cannot control my impulse to hoard coins.
In the end, I had to set a hard rule for myself — do not sell coins. Not selling coins means I won't earn fiat currency, and it also means that my investment will coexist with this experiment.
However, I still cannot control my impulse to hoard coins. I can only comfort myself by saying that I am Satoshi Nakamoto; Bitcoin is my child, and I need to keep investing to help it grow.
In the fields of investment and finance, idealists cannot survive. For example, in a classic recording by Mr. Li Xiaolai, he famously said: 'Your mother talks about value investing all day, then let me give you an example to illustrate. I curse traditional Chinese medicine every day; traditional Chinese medicine is nonsense, but I actually bought shares in a traditional Chinese medicine company. The reason is simple: I know that fools believe in it, and there are many fools. If I don’t buy, others will, so why shouldn't I earn this money? Business is business. In the end, there is no world more ruthless than the world of finance.'
Rough words do not negate the truth; how could idealists possibly succeed in the fields of investment and finance?
You see, I don't have a good opinion of traditional Chinese medicine; I would never buy stocks in traditional Chinese medicine. I hate the child abuse incidents in certain kindergartens; I would never buy the stocks of those institutions either. I despise fork coins and air coins, and even knowing the probability of making money is high, I would absolutely not speculate on them.
Sometimes I wonder why I am so foolish and stubborn. I don't know either.
Fortunately, I have Bitcoin. I have to admire Bitcoin; it actually treats idealists so well. Some time ago, Mr. Li's fund was cashed out, but the five-year return rate was only over 40 times, which is lower than my naive hoarding of coins as an idealist. It feels so ironic to think about it.
This shows that even if you are as brilliant as Mr. Li, with countless fans, having dug into the pit of 'buying at whatever price below 7 BTC', and having cut BTS and EOS with the great god BM, giving countless coins a platform and struggling to live, claiming to be very busy, seven years is a lifetime. Every day, they excitedly work hard, and tear apart with collaborators for interests. In the end, the returns still did not surpass Bitcoin.
However, if you think that idealists can definitely live comfortably, then you are wrong.
The fact is, many idealists did not last until now. After staying for a while, they completely saw that no one else in the circle had any ideals; all they could see was greed, and they were extremely sad and disappointed, choosing to exit. It's really a pity.
Those who have persisted until now may have been able to distinguish who they are disappointed with: is it the people in the crypto space? Or is it the Bitcoin itself?
Many people will attribute the bad deeds done by people in the crypto space to Bitcoin, for example: Song Huanping and VV Sauce. This is certainly incorrect. We cannot attribute the bad deeds of murderers to the gun itself, nor can we conclude that guns are not a technological innovation.
(PS: Song Huanping was one of the co-founders of the Chinese Bitcoin community forum 'Babi T', entering the crypto space in 2013, exiting in 2015 with his first bucket of gold earned from Bitcoin investments, and transforming into an angel investor, founding 'Happy Tiger Capital', mainly investing in China's catering and new consumption projects.
He has publicly expressed disappointment with the crypto space: 'Bitcoin is a good thing, but the crypto space is too dirty,' pointing out that many price increases are often driven by 'pyramid schemes' rather than long-term value logic.
VV Sauce is more like a pseudonym or nickname in the crypto space, having published critical articles about the Bitcoin ecosystem and the blockchain industry on platforms like Zhihu, representing the view that 'blockchain technology is useless' (i.e., not very useful) and being quite dissatisfied with the preachers of the crypto space.
Bitcoin is an amplifier of human nature; the scams you can think of and the scams you can't think of will happen here, and they are endless. What's even more infuriating is that scammers can cheat again after cheating once, for example: Zhu Rong (an early trader in the crypto space). Sometimes I feel helpless just thinking about it.
But no matter what, I still adhere to my initial ideals. Moreover, the longer I hold Bitcoin, the more optimistic I become, and I am deeply convinced that Bitcoin will succeed. I hope everyone can persist as well.
The more chaotic the circle is, the more it shows that the Bitcoin system has a strong resilience to shock. Some people spare no effort to blacken Bitcoin and suppress it; some people spare no effort to scam, cutting leeks and making the circle a mess; some people spare no effort to want to control Bitcoin, but bad people have their own bad people to deal with. However, Bitcoin just develops at its own pace, rapidly and without being affected at all.
More and more people will join us; the trend is unstoppable.
If you are an idealist like me, I also have a few experiences to share.
First, do not be overly excited.
Do not praise Bitcoin to everyone you meet, and do not bring Bitcoin into every conversation. There’s no need to turn yourself into a neurotic, nor to behave like a pyramid scheme participant. Moreover, the more enthusiastic someone is at the beginning, the poorer their endurance tends to be; there are indeed many such precedents.
Take some time to calm down and study some economics and cryptography courses; online courses are actually very convenient. Deeply understanding Bitcoin takes time. It requires both theoretical guidance and personal practice, but no matter what, it is much more reliable than popular science from amateur scholars and coin speculation strategies.
To be honest, my excitement is no less than anyone else's, and I have been persistent. Years later, I am still very excited. Perhaps you can also feel my excitement between the lines. However, apart from writing articles, I usually do not talk about Bitcoin.
Second, do not ask where the bottom is.
Imagine, years later, you have transformed from a newcomer into an old-timer, and a newcomer messages you asking, 'Where is the bottom, great god?' How would you respond?
For something that has no upper limit, there's no need to always be entangled in where the bottom is. You may have come late, but there's no need to regret; coming late is just bad luck.
Only those who are lucky enough not to have grasped it should feel regretful. You know? Many people have been here for years, but still don't have any coins. From 8000 yuan to 900 yuan, they are struggling to figure out where the bottom is. From 900 yuan to 130000 yuan, they are still struggling to figure out where the bottom is. From 130000 yuan to 40000 yuan, they are still struggling to figure out where the bottom is. You should be glad that they are still struggling.
I have bought coins for 5000 yuan, coins for 1000 yuan, coins for 130000 yuan, and I am still buying coins for 40000 yuan. I only care about the beautiful scenery at the finish line.
If you really want to hold coins at a low cost, it's better to do regular investments instead of trying to guess the bottom. If you invest regularly from 8000 yuan to 900 yuan, the average cost is about 2000 yuan, which is twice the lowest point but only a quarter of the highest point, which should be acceptable.
Third, do not forget your original intention and maintain patience.
Do not follow the trend to speculate on fork coins and air coins even when you know they have no future; do not deceive, cheat, and steal, even if it can make money; do not endlessly argue; we do not need to engage in verbal battles; time will ultimately prove the greatness of Bitcoin.
Along the way, I feel that many people have changed. Those who are close to red become red, and those who are close to black become black. It is difficult to remain virtuous after staying in a dye vat for too long. Outsiders can see the bad things clearly, while insiders will always weave various excuses to numb themselves.
Often reflect on why you came here in the first place. Strive to find a balance between ideals and greed, pursuing rational profit.
The strength of a horse is known on a long journey, and a person's heart is seen over time. I look forward to seeing you here four years later, eight years later, twelve years later, and N years later. By then, you will have withstood the test of human nature and achieved financial freedom. We are old friends who have never met; perhaps we can't drink together or have skewers together, but we are in sync in spirit and can feel a sense of intimacy across the internet, simply because we are all Satoshi Nakamoto. $BTC
