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Issue #799: Some price talk

Issue #799: Some price talk

Aug 10, 2020
Marty's Ƀent

Issue #799: Some price talk

We try to stay away from too much price talk in this rag. Your Uncle Marty started subjecting you freaks to his terrible takes because he was unhappy with the quality of content about Bitcoin that was floating around. Most of the content around the time was price focused and there was a place in the market for content that focused on bringing individuals information about why one should be interested in bitcoin, how it can help individuals in different situations, how it works at a technical level, and to follow along as the market continues to discover more about this alien technology alongside the decay of the incumbent system. With that being said, I would like to comment a bit on price today as it feels that we may be witnessing the beginnings of another rally that you freaks should be aware of.

Particularly, I want to warn you freaks of the madness that is about to ensue if the bitcoin price is about to do what it has done in the past; make a violent/volatile rip into the next order of magnitude in terms of valuation. If this is your first time paying very close attention to Bitcoin when it has rapid upward price movements because you have taken the risk of acquiring some sats you should be aware of a few things.

If you have taken custody of your own bitcoin, make sure you are comfortable with your custody solution. You may be comfortable with the set up now, but how would you feel if the hardware wallet you are using to verify your possession of the private keys that grant you access to your UTXOs on the bitcoin ledger was responsible for $100,000 instead of $10,000? Are you comfortable with the way those private keys are backed up? Should you be using a multisig set up to reduce risk? Are your holding sufficiently distributed between different wallets to mitigate the risk of losing everything at once? These are some of the question you should be thinking about before a face-ripping bull run. Those hardware wallets get much heavier as the value they grant you access to increases.

Be aware of the withdraw limits of the exchange you are using. If the price rips and you want to reduce your exposure to third parties (security holes) you want to make sure that you can do so in a timely manner. You may be able to withdraw all of your sats today at current prices, but that may not be the case if the price doubles. If you aren't comfortable taking possession of your UTXOs, make sure you're comfortable with the exchange you decide to use. Exchanges have been responsible for losing a lot of bitcoin in the past. Choose wisely.

Be prepared to get inundated with a lot of calls, texts, emails, and in person questions if you've been talking about bitcoin to your family and friends. Be patient with them and shill lightly. Push them towards quality information and urge them to at least attempt to understand bitcoin while they're getting exposed to it financially. Education breeds confidence. Maybe tell them to sign up for this rag and subscribe to the pod ;)

Be prepared for absolute madness and an inability to concentrate. Try to mentally prepare for madness so you can better concentrate when it comes. Extreme price volatility makes it very easy to get glued to charts and people talking about the extreme price volatility. Despite bitcoin's massive price rally, you will still need to properly function as a human. And it is important not to let a bull market distract from the technical side of Bitcoin that enables the ability for price discovery in the first place.

And last but not least, have fun. The world doesn't attempt to price new free market monetary goods that often. You're living during a very unique period of human history.

Disclaimer: this could all very well fall apart too. I don't think it will, but it's a possibility you should consider.

Final thought...

Lunch on the bay? Yes, please.


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