My Bitcoin ignorance
I bought an ICO yesterday, and I’m very bullish about it. No, I didn’t buy into a hype. In fact, this ICO doesn’t have any hype. I understand its business model — that’s why I’m very optimistic about its potential to rise in value by up to 500% within the first 6 months at most.
I was too sleepy yet I thought I wanted to do some research on a similar ICO that took place 6 months ago. I was reading some ICO-related articles when I found this news about the upcoming Bitcoin Gold fork. They’re basically giving FREE money to everyone who holds some Bitcoin on October 25 — and there’s only 6 days left. I want that! I looked at Bitcoin’s chart, and the technical analyst in me saw that it’s headed upwards. I bought Bitcoin immediately, then I bought some more, then I thought, I may be wrong. I decided to postpone my next purchase for one or a few more days.
I admit, I don’t know much about Bitcoin. As a trader, I go where the money is. There’s mania in crypto assets — it’s rational to be irrational at this point. I went on reading one article about Bitcoin, followed by another, and another, and then, I stopped to see what I’ve done so far. I finished reading Satoshi Nakamoto’s original paper, a number of news articles, WEF papers, a quotation by Mahatma Gandhi and some ideologies surrounding the rise of the blockchain. I realized, there are so many intelligent people in this field and there are lots of wisdom to be gained.
Speaking of the Gandhi quote, this one is very relevant to the Bitcoin-experience:
“First they ignore you, then they laugh at you, then they fight you, then you win.”
I admit, I was one of those who ignored Bitcoin years ago. I could’ve been worth dozens of million dollars now if I didn’t. Speaking of the ideology, I like that one article equating Bitcoin to Gutenberg’s printing press. The latter paved the way to an era of decentralized information, away from the central authority of the Catholic Church. Bitcoin, on the other hand, is paving the way to an era of decentralized economy, away from the central authority of central banks and governments. I very much agree with this analogy.
I’ve not read this much — especially about economics — for a number of months till last night, yet I couldn’t stop reading. Well, ahem, bagging profits motivates me… a lot! Later, I learned about another Bitcoin buzz — airdrop. There’s this thing called Bitcore, another offshoot of the Bitcoin blockchain, who’s been giving FREE money to Bitcoin holders since 6 months ago. I didn’t know that! It’s coins rose 500% since that time. And what’s more, there are some interesting people behind it who were connected in some ways to Nakamoto himself. Might as well learn more about this. (Oh yes, I’m obsessed.)