Why Bitcoin "drama" is not bad at all?
There are many reasons for such statement.
Satoshis vision based on several key fundamentals:
If we take look at Bitcoin today I have question — what of above fundamentals he has today and there are few keywords:
- Roger Ver, Jihan Wu, Gavin Andresen, Jeff Garzik, Barry Sielbert, etc
Bitcoin today can be anything except trustless, decentralised and distributed. Bitcoin today is BitmainTech Corporation! Large number of miners are in BitmainTech slavery so I do understand their position.
Core developers are tech people with honest thinking and boy scouts. Certain number of miners as well. Problem is that politics and greed entered Bitcoin and Crypto arena. Those without technical skills and vision "smell blood" and as sharks arrived in that arena. Bitcoin is gangrenous at the moment and gangrene must be removed. That means there will be pain but after that wound will heal. Or Bitcoin Community will be on it's knees and accept new China masters and their puppets…
There will be NO agreement with China Government, Jihan, Roger and company. They want it ALL. Profiling showed many times that with such mindset there is no agreement. I wrote about it few months ago so if interested check it out.
To make it clear, if Segwit NOT activated by August 1st long war is ON. If Core kneels down — Bitcoin as Satoshi vision is LOST. This will be war between Bitmain Miners and Bitmain Satellite companies on one side and Knowledge (Core Developers) and Awaken Users on other side. Outcome is certain but it will take time and bring pain.
Luckily Crypto Ecosystem is today mature enough to take hit like that and it is not gloom and doom all the way.
When we speak about Crypto Ecosystem he must as well be distributed and decentralised. Question is should whole new dimension in human evolution be dependant on only one "product" — Bitcoin. Many will argue that Alts are centralised. Most of them are. But, at the moment, most centralised is Bitcoin and this "drama" is raging because of "Shadow Mining" BitmainTech centralisation and by GeoLocation centralisation is in China.
As well, people who claim that "Alts are centralised" probably heard that on Internet or social networks. If you look closely there is certain number of Alts that are decentralised, trustless and distributed much, much more than Bitcoin. People mostly do not investigate themselves but rather blindly join "camps"….
At the time of writing this text I see that some Alt's bottomed VS Bitcoin and expect them to reverse in correlation soon. Solid, robust, prosperous Crypto World should not be dependant on only one coin even if that is Bitcoin. I wrote about that as well so check if you will.
I am over 20 years on market and I am covered with scar's. But I did learn few rules in that time:
- Never marry investment — investment is bitch,
- Do not let politics in portfolio,
- "Be right and seat tight" — by Jesse Livermore
- Wealth is made when there are rivers of blood — not when markets go up
- Never chase rabbit
- Turtle will win the race not rabbit
- Good investor must always be ready for U-turn if fundamentals/environment change
I did prepare for this 5 months ago. When there was full blown bull I put some profit in metals. Have solid revenue stream through several vectors so cash was not needed. But I did significantly reshape Crypto portfolio. I do not want to get Goxed. Skipped that first time and learned a lot.
What I learned in this Bitcoin "drama" is that whole Crypto World is currently hostage of Bitcoin. Bitcoin is hostage of China Government hijack attempt through BitmainTech Asic dependant miners. To resolve this it will take time.
I am confident that this environment is WIN-WIN for some Alt's:
- if drama resolved everything will skyrocket — Alt's for sure more than Bitcoin — especially some Alt's
- if drama escalates I am 100% sure that some Alt's will soon have reversal correlation with Bitcoin. Drop VS Bitcoin has already stopped. I am sure that Crypto World will NOT die whatever happens to Bitcoin as well.
- I am sure that at the and Bitcoin will have to get rid of above mentioned gangrene and prosper — will take time, will be painful but at the end all this is Bitcoin feature NOT bug. But was made when community left all power in miners hands forgetting that miners are people only and greed will be there as well.
I am looking for fundamentally good Alt's that are distributed, decentralised, immutable, trustless. They must NOT be/have:
- P0W only
- China crew/dev majority
- over 200 mil coin cap
- located mostly in China — must be distributed world wide (MN/P0S helps here)
- Cult person as dev leader or have centralised dev team
They must HAVE:
- they must generate "fixed" income through MN/P0S/DPoS — trust me it is much easier to look price drop when your amount of coins is growing and you do nothing but stake. When prices go up again you get surprised every time…
Yes, there are investments like that. No, I am not going to shill them here.
If interested — go find them yourself….. ;-)
Conclusion is that Bitcoin will have to grow up and mature as well as whole Crypto World.
All of us will have to learn few things in this new dimension.
Only 1% will make real wealth here and those will be ones that go against heard and sound delusional to most of you.
Time will do the rest…
Good luck and God bless….