🧘♂️ Message to Crypto Holders
Market Meditations | July 1, 2021
We Don’t Usually Do This
Dear Meditators
Let us be clear 👇
⤴️ We are Bitcoin bulls, and have proven so time and time again not only with a financial investment but our time investment. For this reason we spend years building business, researching and writing content, and creating free education. We realised, however, that education was not what people lacked. Today, we dive into what the true problem is.
⚠️ We don’t usually write personal messages like this. But we thought the circumstances warrant it.
Read, enjoy and share with your network. Let’s all build wealth together.
Delighted to say this article is brought to you by FTX. Make sure to use our link to get a 10% discount. Based in the U.S? Here’s a discount link for you: FTX.US.
📣 A Message to Crypto Traders & Investors
On 17 May, we published a video on YouTube entitled “Selling My Bitcoin & Altcoins (How I Spot the End of the Bull Market).” As per usual, anytime we publish anything remotely bearish about Bitcoin, altcoins, or the crypto markets, people would rather ignore the message, even though if we looked at the market from a technical perspective on that day, we were moments away from losing the key $45,000 level on Bitcoin that would signal the end of the short term parabolic uptrend. Our long term bullish outlook on the space remains intact, however, this is not an excuse to remain blindly bullish in the short term when market conditions change.
⏰ Patience
Koroush recently posted this tweet that explained that IF Bitcoin were to drop below $30,000 for a few years, it would be a great time to accumulate long term positions. What people focused on, however, was the fear, anxiety, and frustration at the thought of Bitcoin dropping below $30,000 for a few years.
Herein lies the lesson: the reason most people are unable to build wealth, retire early, or accomplish financial freedom is due to a lack of patience.
If you believe in Bitcoin long term and think over the course of a decade adoption will increase, you actually want the price to crash so you can accumulate a whole bunch of Bitcoin and expose yourself to this asset before it moves towards global adoption. This scenario is better than if the price went up in a straight line, forcing you to buy at higher and higher prices if you want more exposure. Have patience.
☄️ Impact
As a trader, parabolic bull markets are exciting because volume, momentum, and liquidity are present. Additionally, aggressive plays are often rewarded because most things go up and any swing trade based on the right narrative is a positive EV trade.
However if you don’t have any means of identifying the end of such market structure, then you’re not going to be an investor when it’s a great time to buy for the long term and instead suffer the financial and emotional consequences of trying to trade extremely difficult market conditions like this.
🤝 Conviction
There’s still tons of other stuff in the crypto industry outside of Bitcoin that continues to thrive. DeFi, for example, is growing every single day and NFTs continue to develop with gaming, artists, musicians, and more. But prices aren’t going up, and that’s why people get scared.
Herein lies another lesson: prices don’t need to go up as price is not always correlated rationally with the developments of the space.
If you truly believe in crypto, but are currently scared, you may consider strengthening your conviction by learning about the fundamentals of projects you invest in and the impact crypto can have on the world through DeFi, NFTs, Bitcoin, Ethereum, the whole spectrum.
You might also take this time to educate yourself on a variety of passive income strategies as there’s still an opportunity to outperform traditional financial systems. This YouTube video, 5 Crypto Passive Income Strategies – How I Earn $5000+ A Month, will help you with this.
We hope this article has helped at least one person wake up and realize there’s still opportunity here despite recent market conditions and remember not to marry their bias about the market doing one thing or another.
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🇺🇸 Please Be Seated
On June 30th, a subcommittee of the House Financial Services Committee gathered for a rather dramatically titled hearing 👉 “America on ‘FIRE’: Will the Crypto Frenzy Lead to Financial Independence and Early Retirement or Financial Ruin?” 🏦 What should crypto traders and investors know about the hearing?
The focus was on the risks to retail investors who enter the crypto market (typically, investors are either categorised as retail or institutional).
The hearing took place before the subcommittee on Oversight and Investigations (generally, not where any branch of the financial industry wants to end up. This is where especially problematic issues are discussed).
Notable quote from crypto bear: “I do have some consternation, and my consternation emanates from 2008” said subcommittee chair Al Green during his closing remarks.
Notable quote from crypto bull: “We don’t need new regulations,” said Coin Center’s Peter Van Valkenburgh in his opening testimony. “Cryptocurrency by definition is unbacked. Some people think that’s unwise, but something that’s unbacked doesn’t have promises associated with it. Something that doesn’t have promises associated with it doesn’t need to be bailed up.”
🛣 The road ahead? The optimal situation for an industry facing the subcommittee is to come away with no new bills targeting it. If the subcommittee did want to escalate matters, they would need to try to get a bill passed by the House and the Senate and signed by the president.
🐶 Million Doge Disco
One of the co-owners of Tom and Gary’s Decentralized Dance Party (DDP) – A roaming party that is connected to hundreds of boomboxes and thousands of dancers – has just announced that they are releasing a new NFT game called “Million Doge Disco”. But which co-founder was it?
Tom
Gary
📇 Oh My God… It Even Has A Watermark
Cinematic favourite American Psycho has come to the world of NFTs. Since Monday 28th June, you are able to own elements of the masterpiece by participating in a one-of-a-kind NFT drop. ⚠️ Please note we have no sponsorship or affiliation with this project. We just think NFTs, cinema and art are cool! 🌟 The details:
The drop features a collection that fuses 1980s materialism with 2020’s crypto. This drop not only leverages licensed work but it features official photography and creative assets from the film itself.
The NFTs are available exclusively on Curio, the premier NFT platform for entertainment brands and musical arts.
The experience begins with the sale of 50 iconic business card NFTs from characters Patrick Bateman and Paul Allen each day for five days. These cards will give collectors a “reservation at Dorsia” – a reference to the impossibly exclusive restaurant in the film – and unlock access to the complete American Psycho NFT Gallery. Each business card purchased also earns a collector 25 raffle tickets for the chance to win one of nine #1 edition American Psycho Legendary NFTs in the daily raffle.
🎭 Remember, we have a Beginner’s NFT Guide to help you get started.
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2. Gary
Gary Lachance first founded Decentralized Dance Party back in 2009 hoping to bring the world together through partying. This was not particularly lucrative and shifted in recent years to being entirely crowdfunded. Since the global pandemic hit in mid 2020, Gary has shifted his work online. He was an early doge backer and his most recent venture Million Doge Disco is a blockchain based NFT game combined with augmented reality. Similar to Pokemon-Go but instead you get your doge icon called a “Dogeagotchi” to meet up and dance together.
To kick it all off Gary has even put 1 million doge ($26,000) in giveaways within the game!
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Not financial or tax advice. The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision. See our important security disclaimers here.
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