Below is the tweetstorm by Peter McCormack, producer of The What Bitcoin Did Podcast, that became very popular this week and was nominated as “the winner tweetstorm for Dec 2018” by some members of the cryptoverse. Peter shares his experience in crypto, offers a list of facts and insights that a crypto investor may find useful and provides other resources for those who want to understand the crypto world better. If you do not agree with Peter, here’s the link to the original tweetstorm.
If you are accumulating altcoins/tokens hoping 2017 will happen again, please consider:
1. Societies usually converge to a single SoV [Store of Value]
2. Hardly anyone is using for MoE [Means of Exchange] (yet)
3. Utility tokens really don’t have utility
4. Hardly anything has shipped
5. Other tokens give you no claim to equity or profits
6. Projects are closing down due to poor treasury management
7. Smaller PoW Proof of Work] projects at high risk of 51% attack
8. Bag holding venture funds are looking to exit
9. Little liquidity for most coins/tokens
10. The SEC is now in the arena
11. You can’t trust a thing most project leaders say
12. Exchanges will happily wash trade fake volume
13. Ripplecoin is a bot army and propaganda machine
14. Do you need much more…?
But there is good news.
1. While volume is down there is significant liquidity
2. There is no leader bullshitting you
3. It is the leading crypto SoV
4. Lightning Network is growing rapidly
5. All the mining FUD, well it is FUD (use Google)
6. The SEC has confirmed it is not a security
7. An ETF is coming
8. Bakkt and Ice launches January 24th
9. Institutional grade custody options are expanding
10. Blockstream have successfully launched the Liquid sidechain
11. Global settlement edge cases exist
12. OTC markets are vibrant
13. Futures markets are operational (ignore price, they are here)
14. Bitcoin ETP launched in Switzerland (other markets coming)
15. Do you need much more…?
Feel free to play the altcoin lottery, you may make money but all the dumb money has been washed out, it is nothing but a game of hot potato!
1. Accumulate a genuine commodity: Bitcoin
2. Work or start a side hustle, Bitcoin or not
Bitcoin has survived:
Bitcoin is still here, where are your other projects?
Just take a moment to think about it, even with a bear market a single Bitcoin, you know, made up Internet money costs USD 4,000 and will exceed global volume of USD 2 trillion, 2 fucking trillion dollars. Do you know how much that is?
^^^ that much!
Mining isn’t centralised, Bitcoin won’t suffer a 51% attack, Bitcoin won’t die, XRP isn’t the standard, Wall Street isn’t coming, it is here, Grayscale owns 1% of supply, as I already said, Bakkt will be here in January, futures are here and ETFs are coming.
Oh, but Peter, you’ve just become a maximalist because it is fashionable. How many times have I heard this?
The natural conclusion after 54 interviews, countless hours of prep, reading + listening to everything is that Bitcoin is “The Soundest” bet (long-term).
I’m not a maximalist anyway:
1. Read @real_vijay’s Bullish Case for Bitcoin:
2. Listen to @MustStopMurad on @APompliano: The Ultimate Bitcoin Argument
3. Read @nic__carter’s Visions of Bitcoin:
4. Listen to my interview with @nic__carter:
5. Read @jlppfeffer’s Institutional Take (Bitcoin bit):
6. Read @pierre_rochard’s Investment Theses for Bitcoin:
7. Read everything by @AaronvanW
Invest for the long-term and do so with fundamentals.
You can’t undo the Blockchain and you can’t kill Bitcoin!
Edit: forgot to add I like Monero too and will hold a bag until Bitcoin offers privacy/fungibility.
Edit 2: crap, forgot one, read everything by @hasufl – monster writing!