HODL - That's it

Just for you to know, you just need to HODL!

Blockchain, crypto, DEFI, NFT, web3 are here to stay!

Down bad but UP only will come. DCA in the mean time.

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Sounds like an ad from the web3 / crypto industry :slight_smile: Please don’t get cold feet now, we want to stay a bit longer :slight_smile:

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When it comes to pop culture stuff, I prefer collecting pokemon to crypto. Pokemon don’t destroy my net worth. YOLO :crazy_face:

I love your enthusiasm, why not try using it for something besides crypto?

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Just a reminder for the one that came late and want to give up…

I will come back to this thread in 1-1.5 year :wink:

@johndoe1 : don’t worry i have a lot of enthusiasm for a lot of things!

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This is such dangerous mentality when crypto industry is 99% spec/ponzi/scam. The 1% utility is not going to drive reliable returns in the long run.

At best it’s a negative sum game with exchanges/miners getting rich from the masses and a few getting lucky (be early to a pump and actually cash out). At worst you lose everything to some left tail risk (key gets hacked, mt gox, bitgrail, terraluna recently, tether next, etc.)…

Was very interested in crypto and blockchain tech in ~2017 and now, 5 years later, nothing has changed except more lipstick on a pig.

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Hold on to your LUNAs? :slight_smile:

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The underlying technology may be here to stay. The individual specific coins we can currently invest in might fail miserably and disappear into oblivion.

The Internet has been here to stay and has become a HUGE part of current society, yet:

Cisco is just now regaining its year 2000 high, and back on track to loosing it again (on a total returns basis).

Altavista was arguably the best search engine at the time, it’s not anywhere to be seen today.

Pets.com went the way of the dinosaurs.

Myspace, Blackberry, Nokia… there have been countless ways to bet on the wrong horses and loose a lot of money.

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In my opinion, anyone who is really interested in seeing bitcoin and other non-central-bank currencies reach adoption should not HODL it, but spend it. Putting bitcoin into circulation would give it an actual use case. The biggest problem with decentralized crypto adoption is HODLing, in my opinion. If everyone who holds bitcoin would make a point of spending all or most of it on (the few) goods and services which can be paid for with bitcoin, we would finally see the kind of adoption which would give it some value as a currency. But it seems to me that the greed-driven crypto community will be its ultimate downfall. Once there are CBDCs which can be used in a whole country or region, driving decentralized currency adoption will be much harder, in my opinion.

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So your message to @sammcly is “put your money where your mouth is and spend your BTC” :slight_smile:

I agree with you. However in my opinion there is another problem preventing adoption in that there is no meaningful benefit vs fiat

In El Salvador the government pushed people to change but the latest results are that 80% of people prefer using USD and the adoption rate for BTC has slowed to almost zero.

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Hope is not a strategy. Wish you best of luck.

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Cryptos are non productive assets and they can be duplicated to infinity. The utility of the “blockchain” is questionnable and niche. The stupidest example in date being NFTs… Who really need a public, distributed and very inefficient database? Not many I suppose…

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I fully understand the utility of blockchain and can imagine several use cases.

However, I see no use for multiple tokens which, in my opinion, is more detrimental to the crypto than anything else.

Yes for ONE single cross-chain crypto. Yes for multiple blockchains, but no for multiple tokens.

The main problem with cryptocurrency is that it is currently mostly used as a speculative product. As long as it is HODL and not in circulation, I see no practical use for it.
(Disclaimer: I owned crypto before the Luna crash but don’t own any at all atm.).

What I would like to see is a merger of Bitcoin and Ethereum. Using the network and the advantages of Ethereum but with the BTC token. It will probably never happen, but we can always dream.

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You mean a Proof of Work scalable blockchain with smart contracts and no gas fees ? It has already happened.

No, I mean democratising BTC as the one and only token with a market value on the Ethereum network.
Why reinvent the wheel?

I know there are plenty of blockchains that work exactly as you say. What I’d like to see is the two biggest ones merge to get everyone on the same page and stop the nonsense of multiplying cryptocurrencies.

But then you won’t have scams and people losing their money anymore (being sarcastic here). Way too much money to be made in crypto for this to happen. Also, BTC and ETH are just too different to actually merge them. BTC being deflationary, while ETH being inflationary (at least for now).

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No, only one for now.
It’s not about reinventing the wheel, it’s about solving the scalability of Proof of Work. Ethereum and Bitcoin can’t scale.

Ethereum will be scaled with the merge but PoS is garbage. And being scaled doesn’t mean being scalable.

Ethereum is deflationary now

Do you have more information / links to that? From what I can see, ETH is still not being deflationary.
Yes, EIP-1559 was implemented, but at the moment still more ETH are being created compared to ETH being burned: https://watchtheburn.com/

grafik

Okay thanks
It had some deflationary weeks in the beginning of the years but I didn’t follow the burning rate lately.

Whether or not there is a meaningful benefit vs. fiat depends on your economic philosophy. Some things which I see as possible benefits are:

  • Transactions cannot be controlled. Anyone can transact with anyone, without room for private or public control over commercial transactions. From a free market perspective, that would be the ultimate goal of money.
  • The cost of financial services could, theoretically, be vastly reduced because the software automates tasks which for fiat currencies require thousands of trust-based service providers.
  • A fully uncontrollable, decentralized currency which is actually accepted and circulated could provide a medium for storing wealth outside of the banking system. Currently this task is performed by commodities (like gold). But transferring commodities either requires trust-based service providers, or expensive physical delivery.

But all of these benefits are dependent on the cryptocurrency becoming a means of exchange. This can only happen if its community both spends it and accepts it as payment for goods and services.

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I’d say that BTC is already a very nice vehicle to transport large amounts of money anonymously/under a pseudonym.

It’s easy to track the transactions, but It’s almost impossible to find the owner of a wallet if done correctly.

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