Which Bitcoin Monster Do You See In The Mirror?
Source: Bitcoin Magazine – Bitcoin News, Articles and Expert Insights – Read More
Which one of these four monstrous archetypes describe how you view your investment in bitcoin?
This is an opinion editorial by Will Schoellkopf, author of “The Bitcoin Dog” and host of the Bitcoin podcast “It’s So Early!”
Halloween is coming up and it’s time to face your fears. Can you honestly look at yourself in the mirror and not see something scary looking back?
I will draw inspiration from Dawdu Amantanah’s article in Satoshi’s Journal for four different Halloween monsters you may see in the mirror based on which type of bitcoin investor you are: newbie, technocrat, trader or maximalist.
To the newbie in the mirror, AKA Casper the Friendly Ghost:
So you want to buy bitcoin — but what if you don’t want to be an investor? What if you just want to fly around as a friendly ghost and don’t want to evaluate risk/reward responsibilities? Are you willing to just save the value of the work you’ve done for the future without getting tempted to join the other ghouls in their shenanigans?
To the trader in the mirror AKA the Boogeyman:
How tempted are ye to trade; “It’s a way to make money off of bitcoin!” When bitcoin is the money! Are you going to spin that altcoin roulette wheel or keep rolling the dice for snake eyes? If the Boogeyman trades his bitcoin for fiat, is he really a Bitcoiner — or a monster?
To the technocrat in the mirror, AKA Dr. Jekyll and Mr. Hyde:
Are you sure you’re not more attracted to “blockchain technology” than to Bitcoin? Dr. Jekyll appreciates proof-of-work and decentralized money, but when you hear about other protocols doing a “Merge, Surge, Verge, Purge, And Splurge” does Mr. Hyde emerge? Are you more tempted by zk-SNARKs, danksharding, and soul bound NFTs or are you content with an ossifying blockchain that wants to simply be a once-in-a-civilization monetary revolution for the world?
To the maximalist in the mirror AKA the Zombie:
If you truly are a maximalist, are you ready to be declared “dead” over and over again? Bitcoin is a volatile asset that’s lost 90% of its value in short order many times. Can you become the living dead, get back up every time the price falls down, and HODL onto your “risky” bitcoin for decades? What is dead may never die!
To the final boss in the mirror AKA your reflection:
For some, the scariest monster of all is to look in the mirror and see your own worst enemy, yourself.
But stand firm! Just as:
1 BTC = 1 BTC
You = You
As you journey down the Bitcoin rabbit hole, you’ll find the greatest return is not the purchasing power of your satoshis, but what you learn about yourself along the way.
I’ve learned the more I give the more I receive, so I’m happy to contribute more content to a medium for the plebs like Bitcoin Magazine!
Thank you for your support during my scary journey down the Bitcoin rabbit hole. I hope this article helps your self-reflection and keeps your torch alight as you press on further.
This is a guest post by Will Schoellkopf. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.