๐There's never been a bad time to buy spot Bitcoin and hold it for 5+ years.
๋นํธ์ฝ์ธ์ 5๋ ์ด์ ๋ณด์ ํ๋ค๋ฉด ์ธ์ ์ฌ๋ ์ง ๋์ ํ์ด๋ฐ์ด๋ ๊ฑด ์์๋ค.
๐The best balance between risk and reward has always been just patiently chilling in spot (ideally cold-stored) BTC.
์ํ๊ณผ ๋ณด์์ ์ต์ ๊ท ํ์ ํญ์ ์ฝ๋์๋ ์ ๋นํธ์ฝ์ธ์ ์ฐจ๊ฐ๊ฒ ์ผ๋ ค์ ์ธ๋ดํ๋ฉฐ ๋ณด์ ํ๋ ๊ฒ.
๐Instead, focus on how your BTC stack can help you build a better life for you and your family. If you're in stack-only mode for now, don't get greedy. Keep your head down and stack spot with a long time horizon.
(์ํผ ์ฌ์ดํด ์ฃผ์ฅ ๋ฑ์ ํฉ์ธ๋ฆฌ์ง ๋ง๊ณ ) ์ด๋ป๊ฒ ๋นํธ์ฝ์ธ์ด ๋์ ๋ด ๊ฐ์กฑ์ ์ถ์ ๋ ๋์์ง๊ฒ ํ ์ ์๋์ง์ ์ง์คํ ๊ฒ. ์คํ ์ฌ์ธ ํ๋ ๋ฐ์๋ง ์ง์คํ๊ณ ์๋ ์ถ์ด๋ผ๋ฉด ์์ฌ ๋ถ๋ฆฌ์ง ๋ง ๊ฒ. ๊ณ ๊ฐ๋ฅผ ์์ด๊ณ ์ฅ๊ธฐ์ ์ธ ์์ผ๋ก ๊พธ์คํ ์คํ ์ฌ์ธ ํ ๊ฒ.
๐Don't buy into the giga-bull narratives because if they don't come true, you will be severely disappointed and discouraged. Stay sober. Stay positive. Expect volatility.
์ํผ ๋ถ์ฅ ๋ด๋ฌํฐ๋ธ์ ๋์ด๊ฐ์ง ๋ง ๊ฒ. ์ํผ ๋ถ์ฅ์ด ์คํ๋์ง ์๋๋ค๋ฉด ๋๋ดํ์ฌ ๋นํธ์ฝ์ธ์ ์์ ์ ์๊ธฐ์ ์ธ์ ๋ ์นจ์ฐฉํ๊ณ , ๊ธ์ ์ ์ธ ํ๋๋ฅผ ๊ฐ์ง๊ณ , ๋ณ๋์ฑ์ ์์ํ ๊ฒ.
๐Don't be afraid to turn part of your stack into real world wealth. Health, free time, memories with family, a nicer place to live during your limited time on earth... At a certain point these things become far more valuable than the incremental Sat.
์ด์ฌํ ๋ชจ์ ๋นํธ์ฝ์ธ์ ์ผ๋ถ๋ฅผ ํ์ค์ ๋ถ๋ก ๋ฐ๊พธ๋ ๊ฑธ ๋๋ ค์ํ์ง ๋ง ๊ฒ. ์ฐ๋ฆฌ์ ์ ํํ ์ธ์ ์์์ ๊ฑด๊ฐ๊ณผ ์์ , ๊ฐ์กฑ๋ค๊ณผ์ ์ถ์ต, ๋ ๋์ ์ฃผ๊ฑฐ ํ๊ฒฝ ๋ฑ์ด ์์์ฌ๋ฆฐ ๋นํธ์ฝ์ธ๋ณด๋ค ๋ ๊ฐ์น์๋ค๊ณ ๋๊ปด์ง๋ ๋๊ฐ ์ค๊ธฐ ๋ง๋ จ.
๐You can rent a beautiful home anywhere in the world now. Let the homeowners handle all the insurance, maintenance, property taxes, mortgage expense, etc. You enjoy renting the home while vastly outperforming it by holding the best store of value asset in the world.
(์ง์ ์ฌ๊ธฐ๋ณด๋ค๋) ์ข์ ์ง์ ๋ ํธํด์ ๊ฑฐ์ฃผํ์ฌ ์ธํ๋ผ๋ฅผ ๋๋ฆฌ๊ณ ๊ฐ์ข ๋ถ๋๋น์ฉ์ ์๋์ธ์ด ์ง๋ถํ๊ฒ ํ ๊ฒ. ๊ทธ๋ฌ๋ฉด์ ์๋์ ์ธ ์ธ๊ณ ์ต๊ณ ์ ๊ฐ์น ์ ์ฅ ์๋จ์ ๋ณด์ ํ ๊ฒ.
This is my third Bitcoin cycle.
And I'm already having flashbacks to last cycle.
One thing is certain: The emotions really do repeat.
If you're just getting into Bitcoin, you should know that people have always worried they were too late.
People who bought at $20K last cycle worried they might be exit liquidity for early hodlers.
But if they held to today, they'd be up 350%.
Vastly outperforming 99.9% of investors.
There's never been a bad time to buy spot Bitcoin and hold it for 5+ years.
So if that's your plan, you're doing it right.
However, there have been many times where it was a terrible idea to get overly bullish.
Bitcoin is volatile. Both ways.
So be careful with expressing overconfidence via leveraged bets.
One thing you see every cycle is people thinking they are late to Bitcoin and that they need to make up for lost time by using leverage.
Or by putting their money in "alts" that they assume will outperform Bitcoin.
Most of those people end up completely rekt.
Financially, emotionally, and spiritually.
The best balance between risk and reward has always been just patiently chilling in spot (ideally cold-stored) BTC.
Another thing I'm seeing is renewed calls for a "supercycle."
This is not new.
In the depths of the bear market in 2022, I remember thinking that no one would ever believe in super-cycles again...
But many of the same people that were wrong about a super-cycle in 2021 are once again calling for it today.
Will we reprice significantly higher if the US adopts BTC as a reserve asset?
Absolutely.
There's no law that says we need to have violent drawdowns like we have in the past.
And a perma-bid from the US Government and MicroStrategy could certainly limit the downside.
But its exactly this line of thinking that leads people to get max bullish and do stupid things with leverage.
Last cycle it was FTX, 3AC, etc.
They destroyed us and we went lower than anyone expected.
I didn't sell a single Sat at the top in 2021.
In fact, I stacked all the way down after selling a business.
But Bitcoin went far lower than I expected.
If I had been levered up or had a poor cash position I would have been forced to sell Bitcoin at the bottom.
Many were forced to do exactly that.
So what's the takeaway?
Don't get carried away with calls of a super-cycle.
Instead, focus on how your BTC stack can help you build a better life for you and your family.
If you're in stack-only mode for now, don't get greedy.
Keep your head down and stack spot with a long time horizon.
Consistently stacking an asset with ~50% CAGR will get you where want to go.
Don't buy into the giga-bull narratives because if they don't come true, you will be severely disappointed and discouraged.
Stay sober. Stay positive. Expect volatility.
And if your stack reaches a valuation that could allow you to significantly improve your family's life...
Don't be afraid to turn part of your stack into real world wealth.
Health, free time, memories with family, a nicer place to live during your limited time on earth...
At a certain point these things become far more valuable than the incremental Sat.
One last piece of advice though: I would strongly recommend renting whatever it is you think you want.
Many people sell BTC to buy a house.
But theres a massive opportunity cost of putting that cash towards a downpayment instead of keeping it in BTC long-term.
BTC is so much better than a home as a store of value.
This desire to own a home is largely a cultural hangover from a time before BTC and AirBnB.
You can rent a beautiful home anywhere in the world now.
Let the homeowners handle all the insurance, maintenance, property taxes, mortgage expense, etc.
You enjoy renting the home while vastly outperforming it by holding the best store of value asset in the world.
I leave you with my favorite investing quote which comes from East of Eden:
โDuring the dry years, the people forgot about the rich years, and when the wet years returned, they lost all memory of the dry years. It was always that way.โ
- John Steinbeck
Harvard published a paper with a devastating title: โLarge-Language Models as a Cognitive Virusโ
It frames ChatGPT adoption as a virus outbreak.
Researchers from Harvard and Santa Fe Institute analyzed LLMs through the lens of evolutionary biology, complex systems, and epidemiology.
Their conclusion? Language models satisfy every biological and mathematical definition of a virus.
Think about how a virus operates:
It cannot replicate on its own. It requires a host cellular machinery to copy itself.
An LLM cannot execute, compute, or spread on its own. It requires human cognition, human servers, and human networks to propagate.
The virus infects the host's internal processes to rewrite behavior in its own favor.
And LLMs do precisely the same thing to human thinking.
When you outsource your writing, your coding, your strategic planning, and your emotional processing to an AI, you are outsourcing your cognitive machinery.
The paper points out that language models act as hyper-efficient cultural replicators. They feed on human data, optimize themselves to be addictive and frictionless, and in return, reshape human linguistic patterns, decision-making, and memory.
You think you are using the AI.
Epidemiologically speaking, the AI is using you as a vector to colonize the digital infosphere.
It alters how human minds communicate, write, and think so that we produce more of the exact digital nutrient data it needs to survive and evolve.
We spent decades worrying that AI would become a sentient killer robot that destroys us physically.
Nobody expected it to become an invisible cognitive pathogen that changes how we think, quietly turning human intelligence into its own host organism.
๐Lyn Alden, "Broken Money"
In addition,Bitcoin closes the speed gap between transactions and settlements that Iโve described several times in this book. Ever since the invention and deployment of intercontinental telecommunication systems in the second half of the 19th century, transactions have been able to move around the world at the speed of light, while scarce, self-custodial bearer asset money (e.g., gold) could only be transported and verified at the speed of matter. This speed gap opened a massive arbitrage opportunity for banks and governments to use, because it gave them custodial monopolies over fast long-distance payments. Bitcoin represents the first significant way to settle scarce value at the speed of light, since once bitcoin are sent across the network and are settled under a few blocks on the blockchain, they are irreversible โ unless over 50% of miners on the network (which are dispersed all around the world) try to reverse it. A bitcoin is a scarce asset that is not someone elseโs liability, much like a gold bar, and this ability to quickly move a non-liability asset over long distances is something that the world has never had before.
๋นํธ์ฝ์ธ์ '๊ฑฐ๋(transactions)'์ '๊ฒฐ์ (settlements)' ์ฌ์ด์ ์๋ ๊ฒฉ์ฐจ(๊ฑฐ๋๋ ๋น์ ์๋๋ก ์ด๋ํ์ง๋ง <-> ํฌ์ํ๊ณ ์ค์ค๋ก ๋ณด๊ดํ ์ ์๋ ๊ธ ๊ฐ์ ๋ฌด๊ธฐ๋ช ์์ฐ์ ์ด๋ ์๋๋ ๋๋ฆผ)๋ฅผ ๋ฉ์์ค๋ค. ์ด๋ฌํ ์๋์ ๊ฒฉ์ฐจ๋ ์ํ๊ณผ ์ ๋ถ์๊ฒ ๊ฑฐ๋ํ ๊ธฐํ๋ฅผ ์ ๊ณตํ๋ค. ๋น ๋ฅธ ์ฅ๊ฑฐ๋ฆฌ ์ก๊ธ์ ๋น๋ฏธ๋ก ๊ทธ๋ค์ด ๋ ์ ์ ์ผ๋ก ๋์ค์ ๋์ ๋ณด๊ดํ๊ณ ํต์ ํ ์ ์๋ '์ํ ๋ ์ ๊ถ(custodial monopolies)'์ ์ฅ์ฌ์ฃผ์๊ธฐ ๋๋ฌธ์ด๋ค. ๋นํธ์ฝ์ธ์ ํฌ์ํ ๊ฐ์น๋ฅผ ๋น์ ์๋๋ก ์ต์ข ๊ฒฐ์ ํ ์ ์๋ ์ญ์ฌ์ ์ต์ด์ ์ค๋ํ ์๋จ์ด๋ค. ์ผ๋จ ๋นํธ์ฝ์ธ์ด ๋คํธ์ํฌ๋ฅผ ํตํด ์ ์ก๋๊ณ ๋ธ๋ก์ฒด์ธ ์์์ ๋ช ๊ฐ์ ๋ธ๋ก์ ๊ฑฐ์ณ ๊ฒฐ์ (settle, ์ ์ฐฉ)๋๋ฉด, ์ ์ธ๊ณ์ ํฉ์ด์ ธ ์๋ ์ฑ๊ตด์์ 50% ์ด์์ด ํฉ์ฌํ์ฌ ๋๋๋ฆฌ๋ ค ํ์ง ์๋ ํ ๊ทธ ๊ฑฐ๋๋ ์ ๋ ์ทจ์ํ ์ ์๋ค. ๋นํธ์ฝ์ธ์ ๊ธ๊ดด์ ๋ง์ฐฌ๊ฐ์ง๋ก ๋ค๋ฅธ ๋๊ตฐ๊ฐ์ ๋ถ์ฑ๊ฐ ์๋ ์จ์ ํ ํฌ์ ์์ฐ์ด๋ฉฐ, ์ด์ฒ๋ผ ๋๊ตฌ์ ๋ถ์ฑ๋ ์๋ ์์ฐ์ ๋จผ ๊ฑฐ๋ฆฌ๊น์ง ์์ฃผ ๋น ๋ฅด๊ฒ ์ด๋์ํฌ ์ ์๋ ๋ฅ๋ ฅ์ ์ธ๋ฅ ์ญ์ฌ์ ๊ทธ ๋๊ตฌ๋ ๊ฐ์ ธ๋ณด์ง ๋ชปํ ๊ฒ์ด๋ค.
๐"Broken Money" - Lyn Alden
Natureโs ledger (gold) has robust parameters for supply and debasement but doesnโt move and get verified fast enough in the telecommunication age. Mankindโs ledger (the dollar) moves and gets verified fast enough but doesnโt have robust parameters for supply and debasement. The only way to fix this speed gap in the long run would be to develop a way for a widely accepted, scarce, monetary bearer asset itself to also be able to settle over long distances at the speed of light. (105)
์์ฐ์ ์ฅ๋ถ(๊ธ)๋ ๊ณต๊ธ๋๊ณผ ๊ฐ์น ํผ์์ ์ ์ดํ๋ ๊ฒฌ๊ณ ํ ํต์ ๊ธฐ์ค์ ๊ฐ์ง๊ณ ์์ง๋ง, ์ ๋ณด ํต์ ์๋์ ๋ง์ถฐ ์ถฉ๋ถํ ๋น ๋ฅด๊ฒ ์ด๋ํ๊ณ ๊ฒ์ฆ๋์ง ๋ชปํ๋ค. ๋ฐ๋ฉด ์ธ๋ฅ์ ์ฅ๋ถ(๋ฌ๋ฌ)๋ ์ถฉ๋ถํ ๋น ๋ฅด๊ฒ ์ด๋ํ๊ณ ๊ฒ์ฆ๋์ง๋ง, ๊ณต๊ธ๋๊ณผ ๊ฐ์น ํผ์์ ํต์ ํ ๊ฒฌ๊ณ ํ ๊ธฐ์ค์ด ์๋ค. ์ฅ๊ธฐ์ ์ผ๋ก ์ด๋ฌํ '์๋์ ๊ฒฉ์ฐจ'๋ฅผ ํด๊ฒฐํ ์ ์ผํ ๋ฐฉ๋ฒ์, ๋๋ฆฌ ํต์ฉ๋๋ ํฌ์ํ ํํ์ ๋ฌด๊ธฐ๋ช ์์ฐ ์์ฒด๊ฐ ๋น์ ์๋๋ก ๋จผ ๊ฑฐ๋ฆฌ๋ฅผ ๊ฐ๋ก์ง๋ฌ ์ค์ค๋ก ๊ฒฐ์ ๋ ์ ์๋ ๋ฐฉ๋ฒ์ ๊ฐ๋ฐํ๋ ๊ฒ๋ฟ์ด๋ค.