Ex Bitcoin maxi here

I use to be a Bitcoin maxi and the one day I had an epiphany that it’s actually just worth as much as the next guy is willing to pay for it, and that is the only reason people buy it, because they think there’s an infinite line of new buyers who all think there’s a guy after them willing to buy it, and so on…

Also the fact there’s a few hundred gigawhales who could dump the market any moment they feel like it

There’s also the fact Bitcoin already had it’s parabolic run, currently being up more than 5,000,000% since inception, we’ll never see gains like that from bitcoin, you’d be like to see 1000% gains, and not to mention the remaining gains left in it, are all massively taxable in my country, like 30% minimum, and that’s in 2022, when bitcoin grows and is using 10X more electricity I am sure governments will introduce additional taxes in the form of carbon / emissions taxes for profits on bitcoin.

I just don’t know…. I feel like this whole bitcoin thing is over, the ship has sailed.


I’m not trying to demoralise i just left the whole Bitcoin maxi delusion phase of my life and I’ve woken up to the reality of the situation.

Maybe I’m slow, but I think most people are thinking this, it’s why altcoins and shitcoins and NFTs are what everyone goes on about, they’re all trying to replicate bitcoins 5 million percent gains, and every now and then some of them succeed in doing so, but even that I feel is going to go bust much sooner, flash in the pan shit.

Overall I am personally extremely demoralised in regards to crypto and feel like I need to look for alternative methods of making it, because this shit feels like we’re at a point where it’s like getting blood out of a stone

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Thats why eth exists.

>just worth as much as the next guy is willing to pay for it

Congratulations you passed class 1 of economics

Congrats, you saw the light outside of the cave.

You will never get rich by buying bitcoin anymore, the ones constantly shilling it are whales that bought under $1000 or early adopters below $100

Yeah but i believed in the tech and all that stuff

But what got me thinking is that how crypto has become regulated to the point where opening an exchange account to interact with others trading is almost no different to opening tradfi trading accounts where they have all your information and the government knows everything

And everyone accepts these regulations as the standard, showing to me that nobody actually gives a fuck about the tech, everyone is happy to just have crypto absorbed by the state/elites to just be another wing of economy under their control and regulation

Like I said, when Bitcoin becomes 10X bigger, it will use 10X more energy, and there will most likely be emissions / carbon taxes placed on bitcoin profits, you know how governments love to slowly encroach on new stuff to regulate and control it… and they’re always looking for new ways to tax the cattle, and when bitcoins energy use becomes even greater, it’s going to be very easy for them to place carbon taxes on it, absolutely raping profit margins even more

This shit is just not looking like it will end well…

Yeah but what the fuck else is there man?

It’s a fucking lottery at this point.

There's nothing man, you play the casino and wait some new product or tech develops and you try to invest early on

>And everyone accepts these regulations as the standard, showing to me that nobody actually gives a fuck about the tech,

If you really care about that, use non KYC exchanges and send it between different wallets. Also, I'm talking Monero. That is the tech to go.

Also, I mean it that it's an accomplishment for you to realise that the price is determined by how much the other person is willing to pay. There is no such thing as an inherent value per sé, buyer and seller decide the price.

And with new tech I mean completely out of crypto, something new, whatever it is

HAHAHAHAHAHA

I dont know what to do…

I sold at $58,000 and I cashed out to my bank. I have a little under a million.

I feel like I should maybe just stack cash for the next 1-2 years and hope the global markets crash so then I can swoop in and buy a ton of shit at a 70-80% discount, but I don’t know if that will even happen anymore

Just saying it feels like this game is over with

Buy some silver, some XMR, and wait for a crash to slurp it up. You almost made it, don't be so pessimistic. The only thing that can fuck it up for you is we have a global grid crash.

I should mention this is the first time I ever cashed out to my bank account.

I’ve even become paranoid that exchanges will become insolvent if a gigacrash happens. Or that if I wait to sell for another 10 years that I’d get hit with massive Climate/Carbon taxes

I’m just paranoid about the whole crypto space as a whole.

This shit hit me out of nowhere. I don’t know why everything hit me at once.

I guess maybe the last 2 years of clown worlding has fucked my brain up

Everything feels in kind of a death spiral in general since the last few years, the west is holding on for dear life. Crypto just hit the dead end with the NFT space, it's now a proper mainstream space, which normally signs that this is it. BTC will probably go back to 60k but at some point you gotta make some profit. Personally it hit me when that stupid of Elon Musk would tweet something and tank crypto at will. Take profit, try to get some small passive income in something, just wait for 2-5 years for crash. That's how gonna be, if there's a time to make profit is after economic crashes

Yeah everything you said here I agree with and concerned me enough to sell

I sold at $58k because on the 2nd run up to the top because I expected a crash at $60k to occur, it ended up happening a little after that, so I was abit early.

I wonder if heading to $60k would cause a lot of 2021 buyers to sell and exit the market to break even… or if they will all hodl and get dumped on again

Either way that is a small deal or n the grand scheme of things here the macro economic factors look really atrociously bad

That's right. That's why I'm into solid low caps that has good potential. I'm still early on SPDR and BLOK due to the recent hype in metaverse and web3.0. I will be taking my profits into BTC or ETH as they are less volatile and still good to hodl.

2010s was the decade of Bitcoin, 2020s will be the decade of Monero

Once you let a little bit of doubt in then its easy to see lots of bearish factors. Congrats on cashing out a nice sized stack

so how are zoomers going to make money now?

Nah you don’t get my concern

The main concern I have is how everything has become regulated and the majority have accepted state and elite control over the space, and Monero has been essentially exiled meaning the majority accept to never touch it because they can’t interact with it because the gov and elite blacklisted Monero and everyone is just fine with that

This is why I’m realizing nobody cares about the fucking tech


If people cared about the tech Monero would be n.1

I'm a huge fan of tech, more reason I'm bullish on BAT and SPDR. SpiderDAO and its hardware for example Has one of the best military grade vpn app and now set to launch a miner as well.

You never read up on network theory and it shows.

BLOK dumped heavily. I don't see SPDR coming up either.

>If people cared about the tech Monero would be n.1
I believe there are some cyclical waves in the market. I believe the fundamentals haven't pumped since 2017. It might come back

Network theory…. It doesn’t guarantee anything, plenty of new creations have succeeded on that and still lost interest and died off

Facebook is going the way of MySpace now. I don’t see Meta succeeding, I think that is the beginning of the end for Zuckerberg

You seem like a smart guy. What sort of advice would you give to somebody new to crypto space?

there are some bullish new on Blok lately annon. SPDR too is about to launch its miner and that will enable bandwidth monetization, the first of its kind

>t. poorfag

Always do your own research, double check before investing and also stake for additional income. Cometh swap, gemini and yield finance are my best platform when it comes to staking.

Looks like some of you just didn't go deep enough into the BTC rabbit hole to find Zenon.

I felt exactly the same as you. Actually, it was fucking Twitter that made me realise I’m done. So many people spamming daily about “making it” and championing endless copycat projects. They don’t contribute a thing and yet feel some blind loyalty, hatrid for other chains etc - pathetic.
I know it’ll keep going up, I don’t care. I kept 5 Btc and 32 eth and who knows - it might be my retirement someday. I got an awesome house fully paid off and enough money in some index funds to get me started. Tired of wasting my life reading absolute drivel - at least in 2017 it was funny.

I play cometh games instead. The NFT spaceships collections are so adorable and has high mining power. Investing early is always the best form of play.

I’d say there’s 3 scenarios.


1. Crypto keeps slowing going up, maybe in 10 years 1 bitcoin will be a very comfortable minimum $300k+ *** but I also think in 10 years governments would have slapped heavy carbon/emissions taxes on bitcoin, so there’s that to consider

2. There’s a chance, unless the US fed figures out a way to kick the can the road for the rest of the decade, that there’s global market crash that takes crypto down with it, and offers really great buying opportunities, so perhaps stacking as much cash as you can for this is a potential option

3. The market sort of just doesn’t really go anywhere for many years, ups and downs of 50%, while at the same time new taxes and regulations are implemented, causing nobody to really lose any money, but nobody to really gain any money besides day-traders and exchange’s and exchange insiders

It’s just not looking good at the moment imho.

I’m personally leaning towards option 2, but I already made some gains after being in here since 2016 and I have a stack of fiat now so I am biased towards option 2.