Inferior Assets Require Yield
I've been in the bitcoin space since 2015, and man I've learned a lot in those times, I've tried out the shitcoins, I've tried the yield products, I've tried the liquidity pools and DEFI nonsense, and I have to say the more I learned the more disillusioned I've become with the amount of false advertising and lies.
Crypto is all a failed attempt to replicate bitcoin in the home of recycling out more fiat at the end of the day or worse rob you of your bitcoin and the opportunity to purchase bitcoin. It uses complexity theatre, narratives, unit bias, affinity scams, and millions in marketing to keep you from realising it's all inferior assets.
There is no second base
There is NO second best, there is no crypto that can hold candle to bitcoin, so they have to come up with ways to keep you distracted. Airdrops, staking rewards, fees from lending are all used to keep you coming back for more, to hold tokens the issuers are selling and turning into bitcoin.
The entire industry is designed for you to keep taking more and more risk and keeping your funds in harm's way as you use wallets that keep your keys hot, smart contracts that can be exploited or exchanges and centralised platforms with third-party custodial risk.
Bitcoin is the risk free trade
Bitcoin already has number go up technology built into it, all you need to do is lock it away in an air-gapped wallet and you're assured you'll never be diluted EVER. As long as you look after your keys no one can steal from you.
You are fully in control and it's a feeling I wish everyone gets to experience. Trying to outperform bitcoin is pure greed and will see you get hurt.
I am not saying you shouldn't mess around with certain products and services, have at it, its your money to do as you please, but you really don't have to, bitcoin works great just the way it is today.
Bitcoin allows you to take your chips, completely off of the table.
It is the risk free trade, crypto is the complete opposite, in most cases, crypto is return free risk.
99.9% of people will not outperform bitcoin
The truth is none of your coins are going to outperform bitcoin, on the slight chance that they do, you're either using leverage or you're outperforming on paper, but you will NEVER realize those gains because no one knows when to sell at the top.
This is the truth, it's mathematically proven, and the sooner you realize it, the happier you'll be, it will take such a burden off your shoulders, and you'll be free to do as you please.
You wont be bothered by news, by drama, by failed attempts to copy NGU technology and you can go on to do what you do best, turning your talents into a productive force for society instead of wasting it looking at charts and playing this game of muscial chairs.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
Let's connect
If you liked this post, sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler and subscribe to my fanbase
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Amen.
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I completely agree when it comes to DeFi compared to Bitcoin. But I do believe there will coins or projects that will outperform Bitcoin, because of better utilities and scaling. Still, Bitcoin is the Gold of the crypto world, you are right about that for sure!
Your belief will be proved wrong, there is no coin that can outperform bitcoin long term and short term anytbing that does won't have the liquidity to realise the gain so it's actually not real outperformance just a bidding auction
Opinions can differ, that's why it is fun and good to discuss. I respect your opinion, I view things differently, but not entirely!
Once a ship was built that cannot be sunk, we all know it like the Titanic)
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Many people are allergic to gold, you have to look for an alternative)
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I appreciate your content quality. Not a lot of people put the time and effort into their blogs. Thank you.
Thanks, lol someones got to offer you the other side of the coin, instead of just shilling you unicorns and cotton candy
I want unicorns and cotton candy bruh!
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Dear @chekohler , Are you going to keep your bitcoins and not sell them? What profit can you make if you don't sell bitcoin?
I would NEVER sell my bitcoin, you never need to sell it, you can always pull the equity out of it when you need capital by borrowing against it, otherwise it just sits quietly protecting my purchasing power
@chekohler , Do you mean lending bitcoins and getting capital? Who do you lend bitcoins to?
From now on, I ask for more details. You took out a loan when bitcoin is worth 64K, and you repay a loan when it is worth 36K ... this is bad economics)
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That's not how it works, so lets say I have 1 Bitcoin to make it simple, the bitcoin price is 64k.
I lock my bitcoin in a multi-sig, so I don't give up ownership and I get a stablecoin in return.
I draw out 10% loan to collateral value, that means I am taking out 6400 in stablecoins, lets say my loan is for a year at a 10% interest.
So I need to pay back $7040 or $586 per month
Bitcoin would have to drop 90% for me to even be faced with any of liquidation. If it drops lets say 50%, and its now 34k your LTV ratio is now 20%, you can either up your collateral and add another 1 BTC to get it back to 10% or the interest rate changes to accommodate for the risk in default.
Once I pay it back, my bitcoin is unlocked the stablecoin issuer gets their return and everyone is happy. IF I don't pay it back the bitcoin is liquidated to cover the balance and interest and the bitcoin left over is handed back to me.
It's the most sound economics, compared to unsecured loans or loans against an illiquid asset like your home
As they say, to each his own) ... I try to stay away from any loans. With the same success, you can sell part of the bitcoin, twice as much as you need to solve your pressing problems and, in its fall, return the bitcoin to yourself without resorting to lending.
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Hahaha you're both funny and cool if I must say... I was like "He's so right about learning a lot from crypto" and I am one of those that have lots a lot and through them have grow a lot in how I handle those stuffs.
I guess that's all part of being a cryptopreneur 😅 you just enjoy the unsteady flow.
And yeah, I don't think any coin will outperform Bitcoin but what's impossible is saying never
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Crypto is a scam, all it's there for is to steal from you and teach you why bitcoin is so special
I hate statements like that impossible is saying never, its total nonsense, can you grow wings and fly? Oh no dont say never, come on theres always things that based on the laws of physics cant happen and this is one of them.
Hahaha no doubt about that, I guess we can just keep exploring the Bitcoin world... I mean, we can't stay away from it still
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Yes, if we talk about calmness and final profitability, then I completely agree with you. But, sometimes, people do not want to live tomorrow, but today and are looking for opportunities to get rich in a short time, which takes their eyes off bitcoin towards other coins with bright advertising.
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Indeed, and people who are attracted to that will learn their lessons, I have no sympathy for them, i've provided my case but if people don't want to listen they must lose their money
Yes, I have to agree that losses are inevitable, the world of cryptocurrencies is very shaky), but, you understand that, for example, I do not concentrate funds in one asset. If one asset sleeps too long, or becomes unprofitable. in the worst case, if he dies, as a rule, other sources more than cover these losses. You can't be so categorical.)
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What do you think about the notion that bitcoin was something created by the DAPRA dudes in the government as a way to get the young generation into crypto specifically for CBDC? I’ve heard about that theory and it’s likely got a lot of merit to it sadly. Money control is always what these crazies want.
I think one thing that may be good, or I’m just telling myself that so I can sleep and not be stressed about it, is chaos theory also reigns true and they can’t control everything.
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I wouldn't discount it, I mean wasn't the internet a DARPA creation, I mean who else would pay nerds to work on failed cryptography projects if not the government. I just think that somehow, bitcoin emerged from it and we are so lucky that it has.
I think if that is the case, if bitcoin really is a controlled demolition of the economy to horse shoe in a CBDC, then hope for a peaceful transition is all gone. Not that this won't have considerable pain, but if we are going to CBDC then we might as well roll out a hot war between the US and China and stop pussy footing around
You're a very fascinating Bitcoin maxi ngl. I mean, you clearly hate everything that's not Bitcoin but the fact that you're here means Hive has hope lol
I am toxic AF, because I care, I know you don't see it now but one day you're going to look back on these posts and be like damn this guy warned me. I don't do this for anyone else but me, I am trying to be the voice I wanted when I first got in
Riddle me this though, you talk about Bitcoin as being infallible, and everything that comes after it as being a waste of space, do you not see the irony in that view, considering how Bitcoin came into existence and how exchanges treat it like fiat in fractional reserve banking system?
Also, the fact that you share your content on Hive contradicts your view that Bitcoin is the only crypto that exists because if it were left to you, Hive will not exist and you'll be on Twitter or some other centralised platform talking about how Bitcoin is better than gold and there will be millions of Peter Schiffs telling you that you're wrong.
So here's my take on that, yes I don't belive in bitcoin rehypothecation, but I can't account for the market and peoples willingness take risk and generate a yeild, they will lose their bitcoin and I look forward to to the day it happens, it's happened before and it will happen time and time again.
Bitcoin is a self custody asset, the appreciation of the asset is based on the protocol and the cost of proof of work verus the cost to create other goods and services at a profit. That's what most shitcoiners don't get they think its all about code, but its not.
Hive is a centralised platform, just like Twitter, just like all the others, I use it to drive traffic to my website, like i do others websites. HIVE and all its front ends will die eventually just like Google+ did and many other sites, doesn't mean I didn't use Google+ to send traffic to my websites
I am not advocating for hive, I don't shill it, I don't give a fuck about the token. I openly critique it, and people claim it's meant to be a free speech platform, so I should be able to say what I like on here while furthering my ambitions to drive traffic to my own site.
Does that help?
Pretty disingenuous of you to say Hive is centralised like Twitter but that's your opinion and it's okay.
Also fascinating that you don't reject the rewards you receive on Hive, which is not an indictment on you but a plus to hive that someone can outrightly not give a fuck but still earn from it.
Wouldn't you say that all things considered, Hive is somewhat like Bitcoin, since you can outrightly have apathy for it but still earn from it? I mean, isn't Bitcoin anticensorship like Hive also is?
I'm not trying to change your opinion or anything though, just trying to pick your brain and understand your rationale.
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Can you explain to me how it's disingenuous? Twitter has more data centres than HIVE does, in fact some witnesses run their shit through 3rd party data centers, so there's a case to be made that Twitter is in fact more decentralised and more robust from a data protection standpoint,
Everyone has a right not to support me with tokens, I don't care if they do or they don't plenty of people have removed their upvote from me, I don't care. I mean I could easy act like a shill like most people on here to up rewards, but I don't, doesn't that speak enough volume? Should I be more altruistic than that? It's a free market is it not?
Nope, hive is nothing like bitcoin, because some people have preferential access, they can change things and none of you can do anything about it. You claim hive is decentralised, but how do you know this? Where is your proof?
My bitcoin node is running right next to me now, I am verifying the chain, I have the proof right infront of me and Im not even running bitcoin core, I can choose the software I want. I am not running a node I bought, I built it myself so I have full transparency on the hardware and software. Can you say the same for the networks you advocate for?
I mean, you're only saying this now because Bitcoin has a fat ass market cap that can't get hit by a 51% attack. Satoshi is pretty much like the other devs that wrote other decentralized protocols.
Also, there's nothing stopping you from running a Hive witness server and add your own layer of protection to the chain, kind of like the way you run your Bitcoin node.
Comparing Hive to Twitter by claiming Twitter's various data centers that literally all belong to one entity is some form of decentralisation is laughable.
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I don't agree with this post but it is very well timed.
2023 will be the year of the maximalist.
But Bitcoin is also going to get flipped sooner or later.
I guarantee it.
Might take a decade though so until then, buy Bitcoin.
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I am happy to take that bet!
As a store of security it is guaranteed to happen.
When maximum security stops being the #1 priority Bitcoin stops being #1.
Again, probably requires mainstream adoption to fully materialize.