Bitcoin over 9000 - Time to lock in profits! (video/podcast)
Bitcoin is over $9000 USD and people are going bananas. In cryptocurrency discussion groups, there are rumours that mass adoption is finally taking hold, that everyone's grandma is buying BTC, or even that the dollar is crashing against Bitcoin. Meanwhile, using cryptocurrency remains more difficult than programming a VCR, and addresses continue to look like computer errors. Mainstream interest has piqued, but as long as the user experience remains poor, mass adoption is unlikely.
Nevertheless, people in the community are going crazy over the rise in price. It's tempting to believe it will go up forever, a mistake many have made in markets and paid dearly for it. The longer the mania over the price continues, the more likely a correction - but nobody can say exactly when, how, or how much.
As many have made small (or large) fortunes in this market, and people are so hyped, that's a sign that now is the time to be prudent, and to consider how much of your net worth you really want to have sitting in volatile space age Internet nerd money. Times like these can be good to put some money into more stable assets, such as cash, or perhaps precious metals. Selling small amounts at a time means you can be adaptive to changing market conditions - remaining open to selling more if the price keeps going up, and having the chance to buy if the price slips.
Life is about risk management. You can't make the perfect move, but you can be flexible enough to prepare for different scenarios, and you certainly can be humble enough to see the possibility of different scenarios. Nobody knows how high Bitcoin or other cryptos will go, and nobody knows when it will crash. Accounting for the lack of knowledge is the beginning of wisdom.
Disclaimer: Nothing in this article or video is intended to be financial advice. I don't want to tell you what to do with your money and I don't know what you should do with your money.
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View the full shownotes here: Bitcoin over 9000 - Time to lock in profits!: The Paradise Paradox Episode 184
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The Paradise Paradox is a podcast where we talk about crazy ideas for open-minded people. We cover topics such as crypto-currency, technology, politics, economics, freedom, free-thinking, and psychedelic experiences.
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Bitcoin def looks and feels bubblish going to $10,000 so fast. What conerns me most is the core protocol of Bitcoin has went backwards not forwards in terms of performance and usability. People can go around saying "store of value" all day but the fact is any coin with finite supply can be a good store of value and better if its growing its user base more quickly. I feel like Bitcoin is extremely over rated in price and performance. I think its a good time to swap some longer term BTC holdings for good alt coins. The user facing crypto apps are just around the corner. I know Dash has Evolution alpha release next month and Ethereum has major updates coming out like Zksnarks and uRaiden this month! Maybe I am too contrarian but taking a step back and thinking outside the crowd's mania has done me well in the past.
I agree, thanks for your detailed comment. I do think that a lot of alts will probably crash short term if bitcoin has a correction, so that's something to be aware of.
Bitcoin shouldn't be comprehended as money equivalent. It's not as fast, as cheap or as easy to use as "traditional" form of money. To be adapted by more than 50% population there has to be either massive improvement in terms of what i've just mentioned, or there has to be a swap in generations, meaning the process will take around 50 years. That's why Bitcoin as money is not really a great option right now. However, as gold (store of value) equivalent - it's great and IMO this is how it should be seen right now
I tend to agree. Digital currency has a long way to go for usability. Since seeing my crypto speculations go up in the past few months I'm considering buying some more precious metals.
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