BY :Derek Magill
Bitcoin (BCH) and the rest of the cryptocurrency world appears to be in total free fall right now. Rome is burning. Krugman fiddles.
What are you, the terrified Bitcoin holder who watched his money disappear, to do? How should you weather the Bitcoin apocalypse?
- Double down on your hatred of fiat currencies and remember that Bitcoin (BCH) is better than fiat at any price. You are not “investing” in Bitcoin, you never were. You are trading junky fiat money that destroys lives and which can be taxed, frozen or debased for Bitcoin (BCH) which cannot be and which is faster and cheaper to use.
There is only one institution that can arrogate to itself the power legally to trade by means of rubber checks: the government. And it is the only institution that can mortgage your future without your knowledge or consent: government securities (and paper money) are promissory notes on future tax receipts, i.e., on your future production.
– Ayn Rand, from Egalitarianism and Inflation
- Make valuable things. Develop other sources of income so you always have money coming in. Wealth comes from the productive, creative individual mind, not just accumulating digital tokens and watching the prices rise. Only the man who wouldn’t be wealthy without Bitcoin worries about the price.
Most people lump together into the same category all men who become rich, refusing to consider the essential question: the source of the riches, the means by which the wealth was acquired. Money is a tool of exchange; it represents wealth only so long as it can be traded for material goods and services. Wealth does not grow in nature; it has to be produced by men. Nature gives us only the raw materials, but it is man’s mind that has to discover the knowledge of how to use them. It is man’s thinking and labor that transform the materials into food, clothing, shelter or television sets—into all the goods that men require for their survival, comfort and pleasure.
Behind every step of humanity’s long climb from the cave to New York City, there is the man who took that step for the first time—the man who discovered how to make a fire or a wheel or an airplane or an electric light.
When people refuse to consider the source of wealth, what they refuse to recognize is the fact that wealth is the product of man’s intellect, of his creative ability, fully as much as is art, science, philosophy or any other human value.
– Ayn Rand, The Meaning of Money
- Read If by Rudyard Kipling. Print it out and put it somewhere prominently. Read it again.
If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breathe a word about your loss;
- Spend some time studying the tech and the people who know what they are talking about. You will feel better.
- Learn to laugh a bit. Then laugh some more.
This crown of the laughter, the rosary crown: to you, my brothers, I throw this crown! I pronounced laughter holy: you higher men, learn — to laugh!
– Nietzsche, Thus Spoke Zarathustra
- Do anything else other than look at the price all day. Set price alerts in advance if you like to limit your usage. Take on a side project, read, exercise, do your job, go on a date, or take a vacation. There’s no point to being wealthy & free if you’ve got the attention span of a goldfish. See Deep Work and The Shallows.
The greatest obstacle to living is expectancy, which hangs upon tomorrow and loses today… The whole future lies in uncertainty: live immediately.
– Seneca, On the Shortness of Life
- Do not argue with friends and family who say “I told you so.”They did “tell you so” and they were “right,” if you had a very high time preference like they do, which you do not.
The bad economist sees only what immediately strikes the eye; the good economist also looks beyond.
– Henry Hazilitt, Economics in One Lesson
- Buy more. Spend it on goods and services and replace. Get active on Yours.org. Attend a conference. Go about business as normal and use your Bitcoin like the money it is. There’s work to be done.
Mens immota manet; lachrymae volvuntur inanes.
– Virgil, Aeneid, iv. 449
The current fall will likely continue and there are probably others in store in the future. The barbarians are always at the gates. But the new future is upon us and it looks bright.