One Way Ratchet

Classic Bitcoin Mistakes Part 2 | 082

Episode Summary

Don't screw this up people! Learn from the mistakes of countless people who've come before you.

Episode Notes

Today, Trant and Dan continue their deep dive into the number of classic mistakes people make in Bitcoin.  

• Quick update on recent events and travels.  The kids are alright.
• Recent Bitcoin action and cabinet appointments.
• Recap of mistake from 1st episode: thinking of Bitcoin as a trade.  We forgot to include an essential piece of Bitcoin wisdom:
• More mistakes:
• 4. Thinking on dollar terms, as opposed to thinking in Bitcoin terms.
• 5. Thinking Bitcoin has no use cases.
• 6.  Don't FOMO in at the top of cycles.   This one is tough to learn because most people will come into Bitcoin during bull runs with all the hype and attention around Bitcoin and not realize they might be near the top.  This is very common and all Bitcoiners went through it at some level, it becomes your tour of duty and you become must smarter and a better stacker going forward.

In the end, we continue to advocate for long view, slow and steady Bitcoin accumulation.   Don't shoot yourself in the foot with these mistakes.  

Not financial advice, do what is right for you.