Slow and steady wins the race

Bitcoin is often critized for being slow in everything

But here is the thing: the more you complicate a design early on, the more you push it down a specific road

Get your assumptions wrong, and it's off-road

Thread/

Let me indulge in a story...

Once upon a time there was a genius called Satoshi, this anonymous character laid down a block, it was called the Genius Block, but we we spell it wrong to this day.

Then along came your standard noob who believed in freedom, we know this because he went by the name NewLibertyStandard.

He created a site to buy and sell Bitcoins.

On his site, he priced Bitcoin on electricity.

The price went up, the price went down.

Then one day, he changed the pricing system.

BTC was no longer priced at the cost of mining.

He priced it by DEMAND and SUPPLY.

Geeks and legendary futurists, bought and sold the rarest commodity on the Internet for pennies.

Price teleported upwards.

Then came a Magic The Gathering gamer. He smashed together a shaky piece of software called Magic The Gathering Exchange.

It became the first widely used BTC exchange.

The whole world sent this kid money to buy BTC.

A new market had unlocked. Price teleported.

Let's fast forward 6 glorious years of price teleportation events.

Many of the story details remain unknown to me, though I see their impact on the blockchain.

But let me bring you to the year 2017 and save you lots of reading...

Some thoughts on this super inaccurate piece.

tl;dr: this is not a defence of Tether/ iFinex, who I would like nothing more than to see disappear into irrelevance. However, most of the conclusions here show zero understanding of crypto market

1. First up: it’s completely inexcusable that Tether refuse to have a 3rd party audit. I can’t find a single good faith reason for this.

Bitfinex GC recently did a superb job of sidestepping that question on WBD:

2. For better or worse, USDT (tether) started as a way for people to move fiat between exchanges (a major problem) in the absence of the ability to onboard banking partners, none of whom wanted to touch crypto. USDT is now the dominant stablecoin by mkt cap & liquidity.

3. As a result of the difficulty of having a fiat on/off rail, many exchanges, like Binance, chose to be ‘crypto only’, using stablecoins in lieu of fiat. This is why the majority of inflows into BTC (article says 70%) is via USDT

4. Unbanked exchanges are in aggregate larger than banked ones. This is true, but it’s not because of a giant conspiracy to steal your BTC. Being unbanked = real regulatory arbitrages (lower cost + ability to innovate fast), and lower barriers to entry means there’s more of them.

I am going to be using #bitcoin & borrowing from myself to buy my first rental property.

Want to know how?

Time for a thread...👇🏻👇🏻👇🏻

At the beginning of 2020 I set a goal for myself to accumulate as much #bitcoin as possible.

Now this thread isn’t really about whether or not you believe in bitcoin, but more about how to use leverage and other peoples money (OPM) to buy yourself more assets.

Let me explain...

Step 1 - I took all of 2020 to accumulate #btc and put it on an exchange (Blockfi) that pays me interest on my bitcoin.

Not only have I acquired multiple coins this year, but I’ve created a $100+ gain per month in interest as well (another source of cashflow).

I can now utilize this platform to take loans out against my position (which is in the mid 5 figures.)

Double winning:

I can take a $ amount loan out against my bitcoin and use that to pay the 15% down required on a rental property and allow the bank to pay other 85%.

How I am winning #1:

I am borrowing from myself and a bank to acquire another asset.

That real estate 🏡 will be paid for by someone else and produces more cash flow for me.

I will use that cashflow to immediately pay off the loan I took against my bitcoin.

Here's my 2021 Crypto Strategy:

Note: Not a financial advice. It is just my opinion after doing my own research (#DYOR). I'm a complete newbie btw.

1. Dollar-Cost-Averaging (DCA) for these 6 coins (HODL)
- Bitcoin (BTC)
- Ethereum (ETH)
- Polka Dot (DOT)
- Cardano (ADA)
- Binance (BNB)
- Litecoin (LTC)

I choose these 6 bcs they are all TOP 10 Coins, they have the biggest market cap which means less risky than other coins.

DCA means I'm going to topup for all of these coins everytime ada duit lebih/dapat gaji.

But I will only buy when price dip / during correction

How to know when price dipped?

I use TradingView (free version) - guna RMI and Stoch indicator, if it touches the lower line it means it have been oversold - under 4h timeframe (because I'm a long term investor). This is to avoid buying at the top.

For example:

This is Bitcoin on TradingView. Under 4h Timeframe, indicator RMI & Stoch. I'll buy when RMI and Stoch touches the lower line. Boleh nampak lepas buy at dip, the price terus naik.