Chris Burniske Profile picture
Apr 15, 2018 11 tweets 5 min read Read on X
1/ #Hodling is a lot harder than it looks, as it requires the choice of *no action* in an action-oriented culture.
2/ One of my favorite classes in college was called, "A Life of Contemplation vs Action," and it revealed humans repeatedly choose "action" over "no action," even when statistically "action" has clearly been proven to be the wrong choice.
3/ Take soccer goalies, for example. Statistically, they have better odds of blocking a penalty shot by staying in the middle of the goal (no action) and defending from there. Yet, the majority decide to jump right or left (action), decreasing their odds of success.
4/ I think of many retail #crypto traders like these soccer goalies. They would be better off buying once and #hodling (no action), yet they instead choose to jump right & left, counterproductive to their returns.
5/ And it's not that retail traders aren't aware of the power of #hodl. It's just that the battle cry is a lot more glorious when times are good than when times are bad, and the desire to "do something" when you're down 70% becomes extreme. reddit.com/r/dataisbeauti…
6/ When you #hodl for a 75% drop, that means your #cryptoasset has to go back up 4x in order for you to break even from where you were.
7/ Similar to long meditation sits, the "perceived agony" of sitting through such a #crypto drop becomes overwhelming, forcing people to break from their positions & "act" to remedy their perceived agony. Whereas if you sit long enough, you find the perceived agony is an illusion
8/ Of course, there is a limit to applying lessons from meditation to #crypto investing, especially for those #cryptoassets that were poorly chosen to begin with. #Hodling to zero is always a possibility.
9/ But, for those that develop a rooted conviction in the ideas and intentions behind #crypto, then #hodling (& using) becomes easy.
10/ It helps to be surrounded by hodlers too, which comes from spending time in #crypto. The more time you spend, the deeper down the rabbit hole you fall, ultimately finding yourself surrounded by those who are "so far gone" they wouldn't consider #hodling anything else 🙂
11/ Everything is, after all, just a vibration.

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Chris Burniske

Chris Burniske Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @cburniske

Oct 7, 2018
1/ A PoS industry is rapidly emerging that will someday rival PoW in profits and wealth creation.
2/ That's billions in profit and tens of billions in wealth creation for PoS providers (at current PoW levels), with at least an order of magnitude of headroom.
3/ This is despite PoW & PoS having a shared destiny as commodity industries with thin margins.

PoW will converge on the cost of electricity and PoS on the cost of crypto-capital (?).
Read 13 tweets
Oct 6, 2018
1/ While new crypto value capture mechanisms can rise to prominence in bull markets, they are tested, hardened and de-risked by bear markets.
2/ Only those that survive multiple crypto bear markets establish themselves as reliable “value capture mechanisms.”
3/ Store of value (SoV) = only crypto value capture mechanism that's significantly de-risked, but that doesn’t mean SoV is the only one that will ever work.
Read 15 tweets
Sep 23, 2018
1/ Many tokens currently face stagnant cryptoeconomies, as supply was never spent or earned, but instead brought into existence via balance sheet swaps.
2/ “Balance sheet swaps”= investors in ICOs swapping assets with the issuer, giving birth to a native token without it ever having to go into *circulation.*
3/ Most ICO investors then held the token on their balance sheets, as they never planned to be on the supply-side or demand-side of the network.
Read 8 tweets
Sep 22, 2018
1/ @alexhevans recently dug into the numbers behind forks of #Bitcoin, #Ethereum, #Monero & #Zcash.

Main conclusion: Value can’t be forked away as easily as people like to think. placeholder.vc/blog/2018/9/17…
2/ Secondary conclusion: Despite parent #cryptonetworks retaining users, devs & value, the child forks trade at (puzzling) relative valuation premiums.
3/ To follow are graphs and conclusions from @alexhevans that are relevant to specific actors or ratios (if you're not a fan of long form writing 😉)
Read 11 tweets
Sep 16, 2018
1/ When studying non-fungible #cryptoassets, I'm seeing two types discussed: "functionals" and "investment instruments."
2/ "Functionals" are non-fungibles that are meant to be used, a means to access services like ticketing, voting, payment, and more. Best existing examples?
3/ "Investment instrument" non-fungibles are held for their store of value characteristics, be they solely digital things, or derivations of meatspace assets (real estate, art, cars, etc).
Read 5 tweets
Sep 10, 2018
1/ Get ready for a predictable #crypto pattern: in the coming months, we will see an increasing number of #Bitcoin maximalists tormenting “altcoin investors” for straying from the mother ship.
2/ The maximalist drum will get louder as we go deeper into the bear market, with #bitcoin falling less than most other coins, and its dominance index growing. coinmarketcap.com/charts/#domina…
3/ #Bitcoin is the benchmark after all, the market beta of crypto, with most everything oscillating at a higher amplitude than $BTC.
Read 18 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us!

:(