Transcript
Speaker: Welcome to Crypto Musings. This will be the first episode. Let's start by going over what the purpose of the show will be and who's the target audience and why that could be you.
Speaker: So I've been following crypto for more than 10 years. I started to really devote more time to it around 2017.
Speaker: recently since maybe 2022 sort of just kept an eye on it got busy with other things haven't really paid too much attention but i still understand things from a big picture high level perspective and frankly there hasn't been much that's happened that's noteworthy the idea is that everybody's time is valuable the intended a method of consumption, you're on your commute, driving or taking transit or the gym, something that you can listen to passively so that you have some time to let the ideas simmer and gestate.
Speaker: And hopefully this will provide a different dimension to your understanding of crypto. Because i feel that most of the content out there is very tailored towards short attention spans, but very much lacking in depth. And I feel that gets in the way of having a deeper understanding of the things that are going on from a long-term perspective, what drives value creation.
Speaker: and potential profits. I hope that you can benefit from my experience. I've done okay with my crypto investments. and but I'm not like a trader.
Speaker: My market timing is terrible. I told some friends to buy when it was like a bull market and I think some of them still haven't been made whole and I feel quite bad about that.
Speaker: I just want to really say hello, introduce myself in this first episode and present some of my core philosophies. so yeah, something to listen to passively. I'm thinking this is a substitute for listening to music or something entertaining, really something that doesn't require a lot of your active mental bandwidth.
Speaker: We're going to give time for things to properly marinate so that you can have a good window or a good entry point to broaden your understanding of investing in crypto, understanding what it is actually all about.
Speaker: think actually that's more important than the investment part because I think it's just been lost. the fundamental values of crypto, the reason for its existence, it's all a big money making scheme now. it's It's a big grift and it's sad to see in many ways.
Speaker: So just getting back to the grassroots of things and reevaluating things from first principles, that could potentially make this interesting for you, even if you don't really have any intrinsic interest in the technology per se, which I think is the vast majority of humanity doesn't really intrinsic interest in. This podcast isn't really for crypto bros or people that are really have their mindset and their they did the way the lens through which they see crypto has already sort of calcified and it's beyond change one of the key things about crypto people often conflate the idea of crypto with uh bitcoin anyway percentage of the overall market cap
Speaker: And if you don't understand terms like market cap, by the way, I'm not going to this this is not a channel for basic financial literacy, although I welcome people who lack basic financial. So if you don't know what but what what market cap is.
Speaker: then I highly recommend that you Google that or you ask ai you know there are there's There's so many other places where you can get that knowledge. In terms market cap, relative to the overall market cap of crypto, Bitcoin right now, it's around 58%, 59% of the entire market. 59% of assets are in 41% in another stock.
Speaker: nine percent of your assets are in eight and forty one percent are in another stock Would you just kind of ignore that 41%?
Speaker: forty one percent the The difference here with when it comes to crypto discourse that I see is It's all about Bitcoin and stablecoins now, to some extent. It's a very myopic way of looking at things. Bitcoin does not represent crypto. And the people who kind of just are the what we call the maxis or the maximalists, the Bitcoin maximalists, they shit on everything else, right? They they they they think nothing else has a place. that that viewpoint is is fundamentally flawed and it's really missing the forest for the trees.
Speaker: As well as Bitcoin has performed as a financial instrument. There's a reason that there's there's a huge inertia now, right? I mean, look, the reason everybody is so interested in Bitcoin is because there are people that have gotten insanely rich.
Speaker: by getting into Bitcoin early. Why is there so much inertia? If this thing is so amazing and it's this is magic technology, why why is Bitcoin encountering this kind of resistance?
Speaker: Is it because we're all too stupid? We don't understand? Like that's it, right? Like that's another thing you'll hear, right? Everybody's stupid. They just haven't woken up yet. There are people who have gone insanely rich off of Bitcoin, right? And that's why there's so much attention there. It's just human nature. That's the way it works, right?
Speaker: but you know that's like the the tail wagging the dog you're you're you're kind of you're late basically if your attention is on bitcoin you're you're late we do not want to be late For the next thing, in 2016, I didn't buy Ethereum at $7 or whatever it was, ah but I was looking at it. I can tell you that that's something that I'll never forget.
Speaker: You don't want to be late. If you're getting Ethereum today, you'd be late too. As a trade, sure, it still kind of makes sense sometimes. Earlier last year, it tanked like to half where it was now, and I got some Ethereum then. As a value trade,
Speaker: We're talking like treating it like a blue chip stock, sure. Unfortunately, for most of the things that are talked about in mainstream media or on social media, and that extends to things like Solana, for example, you're late. Solana is, what, three, four years old now, and probably maybe even more.
Speaker: Whatever case has been made for Solana, given all the attention, and to be fair, it's still dwarfed by the attention paid to big Bitcoin, I'm saying you're even late to Solano. imagine how late you are to Bitcoin.
Speaker: But if you want to ah create some generational wealth, you're looking for some opportunities here in crypto where else do you have this kind of opportunity right like think about the opportunity that existed at a bur at the birth of bitcoin and also the opportunity that existed at the birth of ethereum and also the opportunity that existed luckily for me i did get into some of these altcoins very very early at the end of 2017 2018 lot of these ethereum
Speaker: based altcoins that are very useful parts of the Ethereum ecosystem. Luckily, i didn't miss a few of those. Finally, I learned my lesson a little bit after the the first couple of times.
Speaker: We don't want to continue being late. What are you going to invest in that's going to give you this kind of return? 10,000x-ing. Next episode, we'll go a little bit more into Bitcoin and why Warren Buffett hates Bitcoin, right? I can understand some of the vitriol that he has for it because there isn't anything there.
Speaker: What it is right now, it's just a trading game. There's nothing intrinsically useful in it as it exists right now. When we see a future vision for a world running on crypto,
Speaker: There can be a role for Bitcoin to play, but that world doesn't exist now. It's a pipe dream. There are a lot of benefits to adopting crypto more broadly in society.
Speaker: I am. convinced that it will happen. The question is whether it will happen in 100 years or whether it will happen in four years. Eventually, the people who have the entrenched mindsets of today will be dead. But if we can shorten the transition period as we move towards that, then that would be great for society. would be great for the planet.
Speaker: And would be probably great for people who are paying attention at the early innings of that transition. It can be pretty good for your wallet too. Yeah, thanks for listening.
Speaker: We'll talk again. Okay, bye for now.