Generating Wealth: Are you ready for the bull?
It's been a pretty exciting week in the world of cryptocurrency. I think there are a lot of people who never imagined that the events of January 10th would ever happen. I think it still remains to be seen how all of this is going to play out, but nothing has crashed yet, so that is a good thing.
We have a major winter storm moving into our area later today. They are calling for something like a foot of snow which would be about a third of a meter for you folks using a system of measurement that makes sense.
I figured it might be a good idea to move our generator out of storage last night and ensure it was topped off gas and ready to go. I also wanted to take a photo of it to use for this post today. Done and done!
It is time again for another Finance Friday/Friday Finance. This is a series I started where I talk about random bits of financial stuff that I have seen, gathered, or experienced during the week. I hope as a reader you find it informational, entertaining, or both. I also hope it can generate some good discussion and edify the community.
Speaking of Generators...
I've been saying for a while now that I don't feel like I am as prepared for this bull market as I was for the last one. Being honest, I wasn't really prepared for the last one either, but I was able to make due.
People keep talking about how this bull market could be nothing like we have ever seen before. The promise of abundant wealth for early investors is quite exciting. I can't help but think that isn't going to be the case with me for a couple of reasons.
First, I know for a fact I didn't make all the right moves last bull. I failed to move funds into stables, so that left me at a deficit to build/buy during the bear. Instead I have just been holding the same tokens I was holding before. My assumption is, with a few exceptions, we probably won't see the same tokens moon like we did last time. That doesn't bode well for me and my "stale" holdings.
Second, last bull market I was invested in a number of NFT projects that were actively generating me wealth (see the reason for the photo now?). I had a daily stream of gains coming in from projects on WAX like RPlanet, Alien Worlds, and Splinterlands here on Hive.
Gone are the days of those projects generating much of anything, don't get me wrong, I have tokens that I think will do really well this cycle, but it's more of a "one and done" thing. You either sell them and take gains or hold them and don't. Sure, tokens like MATIC have some light staking potential, but unless you hold a huge number of tokens, the return is going to be quite small no matter how high the price goes.
Maybe I'm worried about nothing, but as I said, part of me feels like this bull cycle isn't going to generate wealth for me the way it will others, or the way I had hoped.
Chrometophobia
If you talked to @mrsbozz she would likely tell you that I had Chrometophobia (assuming she even knew what that meant). Chrometophobia is the irrational fear of spending money. It's specifically noted that this is different than being frugal, it's an irrational fear after all. The truth is, I don't mind spending money, but I do have an irrational fear of screwing up large purchases.
It's funny because I make large purchases for my department every day at work with little issue. That's not my money though so it's different right? @mrsbozz and I have been looking into getting a treadmill for a little bit now. If I am being honest, I am absolutely terrified of making this purchase.
There are so many brands and options out there and none of them are exactly cheap. What if I pick the wrong one? What if I buy one that doesn't work well for us and we end up hating it? What if I select one that is fraught with issues and customer service ends up being a nightmare to work with?
Realistically I should have clicked the buy button a couple of weeks ago, but I keep finding reasons to put it off. If I pick something crappy not only am I letting myself down, I'm letting @mrsbozz down too. It's horrible. I haven't felt this much anxiety since I bought my wife's car about six months ago.
Do you suffer from this same phobia (fear of screwing up large purchases)? If it had a name, what would you call it?
Silver Gold Stackers Secret Santa
It took a bit for the postal system to work its magic, but I finally got my package from my first time participating in the #silvergoldstackers Secret Santa event. I'm pretty excited to share it with you, but I am going to save that for a separate post. I already have a ton of content to cram into this one.
So It Begins
I got a message from @diamonddave the other day that he finally bought his first satoshi's of BTC. I'm happy for him, but I was a little surprised that he waited until now to do it. I have been talking openly to him and his wife for years about crypto. Like I said, I'm happy for him, but I think this is a good indicator that the "normies" are finally starting to accept what we have known for so long.
If nothing else, the ETFs could help legitimize crypto for a lot of people who were on the fence before. However, our buddy Gensler is still doing everything he can to get the last word in on the argument. Shortly after the ETFs were approved, he released this statement.
"Though we’re merit neutral, I’d note that the underlying assets in the metals ETPs have consumer and industrial uses, while in contrast bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware,[4] money laundering,[5] sanction evasion,[6] and terrorist financing.[7]
While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.[8]"
Those are the last two paragraphs of the statement. As I said, he just can't help but get that last jab in against BTC. The pettiness of this man truly knows no bounds.
Speaking of Sats
I've had a monthly buy of BTC for quite some time now. It isn't a lot, but I have been actively "stacking sats" for a couple of years now. One thing I still haven't been able to do yet is shift my thinking to sats. I saw a discussion about another token the other day where people saying they planned on buying and selling based on the token being a specific value in sats. I've seen discussion like this before, but my Gen X mind still has trouble thinking that way.
For whatever reason, I'm still mired in the fiat world where I value tokens in US dollars and not sats. I'm just curious if I am the only one? Has it been easy for you to shift your thinking to sats? When you look at the value of a token, do you see it in sats or dollars? What do you think the key is to making that shift?
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I did not realize there was a word for it, though I should have realized there would be, but I might be your partner in that. For very large costs like buying a house a certain due diligence is expected and then you do the deed. The checks and balances are known and hence it feels alright. Same with approving costs at work, a lot of zeros but once you approve it is within set patterns, and reviewed, and you are just doing your job.
However for the intermediate purchases for home my mind immediately goes to
This was the case when i was earn in 1000s of INR and now that it is lakhs it is still the case :( So it happens that more often than not my spouse will be the one putting her foot down and saying "Buy It Now" to shake me out of my decision paralysis ;D
I totally understand what you are saying. My wife didn't want to go car shopping with me even though it is her car. She said just bring something home for me. The problem is, then I get to hear her complain about all the stuff she doesn't like about it. Then I feel like I let her down. It's not a fun feeling.
True. To be fair to them, they are just pointing out things honestly and don't mean to blame us. I guess we get a bit more thin skinned with people whose opinions matter to us.
I think you are certainly right on that! We probably take it a lot more personally than we should!
About thinking in crypto, I am pretty new to it. So for me it still feels funny money, like you would gain in GTA. Money is still fiat in my head. I guess it will start moving when i start doing some transactions around it or convert fiat <-> crypto. Lets see.
I totally get what you are saying. There are still days where I feel like this is just all fake Internet money too.
Treadmills is easy and just makes sure you check the specifications out. If you are not 100% sure get the details to me and I can have it checked out and ask one of our technicians. They all come from China and use two or 3 factories so as long as the motor is decent you will have no worries. Lubricating the deck and aligning the running belt is where the major faults come from and if you do those two tasks you will have no issues. Personally I prefer the exercise bicycles because now you can join groups of other people on Swift and it is so much more fun.
@mrsbozz has zero desire to share her workout experience with anyone, including me! We were talking about it the other day and she said "I just want to walk". I don't want to share my workout or have a virtual trainer, I just want to walk. I think I have settled on the Sole F80, but I haven't pulled the trigger yet. I was looking at Nordictracks, but I haven't heard many good things about their service or the newer models.
It may not be exactly the same thing, but your resistance to purchasing a treadmill reminds me of "the paradox of choice". Some people use different terms for it like "choice paralysis". Basically, when you're facing a decision and you have too many options, you spend way to long trying to make a decision and ultimately never do. I run into this a lot when it comes to purchases. I'll spend months researching, but when it finally comes to making the purchase, I'm so burned out from being worried about the best option that I never even go through with it.
Also, I've still been thinking about coins in the sense of dollars over sats simply because dollars are still relatively stable compared to the price of a sat. I would LOVE to see BTC become such a baseline economic tool that I can think of things as their value in sats, but I think we're still a ways off.
That definitely sounds exactly what I have been dealing with! Choice Paralysis for sure! As I said in one of my other comments, I just feel like I am cheating on crypto by still valuing things in USD. Like you said though, it's stable and familiar.
Gary's pettiness indeed know no bound. It's just like saying he approves of milk but disapprove of the cow that produces it. Laughable right? Hmmm..... chrometophobia, a new concept to me but I guess do fall in this trap when making some major financial decisions a times. Well to your question, I haven't made that shift yet. I still prefer my token value in stable coins than sats.
I'm glad to know I am not alone in the token value thing. Part of me feels guilty for still using USD as the measure. Like I am cheating on crypto or something. My mind just can't make the conversion on the fly like that though.
Hehehe.... I feel the same way too but considering the volatile nature of sats makes consider and view my decision as smart and move my token values to stable coins except I'm trading BTC or planning on a long-term investment.
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I hear her on the spending money thing, I'm not afraid of it I just prefer not too unless I have to! I still think it was a shame you passed on the barrel of Buffalo Trace, that would have been a nice and relaxing investment!
I'm never ready for runs, at least not as much as I would like. I could use a few more months to buy, but it comes when it comes. Of course the SEC had to say we approve these but we personally despise BTC and it's the worst thing to come along since smallpox and COVID. Once an asshole always an asshole....
Costco finally had Buffalo Trace back in stock last night. It was a one bottle per member limit, so I felt obliged to do my duty. Probably the best $28 I spent all week! I think there are a lot of people who are going to have really good luck this bull cycle. I just have this guy feeling that I am not going to be one of them. Maybe I'm just being too much of a pessimist.
Let's cross our fingers, I would love to make a killing this time around!
Six figures or bust!
I still struggle to make that change I still value tokens in dollars but if I have thought about it for a while it will be good to change the mindset a bit and start thinking in "sats"? 🤔
I can see the benefit, especially if BTC becomes a store of value and you end up using it for things like collateral etc. Right now the conversion is just difficult for me. I have 40+ years of training to think in dollars.
Better late than never my second secret Santa this year and hoping for many more to come !BBH
@bozz! Your Content Is Awesome so I just sent 1 $BBH (Bitcoin Backed Hive) to your account on behalf of @bitcoinman. (5/50)
Nice!
Now the market cycle has changed and we have entered inside the bull and we will see after a little correction the market will go higher.
Correction hitting pretty hard last I checked. BTC was down to almost 40K.
Hi mate, have you heard the story that as soon as all the greedy corporation's have fully invested into BTC, satoshi is going to come out of hiding and start dumping millions of BTC on the market, dropping bitcoin to single digits.
No, I haven't heard that. Sounds like a good time to buy to me.
I think being afraid of making large purchases for fear of screwing it up is pretty normal. Honestly, there are so many options on most things it is incredibly overwhelming, and usually when something is overwhelming it makes us avoid it. So many people avoid it, try to do research, get overwhelmed and quit, then finally just flip a coin (metaphorically, but maybe literally too) and pick a random option.
I also hate spending money. The people I admire most are those older folks who are rich but never really spend it because they see no point. It is pure security. Like Warren Buffet, who despite being one of the richest men in the world still lives in a middle class house and eats at McDonalds
This ETF reaction confirmed for me that wall street is trying to take over Bitcoin. If they can, they will start to suppress the price, like they've been doing with silver for the past 50 years. If any of these firms buy enough of it, they can try to forcefully take it over by making their own fork and calling it the real BTC, one which will undoubtably remove the coin limit. We'll have to see what happens with the halving.
I finally went ahead and just bought one the other day because I knew if I didn't I would keep putting it off. I'll just deal with the fallout whatever that may be. I'm not a fan of spending money either, but I don't get to take it with me either and we have no kids to leave it to besides nieces and nephews.
Oh so much to ponder in this post. I have not made the right moves either. I am good at the HODL too. Then it's too late and I may as well keep hodling. Now, when it comes to stocks I can sell near the end of a run and buy back at the end of a down turn.. with crypto there are so many other steps involved that I hate doing it to be honest. It's more of a pain in the a$$ for me so I get lazy about it.
As far as the treadmill thing .. We tossed ours a while back. It was a Sears brand and it began speeding up and slowing down slightly at times, making it hard to keep up a good pace. Plus our buddy ran on one for years and screwed up his knees to the point of surgery. The surgeon stated that it was from years of running on a treadmill.. NOT the same as a flat outdoor surface. If you do get one, invest in good running shoes as I hear that makes a huge difference.. Something you'll have to research. Good Luck with the decision to let go of all that hard earned money... hehehe 😆 (Sorry for agitating your slight Chrometophobia tendencies) 😁
It's hard because I keep seeing people talk about how this bull is going to be huge, but I just have my doubts about how huge it will be for me personally. I hope I am wrong! I think stables are the way to go these days for crypto. Most likely HBD for me since I can earn that 20% interest. Then wait till the next bear and start buying back in to whatever. Oh that's horrible about the treadmill. I won't be running anytime soon, so I should be good for a while. I went ahead and ordered one on Saturday. Fingers crossed I made a good decision!
Awesome! Have fun with it.. at least as much "Fun" as can be had with a treadmill. Next is a HOTTUB!!!
I don't see that happening probably ever :)
The bitcoin ETF approval definitely was a "sell the news" event for a lot of people. I just can't imagine letting any go right now but the Wall Street firms were more than happy to scoop those coins up. I see a protracted bull run this time, stretching well into 2025.
I know what you mean about having anxiety around large purchases. I usually do a super deep dive on anything I buy and am still sometimes disappointed. You're a brave man for buying something like this for your wife. There's no way I could do that. My wife is ultra particular. I wouldn't want to suffer the repercussions if she didn't like it.
Isn't it crazy to think of things in terms of Sats? Within our lifetimes I don't think most people will be able to own a whole coin. Those who were early, were strong enough to hodl, and didn't lose access to their coin(s) will be richly rewarded.
I think 2025 will definitely be the case. I've said to you before and I mentioned in the post, I don't think I have any good wealth generators (besides HIVE), so my gains will be more of a one and done thing which is the main reason I feel like this bull won't be so big for me. My wife would rather not be involved in the process. She usually just says "buy me whatever", but then I take it personally when she critiques it. That's on me though I guess. I'd love to own a full BTC one day, but I don't see that happening anymore. I think I missed my chance when it was down around $6000.
I will be mostly on the sidelines this time too. I don't own any alts to speak of anymore except for Hive (and can't cash that in as an American). It worries me about the risks that people are taking to own a whole coin now. I've heard of people selling property and mortgaging homes that are already paid off. It could very well pay off for people though.
Oh wow, I hadn't heard that, but I guess it doesn't surprise me. I was thinking about taking out a home equity line of credit the other day, but I was going to get new windows,not buy crypto! :) I think another part of my problem is the fact that many of my alts already had their day. I can't expect that they will repeat past performance like the major cryptos do.
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