Bear Market Diaries 2022: Matt Odell Interview
By @piratebeachbum - Analyzing The Bitcoin Bear Market Series - Volume 10
Name
ODELL
Country
USA
How do people know you?
Bitcoin.
How long have you been into Bitcoin?
~515000 blocks.
How many Bitcon market cycles have you been through?
Three.
What are you optimistic about in this space despite the current state of the market?
Bitcoin is hope. Tools that empower individuals to support local communities and coordinate with like minded individuals globally + individuals who build, use, and support those tools = a better world.
What tips do you have to those who are new to this or who might be upside down?
One step at a time. We were all overwhelmed and confused newcoiners when we first discovered bitcoin. Stay humble enough to realize there is always room for improvement and do not blindly trust anyone, myself included. Bitcoin is ultimately a personal responsibility movement, it is on you to take responsibility for your future.
Biggest regret during the last bull market?
No regrets.
What have you learned so far in this bear market?
Most people in this space are not prepared to operate in adversarial environments.
What is the biggest fail you have seen during the last bull cycle?
NFT insanity.
What do you think helped trigger the current bear market?
Seems to be a combination of the historical bitcoin four year cycle, chaos in global markets, and leveraged firms getting rekt. When bitcoin pumps, investors tend to get cocky and leverage up, they get rekt, leverage gets cleaned out, stackers set the floor and prep the next bull run, rinse and repeat.
Who were the biggest scammers exposed during this last market meltdown?
Luna. Three Arrows Capital. Celsius.
What kind of damage do you think the latest price drop has done to buyer sentiment?
Human psychology is fascinating, few want to buy when the price is dumping, many want to buy when the price is pumping. As is tradition.
What is it going to take to turn this around?
Time. Stackers set the floor. Relentlessly stacking. Forever.
What type of carnage do you expect to see in Bitcoin startups?
Not much. Most bitcoin startups were prepared for this type of drawdown. Much more prepared than their “crypto” counterparts.
What are your tips for HODLing Bitcoin through downturns?
Ignore the noise. Stay humble and stack sats.
How do you feel about alt-coins and NFT’s?
Altcoins are not a threat to bitcoin, they are a threat to those who choose to speculate on them. Most people will see better returns if they focus on accumulating bitcoin rather than trading or speculating on altcoins and NFTs.
What kind of impact do you think the radical drop in alt-coins and NFT’s will have on their future?
Not much. Newcomers will always flock to get rich schemes that absolve themselves of personal responsibility. There will be a slight twist on how tokens and NFTs are marketed, but it will be a similar game, just as the ICOs of 2016/2017 were before them.
What do you think about shitcoins like Luna, Celsus, etc imploding?
Stay humble or be humbled.
What is your take on Blockfi’s business model in trouble being acquired by FTX?
They were clearly exposed and desperate otherwise they would not have taken FTX money at such a steep discount. Most services offering “yield” on bitcoin will inevitably blow up at some point. It is not worth the risk to chase “yield” when you can own the best money humanity has ever seen without trusting any third parties. The desire for yield is a product of a fiat world where money loses purchasing power over time, bitcoin makes this an unnecessary risk for most people. Learn how to secure bitcoin yourself and you will not lose money when these firms blow up, it is that simple.
What is the best way to accumulate Bitcoin during a down market?
Maximize your earning potential. Earn bitcoin directly or convert a portion of your earnings into bitcoin on a regular basis.
How bullish are you on Bitcoin despite this recent pullback?
Never been more bullish.
Any tips you want to give to people new to Bitcoin?
You got this. You are not “late,” we all thought that when we first discovered bitcoin. Slow and steady. Stay humble and keep improving your understanding and skills. Consider listening to this show we made for beginners.
Any last words of wisdom?
Stay Humble and Stack Sats.
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