Bear Market Diary 2022: FF2K Interview
By @piratebeachbum - Analyzing The Bitcoin Bear Market Series - Volume 12
Name
FF2K-Jim
Country
United States of America
How do people know you?
Participating on Bitcoin Twitter since early 2018 as I discovered and learned about Bitcoin along with others. Named “The Jane Fonda of Bitcoin '' for my Elipto Boxing videos for sats.I was 2nd on the LN network chain receiving the initial 100K sats from Hodlonaut. Creator of the Bitpiggy. Repeat contributor to Citadel21.
How long have you been into Bitcoin?
Bought my first satoshis 12/31/2017
How many Bitcon market cycles have you been through?
Feels like 4 minimum, Started stacking at 16K New years eve 2017, we hit around 4K at end of 2018 and stacked there for 4 months or so into early 2019(Best Time ever to get orange pilled), we rallied into summer of 2019 to about 13K, came back down to as low as 3.5K early 2020, ran to 62K, Dipped to 32K, ran to 67K, dipped to 35K, ran back to 47K, and now has dipped back down to 20K and less.
What are you optimistic about in this space despite the current state of the market?
Unfortunately my optimism comes from the lessons the fiat system will teach people as it fails them. I’m optimistic about the Bitcoin space because it’s a growing nucleus of people who have figured out how it can lead to better times and are willing to mentor the new people who are figuring out the fiat system.
What tips do you have to those who are new to this or who might be upside down?
If you’re thinking fiat upside down, you’re NGMI. For myself, I came into Bitcoin with a Fiat footprint. Realistically I probably won’t be 100% in my lifetime. I have a Bitcoin bucket, I only put in that bucket what I can afford to Hold Long term. Its my get out of jail free card, Its FUCK YOU money, Its better than Gold, It lives on a distributed cloud and can only be summoned upon my request. It’s gonna go UP, it’s gonna go DOWN, we are in the act of monetizing a new asset. Its Risk ON, Its Risk Off. It’s a pimple on an elephant's ass, all the macroeconomic discussion amongst influencers is Clickbait in my opinion. This asset is so small, I don't care what the general economy is doing, if enough people figure it the fuck out, Bitcoin will go to the moon.
Biggest regret during the last bull market?
None, I had well known influencers trying to convince me to go all in and I held my ground and I kept it real with newbies who wanted to risk more than they could afford by giving sound advice. Seperation of Money and state is the end game, We need solid Hodlers who can afford to Hold their ground. It's going to take time and education.
What have you learned so far in this bear market?
I've learned to tune out the noise, focus on my life, my job, my family, Bitcoin is gonna do what it's gonna do. For ME, my best effort is focused on producing more in the real world so I can afford to stack more sats.
What is the biggest fail you have seen during the last bull cycle?
Trace Meyer’s fail in retrospect was the best thing for me. He was influential and when he went off the deep end, it made me dig into my own conviction and figure out why I was willing to ride the Bitcoin Roller Coaster. Every other mainstream failure was really not a failure to me because 99% of the influencers are just transparent marketeers.
What do you think helped trigger the current bear market?
Profit taking, everything else is noise. This asset is being monetized, enjoy the ride.
Who was most exposed during this last market meltdown?
People who got caught up in the euphoria and doubled down and or took on leverage. I also feel bad for those that tried to produce yield, Lending your Bitcoin is stupid, your counter party will need Bitcoin to go down to pay you back, in a bull market, it will be tough for him to cover his short position. Bitcoinization is going to take a generation, we need solvent, smart, disciplined Hodlers.
What are your thoughts on Bitcoin Maximalism?
Label given by someone else, I try not to call myself one. I’m a nobel, selfish stacker of the coin :)
Why do you think there is an emerging narrative to demonize Bitcoin Maximalists?
Because Bitcoin is the biggest and best network with the greatest chance of separating money and state, The maximalists represent the nucleus of the revolution. Expect attacks from every angle.
What kind of damage do you think the latest price drop has done to buyer sentiment?
It hurts it, most people chase the hot thing, I would say we retained 10% of the people who came in during the bull market but that 10% is SOLID, If they are here, they are digging in and figuring out why they are willing to hold this asset.
What is it going to take to turn this around?
Not much, The narrative can turn tomorrow, A bank bail in, Bond defaults, Freezing of fiat funds? Who knows, shit happens.
What type of carnage do you expect to see in Bitcoin startups?
Crypto Startups-TONS, I think most Bitcoin ONLY companies have a low time preference and will be fine.
What are your tips for HODLing Bitcoin through downturns?
Keep it real, keep stacking, if we pump and your Bitcoin stack is worth 4 times everything else you have to your name, sell a quarter, You now doubled your fiat worth and you have a stack you can afford to hold as we fight this war of separation of money and state. And if your still earning Fiat, Keep Fucking stacking, Satoshi gave you a gift, pay it forward
How do you feel about alt-coins and NFT’s and stable coins?
21 million Hard cap don't mean dick if you think alt-coins have value to hold.
NFT’s, I can see them useful but not investible.
Stable coins, same thing,
What kind of impact do you think the radical drop in alt-coins and NFT’s will have on their future?
Don't give them much thought but my bias is they burn in hell:)
What do you think about shitcoin implosions like Luna, Celsus and the Solana hack?
It’s part of this cycle’s learning lessons, Hopefully each hype cycle extinguishes more and more of these centralized scams and people realize the value of Bitcoin. You can hold it yourself!
What is your thoughts on the Ethereum PoS update and Ethereum’s future?
LOVE IT!!!! It’s all part of this cycle's learning lessons. People will learn the meaning of regulatory capture and why Validator centralization amongst corporate entities is bad for decentralization.
What is the best way to accumulate Bitcoin during a down market?
Pay Yourself first, personally, I'm able to save 10-20% of my take home pay weekly, so I keep it real and DCA with Swan Bitcoin Daily. Everyone is different but be humble and consistent, we don't need anymore blowhards in Bitcoin
How bullish are you on Bitcoin despite this recent pullback?
I refrain myself from stacking, I'm on auto Daily DCA and still Smash stack at least once a week after being at this for 5 years. The network is growing, more people for whatever reason are figuring out why Bitcoin deserves a place in their portfolio.
Any tips you want to give to people new to Bitcoin?
Most people have an angle, The “Crypto” scene is 99% charlatans and opportunists. The Gold, Silver, Hard money guys are just as bad, Be cognizant of everyone’s angle they all have something to sell. Only buy Bitcoin if you know why you are buying it, and only buy what you’re willing to hold.
Any last words of wisdom?
No wisdom, Just want to thank everyone who has interacted with me and helped me understand and learn about Bitcoin. I will pay it forward, it's good for humanity.
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