Bear Market Diary 2022: Neil Jacobs Interview
By @piratebeachbum - Analyzing The Bitcoin Bear Market Series - Volume 14
Name
Neil Jacobs
Country
US
How do people know you?
People know me from shitposting on Twitter and running Clubhouse rooms. I also have two bitcoin podcasts (Bitcoin News Show and Inside Bitcoin) and run a bitcoin-only merch shop (FOMO21.com).
How long have you been into Bitcoin?
I first bought bitcoin in 2013, but I didn’t know what I was doing. I would say I really didn’t understand the implications of Bitcoin until 2019/2020. FML.
How many Bitcon market cycles have you been through?
I guess 3 if you count from when I first bought bitcoin, but I really only consider everything post-2015 as me starting to pay closer attention.
What are you optimistic about in this space despite the current state of the market?
The amount of people still showing up to meetups and conferences in this bear market is really encouraging. Tons of people are still building in this bear market. I see a lot of Bitcoin companies raising additional rounds of funding.
What tips do you have to those who are new to this or who might be upside down?
I stacked so much harder in 2021 than ever before, so I know the feeling! I believe Bitcoin is the only option for society to progress, so I’ve just accepted this as part of the journey. Have enough fiat to survive through the tough times so you don’t have to dip into your bitcoin stash during a bear market.
Biggest regret during the last bull market?
Thinking I missed the boat and going all in at much higher prices than we are at now. I wish I had more dry powder for this current bear market, but as we know, you can’t time these things.
What have you learned so far in this bear market?
There’s a quote, “Character isn't who you are when life goes your way. Character is who you really are when the bottom falls out.” Bear markets reveal character more than bull markets. We’ve seen many people blow up character-wise and financially in this bear market. It’s sad, but part of the process. Learn from their mistakes!
What is the biggest fail you have seen during the last bull cycle?
People overstating the imminence of hyperbitcoinization and super cycle theory. I think there were too many well known Bitcoin “personalities/influencers” pushing these ideas.
What do you think about all the influencers promoting companies and products that have imploded?
As some of you may know, I promote Bitcoin conferences, Bitcoin rewards apps, and have my own Bitcoin merch company. I only promote things I understand and make sense to me. That’s why I only deal with Bitcoin-only companies. I personally couldn’t promote companies that are scamming people or have scammy products/services. I think it’s unethical. Whether the companies have failed or not yet is besides the point.
Why do you think people still listen and support these people?
Most people don’t pay close enough attention. The “crypto” space is such a mess, that if you aren’t already a Bitcoin maximalist, it’s probably hard to see who is culpable. Scammers are usually nice to your face. People love to make excuses for “nice” people.
What do you think helped trigger the current bear market?
Greed. Too much leverage, particularly in the shitcoin space which spilled over into bitcoin. Bitcoin mining companies making assumptions about where the price was going in the short to medium term that turned out to be false.
Who was most exposed during this last market meltdown?
Silicon Valley and VCs and crypto promoters.
What are your thoughts on Bitcoin Maximalism?
I don’t understand how someone can call themselves a Bitcoiner without being a Bitcoin Maximalist. I’d say Bitcoin Maximalists are the buyers of last resort. The lifeblood of whatever bitcoin social layer exists. Bitcoin Maximalists saved people millions of dollars, if not hundreds of millions this past cycle.
Why do you think there is an emerging narrative to demonize Bitcoin Maximalists?
Bitcoin Maximalists are the minority. Throughout human history, people look to scapegoat minority groups to deflect blame from themselves. People are also threatened that the message of Bitcoin Maximalism is gaining popularity and will destroy their cons.
What kind of damage do you think the latest price drop has done to buyer sentiment?
Humans are gonna human. People like to buy things when prices are high and sell things when prices are low. This is all just part of market cycles and human psychology. I don’t think there is any long-term damage.
What is it going to take to turn this around?
Number go up. As long as demand for Bitcoin keeps increasing, which I believe it will, then this is all just a matter of time.
What are your tips for HODLing Bitcoin through this cold bear market winter?
Try to avoid negativity. In bear markets, nocoiners and shitcoiners get louder and even some Bitcoiners get really negative/depressing. Decompress when it’s needed. Stay off twitter/social media. Go about your life as you would normally. Whether bitcoin is at 16K or 61K, you weren’t selling anyways. Right?
How do you feel about alt-coins and NFT’s and stable coins right about now?
I understand why peoples’ brains are attracted to altcoins and NFTs, it’s just so uninteresting to me compared to the change that bitcoin can bring about. I think in areas of the world where access to dollars is limited, stablecoins serve a useful purpose. People just have to remember that stablecoins are an extension of fiat but with protocol risk added on top of it. So be careful, they aren’t something to hold for any substantial period of time.
What do you think about the whole collapse of FTX and Blockfi?
I expect any company selling shitcoin services/products to eventually fail. So none of this surprised me. You have to be either really ignorant or a charlatan to run a shitcoin exchange. I tweeted out that SBF was a bad actor months ago when he was lying about Bitcoin (he blocked me at some point after that).
What is the best way to accumulate Bitcoin during a down market?
I don’t think there is a better way to accumulate whether we are in a bull or bear market. The key IMO is to just be consistent. And if you run out of fiat, get another fiat income stream if you can. And if you don’t have time for that, check out all the Bitcoin rewards apps that basically let you stack for free!
Any tips you want to give to people new to Bitcoin?
Take your time understanding Bitcoin the network and bitcoin the asset. You are not too late.
Any last words of wisdom?
Build your own conviction. Don’t rely on the opinions of others. They won’t be there to bail you out when shit hits the fan!
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