Bear Market Diary 2022: White Rabbit Interview
By @piratebeachbum - Analyzing The Bitcoin Bear Market Series - Volume 15
Name
WhiteRabbit
Country
United States
How do people know you?
Just another pleb maximalist.
How long have you been into Bitcoin?
2013
How many Bitcoin market cycles have you been through?
4 50%+ drawdowns
What are you optimistic about in this space despite the current state of the market?
The foundation of what we’re building remains rock solid. It is very clear we’re headed down a path where our money is failing and our leaders ineptitude is accelerating. Bitcoins value proposition gets stronger everyday: trustless, decentralized money with no leaders.
What tips do you have to those who are new to this or who might be upside down?
Bitcoin markets so far have been very cyclical thus far. Realize that sometimes it’s difficult to time bounces or predict movement on the short-term but we know where the ball is headed: endless fiat debasement. Governments are forced to erode your ability to save to remain solvent and the only truly safe way to prevent that is to upgrade your money to bitcoin.
Biggest regret during the last bull market?
All of the hopium surrounding the S2F model was extremely distracting.
What have you learned so far in this bear market?
It’s all just history repeating itself. Shitcoins blowing up markets through blatant theft, fraud or deception. Retail continuing to fall into traps despite warning signs. Politicians accelerating attacks are weakening as their ability to process anything logically somehow continues to erode. Never turn off your dollar-cost-averaging.
What is the biggest fail you have seen during the last bull cycle?
People attempting to seek yield on their bitcoin and giving up custody for 1-6% ROI (before taxes). Over leveraging their personal finances based on expected short-term returns. Also treating exchanges like banks or custodians of their coins.
What do you think about all the influencers promoting companies and products that have imploded?
It’s inevitable. A lot of full-time influencers rely on an income source provided by advertisers. For every 1 good company there are 10 others peddling something obviously bad or questionable product/service at best. It’s a mix of greed for the big guys and desperation for the other up and comers who are trying to establish themselves.
Why do you feel people still listen and support these people?
Big audiences get big guests and often times those guests appearances are paid well. Most people still have a very strong herd mentality and will do/listen to what others are.
What do you think helped trigger the current bear market?
I wish i could confidently point to a single thing but it seems like it started with the fed hiking rates at an unprecedented rate to crush inflation. Liquidity in the market dried up, players like Celsius were caught swimming naked and then it’s just been a continued snowball effect of liquidations.
Who was most exposed during this last market meltdown?
Venture capitalists who were dumping money into companies like FTX while obviously not having done their zero due-diligence on behalf of their investors.
What are your thoughts on Bitcoin Maximalism?
I haven’t heard an intellectual argument against it that wasn’t driven by greed or someones ego being hurt. It’s really just the distillation of the idea that bitcoin obsoletes all other money (credit Parker Lewis).
Why do you think there is an emerging narrative to demonize Bitcoin Maximalists?
Maximalists are truth seekers. Most of the failures we’ve seen in the shitcoin/web3/VC land are all just built on lies or extremely misleading promises. Maximalists call it like they see it and that leads to an extreme amount of conflict between those peddling lies and those exposing them.
What kind of damage do you think the latest price drop has done to buyer sentiment?
Honestly not sure how it’s much different than the last ~4 cycles of 50%+ drops that i’ve been present for. The dumb retail money will immediately get amnesia the second we start pumping and FOMO in and the smartest guys in the room already recognize the cyclical nature of the market. I have to be somewhat skeptic of glassnode data but it seems like the long-term holders are unaffected by the shakeout - the data seems to show holders are getting stronger not weaker.
What is it going to take to turn this around?
The fed firing up the money printer again.
What are your tips for HODLing Bitcoin through this cold bear market winter?
Think long term, live below your means, never stop educating yourself on why and how we’re at where we are, keep your dollar-cost-averaging going and make sure it goes direct to cold-storage.
How do you feel about alt-coins and NFT’s and stable coins right about now?
Alt-coins are designed to steal your bitcoins, NFT’s were designed to wash/launder money and all stable coins have trusted third parties. Bitcoin or GTFO.
What do you think about the whole collapse of FTX and Blockfi?
The flywheel token scheme may not yet be over. BNB is looking awfully suspect as well. As usual steer clear of all shitcoin casinos.
What is the best way to accumulate Bitcoin during a down market?
Keep living below your means, use your hustle and hard work to stack as much as you’re comfortable stashing away for years without touching.
Any tips you want to give to people new to Bitcoin?
Educate yourself as much as possible, always use cold-storage for your bitcoin, lower your time preference and be prepared to fight for what you believe in.
Any last words of wisdom?
Remember this isn’t just magical internet money. We’re on the cusp of one of the most important revolutions in history as we’ve discovered how to seperate state and money. The importance of what we’re undergoing cannot be overstated enough. HODL.
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