Bear Market Diary 2023: Ant Interview
By @piratebeachbum - Analyzing The Bitcoin Bear Market Series - Volume 25
Name
Country
Nice try!
How do people know you?
I've been shitposting on Bitcoin Twitter for years. I created TimechainStats.com and BTCLexicon.com, and I’ve also built corporate websites for a few Bitcoin companies.
How long have you been into Bitcoin?
I've been fascinated with Bitcoin for over 6 years (not counting the time I was sleeping on it).
How many Bitcoin market cycles have you been through?
I’ve survived 2 bulls and 2 bears, but that's just looking at the short-term ups and downs.
What are you optimistic about in this space right now?
I'm excited about the real-world examples of Bitcoin adoption in places like El Salvador and Nigeria. In El Salvador, the government embraced Bitcoin as legal tender, and we've seen things progressing over the past couple of years.
Meanwhile, in Nigeria, even though the government introduced a CBDC, people have been rejecting it and turning to Bitcoin instead. People are leveraging Bitcoin's unique properties and built-in incentives.
Biggest regret during the last bull market?
I don't really have any major regrets from 2021-2022.
What have you learned so far in this bear market?
I don't think we're in a bear market. When you zoom out to the yearly chart, it's clear that Bitcoin has been on a bull run for almost 15 years.
What’s it going to take for you to say the bear market is over?
As I mentioned, I don't believe we're in a bear market. From a local perspective, though, it feels like we might get another flush out and nasty capitulation event before a slow climb back up. But hey, what do I know? Just don't get chopped out!
What is the biggest fail you have seen during the last bull cycle?
In my opinion, the most significant failure was the lack of due diligence by some influential figures who got caught up in the FTX scandal. These people had a rare opportunity to reach a massive audience but chose to side with SBF and all the NFT craziness. Many people got burned… and since these influencers failed to understand Bitcoin, they probably don't have nearly enough of it. They missed a once-in-a-lifetime chance to make a positive impact but opted for greed and ignorance instead. Epic fail.
What do you think about all the influencers promoting companies and products that have imploded?
Trust no one in a gold rush! We are living through the one-time-only accumulation phase of a novel, hard-capped deflationary asset, and some folks are promoting shady companies and products to fill their own bags at your expense.
Why do you think people still listen and support these people?
Many people seem desperate and think influencers can fix their problems. Some might be living vicariously through these personalities, dreaming of the lavish lifestyle portrayed in their profiles. But keep in mind, many of these profiles are staged, and the celebrities are just paid actors or selling snake oil. We have to trust our own ability to learn and put in the work ourselves.
Who was most exposed during this last market meltdown?
Ethereum's transition to Proof-of-Stake revealed numerous critical flaws and weaknesses in the protocol and network. ETH’s centralization, failure as "ultra-sound" money, tilted governance, supply manipulation – everything became evident to those who paid attention.
Why do you think memeing is important in Bitcoin?
One good meme can change the world! Throughout history, artists have served as visual historians, capturing the culture and events of the times through their artwork and designs. In the 21st century, memes have become an incredibly effective medium for talented artists to make a sharp, poignant point that resonates with the masses. I love this art form and the freedom of expression it offers.
What is your favorite meme you have seen lately?
I like the memes that emphasize the dystopian future that the planners envision for humanity – you know, drinking cockroach milk and living in pods.
I love the memes by Triple Elite and also the Meme Factory. Very talented stuff.
What's your take on Bitcoin Maximalism?
Bitcoin Maximalism has been a helpful concept for some Bitcoiners to get a clear view of Bitcoin versus the monstrosities that are shitcoins. I've called myself a Maxi before and proudly promoted its values during my journey.
On the flip side, there's this idea that "Maximalists are in a cult," and I can appreciate that line of thinking. As an old school punk rocker, I know small, tight-knit communities can appear cult-like, especially as they develop their communication style, value system, and cultural beliefs. There's some cultish behavior on Bitcoin Twitter, but mostly it's in support of a Bitcoin-only stance, which I also promote.
The downside of cult-like behavior is that it can limit your learning. The more confined the box you put yourself in, the less you'll grow. Some Bitcoiners wear Maximalism like the poser punks who buy punk gear at Hot Topic in the mall before a show. They adopt the values but don't truly grasp why.
It's crucial to remember that Bitcoin Twitter isn't Bitcoin, and what you see on Twitter might not be the same elsewhere. It’s helpful to figure out where you stand, what you believe in, and what you wanna do.
Why do you think there's a narrative to demonize Bitcoin Maximalists?
This narrative mostly comes from shitcoiners and scammers. No matter how absurd Bitcoin Maximalism seems, the message is about focusing solely on Bitcoin, which eventually leads you to realize: there's Bitcoin, and the rest are just shitcoins.
Plus, Bitcoiners have a long history of exposing scammers and grifters. If you're into Cycle Theory, you might think there are waves of newbies entering the space. For scammers to prey on each new wave, they must try to poison the well when it comes to Bitcoin Maximalism and its advocates before they get busted.
Are Bitcoin Maxi’s always right?
Haha, no way! I've seen my fair share of clueless Bitcoiners on Twitter. But if they're all about that Bitcoin-only life, then they’re at least right about that imo.
What matters most is listening to different perspectives and figuring out where you stand. It's not always easy, and I still mess up sometimes.
How do you feel about the bank collapses and turbulence within the financial markets around the globe?
I got into punk rock in the mid-90s and learned then all about the twisted, deceptive system that's been set up from the start to fail in the end. I've been expecting this for ages, but it's still wild to see it start to happen. I feel for those who lost money or got locked out of their accounts. Hopefully, these disasters will show people what Bitcoin can do to fix the mess we're in.
What is your take on how the FED is dealing with inflation, interest rates and distressed banks?
They're just trying to keep their debt-based house of cards from crashing down. Most folks don't even understand how this stuff works, and they see numbers but don't know what it means for them. The madness required to manage the fiat money supply and maintain purchasing power is so twisted that I sometimes wonder if they even know what they're doing anymore.
Do you think this latest pump in the Bitcoin price has anything to do with it?
It would be interesting if it turned out that way, but I doubt it. I have a few theories of my own, ranging from the rational to the tinfoil hat… but I think their recent reactions to Bitcoin have been more focused on things like regulations and on/off ramps.
With almost 6% CPI, why do you think more people have not flooded into Bitcoin?
There are many bad actors pushing well-timed, highly-funded FUD campaigns intended to control the actions of weak and the fearful. There are also scammers at every turn, pitching their fraudulent projects to steal money. These people and their actions help frame Bitcoin in a negative light and have a cooling effect on regular adoption, in my opinion. The FTX debacle and the ensuing news cycle is one good example.
What do you think the future has in store for NFT’s and Shitcoins?
All NFT projects trend to zero over time but people will always try dumb shit in this space. There will always be grifters trying to con people with buzzwords.
What are your thoughts on ordinals?
First principles: NFTs are garbage!
I don't know if this latest iteration (it’s an old concept that keeps coming back in different forms) is an attack on Bitcoin or just plain dumb. A friend of mine put it best: Ordinals is like those '90s star map scams where you "owned" a star for a fee.
Inscriptions seem more legit, but I'm not into those either.
What do you think about all the shitcoins, exchanges and shitcoin banks imploding?
It is inevitable. Shitcoins go to zero against Bitcoin, shitcoin exchanges will continue to feel the regulatory heat, and shitcoin banks will eventually collapse.
What is the best way to accumulate Bitcoin during a volatile market?
Save, save, save! Cut debt, lower costs, and set up a cold wallet for your Bitcoin. Pay your bills, cover expenses, and then save the rest in your cold storage. Keep a little dirty fiat to take advantage of the big dips!
How bullish are you on Bitcoin right now?
After everything we’ve been through to this point, I’m more bullish than ever. The stakes are higher than they’ve ever been, but we still have this insane opportunity to stack wealth over the counter. It’s nuts to me sometimes. Watching the rest of the world catch up is fun and exciting. They better hurry up, though!
What are your tips for HODLing Bitcoin?
Do: Learn about nodes, self-custody, security, and privacy. Save your money!
Do NOT: Store your seed digitally or brag about your stack.
What is the best way to accumulate Bitcoin during a down market?
Consider every purchase in Bitcoin terms. When you see that Bitcoin is money, you'll realize that every transaction is a trade. Think about whether you really value that thing you're about to buy when you see it in terms of Bitcoin. You might find yourself choosing to stack sats instead of buying that coffee you can make at home!
Any tips you want to give to people new to Bitcoin?
Dig deep into what Bitcoin solves and learn about nodes, hardware wallets, history of money, and maybe even look into past hyperinflation events and how governments treated their people during those events (and after).
Any last words of wisdom?
Do your own research! Don't just take my word or anyone else's as gospel. Trust yourself and learn from your own experiences!
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