Bear Market Diary 2023: Coinicarus Interview
By @piratebeachbum - Analyzing The Bitcoin Bear Market Series - Volume 24
Name
Coinicarus
Country
USA
How do people know you?
Coinicarus or Phil
How long have you been into Bitcoin?
I got in through Medium of Exchange in late 2015 early 2016 but consider myself class of 2017
How many Bitcon market cycles have you been through?
2.0 LOL
What are you optimistic about in this space right now?
We are more Bitcoiners today than we have ever been. In 2019 there was a little over 500BTC in channels on lightning. Now, according to public data, we are at about 5000BTC. All i see is grassroots growth and adoption. I am bullish on Bitcoiners Building.
What tips do you have to those who are new to this or who might be upside down?
Keep your head down. Don’t listen to the noise. Zoom out! I have been down over 80%. I know what it's like. I did the most counter intuitive thing I could think of. I continued to Stack and learn about Bitcoin, and it was completely life changing.
Biggest regret during the last bull market?
Getting caught up in the 100k hype and not immediately understanding the depth of the impact the China mining ban had on Bitcoins ‘perceived’ value.
What have you learned so far in this bear market?
Patience and Humility
What is the biggest fail you have seen during the last bull cycle?
Wow there is so much to choose from:
-NFT’s,
-DEFI ‘Liquidity’ pools,
-Some nonsense called ‘bridges’ where shitcoiners can get rugged between chains LOL
What do you think helped trigger the current bear market?
It’ll sound corny but just natural market cycle. I don’t think there is one particular ‘thing’ we can say this right here caused us to go bear. Humans are emotional and often valuations are subject to human emotion which is not really indicative of actual value.
Who was exposed during this last market meltdown?
-Raoul Pal (again)
-Do Kwon
-Klaus Schwab
-the IMF
-Central Bankers
-The ESG narrative
-A16z (andreeson horowitz)
-Alex Mashinsky(Celsius Network)
-SBF
What kind of damage do you think the radical price drop has done to buyer sentiment?
It's definitely caused a shake in confidence with people who only see Bitcoin as an investment and or people who haven't done enough research. In terms of the long term story, it’s all still intact. Bitcoin continues to swallow the world's value at a rate faster than any other asset. Bumps in the road.
How do you feel about the bank collapses and turbulence within the financial markets around the globe?
It’s a double edged sword. Unfortunately we’ve built up a system with a base layer of sand. These collapses and the turbulence are sadly features of the money printing and humans which cannot be trusted to uphold monetary policy.
What is your take on how the FED is dealing with inflation, interest rates and distressed banks?
I think the FED is doing the only thing it knows how to do. Print money and raise inflation. I find it fascinating how many different terms we have for printing money. We also seem to be led to believe there are new and improved financial tools, but in reality its lipstick on a pig.
Do you think this latest pump in the Bitcoin price has anything to do with it?
No, I don't. I think as bitcoiners, we think the bitcoin concern is more important to the government than it actually is. We are still at the very early stages of ‘then they fight you.’
With almost 6% CPI, why do you think more people have not flooded into Bitcoin?
This goes back the previous response, I think we as bitcoiners are in a bit of an echo chamber. The average person doesn't see bitcoin for what it is… yet.
What do you think the future has in store for NFT’s and Shitcoins?
More nft’s and shitcoins, and they will all be worthless still.
What do you think about all the shitcoins, exchanges and shitcoin banks imploding?
Shitcoins I know too much about, so they are just a non issue to me in the grand scheme of things. The exchanges I think caught a lot of people off guard, but as a bitcoiner, it was to be expected eventually. The shitcoin banks are an interesting one because them blowing up was symbolic of the shitcoin space itself and seemingly the last leg to fall. Interestingly enough no bitcoin companies were affected in all this.
What are your thoughts on ordinals?
Ugh! Ordinals I have no issue with people collecting digital beanie babies. My issue is the people and/or groups who shill ordinals as ‘investments’ or that employ deceptive language implying these things will accrue value over time because ‘someone else will want it’. We have seen ordinal like projects in the past such as counterparty and bitdns I think it's called. There was alot of noise around them at the start, and quickly they died out and are of no consequence today.
What is the best way to accumulate Bitcoin during a volatile market?
You’d think this is an easy question, but its not. Everyone is different. Everyone has different timelines, commitments and goals. All that being said, my rule has been to buy the dips… and yes as it dips lower lol, I will end up buying that as well. I’m a degen Bitcoin buyer, so most likely, my advice will not fit most. The better you understand Bitcoin and why you hold the easier it is to buy when the world seems to be burning.
How bullish are you on Bitcoin right now?
Extremely, we are in a ‘bear market’ with btc above 20k in fiat exchange. In 2021 we had a nation state attack bitcoin by shutting down all their miners (China) and Bitcoin blew that off like nobody's business. In 2022 we had blockfi, luna, FTX all fall off a cliff. Most recently Credit Suisse went belly up and Bitcoin bucked the trend and moved higher. Symbolically this is very powerful. Possibly the world is waking up to Bitcoin qualities and purpose.
What will it take for you to believe the Bear Market is over?
When Pomp started shilling adult entertainment venues
What is a Bitcoin pleb and why are they important?
This question has caused a lot of controversy and entertainment over the years. I will start by saying there is no true definition at least in my eyes, but if I am to define then here it is; It’s really a bitcoiner who is themselves, not trying to be something they are not. They aren't in Bitcoin to milk other bitcoiners/the scene. What they do in and around Bitcoin they do for Bitcoin.
Any tips you want to give to people new to Bitcoin?
Be patient, be humble, be honest with yourself.
Any last words of wisdom?
Vi Veri Vniversum Vivus Vici
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