Bitcoin Bear Market Diaries 2022: Volume 1 with Hodlonaut

Name: Hodlonaut

Country: Norway

How do people know you?

Probably from twitter, being behind the LN Trustchain/Lightning Torch thing and/or from fighting Craig Wright in the courts.

How long have you been into Bitcoin?

Since 2013

How many Bitcon market cycles have you been through?

3

What are you optimistic about in this space despite the current state of the market?

Pretty much everything. It’s important to make the distinction between Bitcoin and crypto though. I’m extremely bearish on crypto.

Bitcoiners make me very optimistic, and every day there are more of us.

What tips do you have to those who are new to this or who might be upside down?

Just keep it very simple. 

• Focus on bitcoin only

• Stack sats humbly

• Ignore the price

• Don’t trade

• Control your keys

Biggest regret during the last bull market?

I don’t have any regrets. Low time preference fixes regrets.

What have you learned so far in this bear market?

That the superiority of Bear Market bitcoin twitter remains true.

What is the biggest fail you have seen during the last bull cycle?

People paying millions instead of right click save.

What do you think helped trigger the current bear market?

The cancerous growth of leveraged scams in the crypto clown space, piggybacking on bitcoin. And the fact bitcoin has not yet decoupled from traditional markets, where everything is rekt and getting rekter.

Who were the biggest scammers exposed during this last market meltdown?

I pay less and less attention to crypto and cringefluencers, but this Do Kwon dude has to be up there.

What kind of damage do you think the latest price drop has done to buyer sentiment?

It’s boosted sentiment for Bitcoiners for sure. Cheap sats. For nocoiners, it’s likely had a detrimental effect, even though I think all these years of FUD have made the whole Bitcoin is dead narrative less effective.

What is it going to take to turn this around?

Nothing, except time. Bitcoin is the lifeboat, and it has never been more needed.

Do you think Michael Saylor, Elon Musk, Jack Dorsey or any big company or name will capitulate and sell their Bitcoin?

It would be a great bottom signal. But I think most people who have gotten behind Bitcoin in a big way are educated on why they did it and recognize that if anything, they need more of it.

What are your tips for HODLing Bitcoin through downturns? 

Look at the world outside of Bitcoin and ask yourself: is this what you want?

How do you feel about  alt-coins and NFT’s?

I think they are worthless and will trend to zero. Some faster than others.

What kind of impact do you think the radical drop in alt-coins and NFT’s will have on their future?

As I said, I think they are all trending to zero. Next bull run will maybe put the brake on the demise of some of them. But, I think we will see new three letter acronyms next cycle that will scam people like NFTs and ICOs did before them. 

What do you think about shitcoins like  Luna, Celsus, etc imploding?

I feel bad for the people who have lost their savings to this shit. It was inevitable and necessary though. This is why “toxic” maxis keep calling out bullshit, scams and bad actors, while telling you to stack sats and control your keys.

What is the best way to accumulate Bitcoin during a down market?

Same as in bull market. DCA.

How bullish are you on Bitcoin despite this recent pullback?

Maximum bullish. The world Bitcoin was made to save us from is getting more pronounced every day. Hyperbitcoinization feels inevitable.

What is a Bitcoin pleb and why are they important?

A bitcoin pleb is a Bitcoiner that keeps it real. Not a follower. Will call out anyone if bullshit is detected. Someone who has integrity and will stand by Bitcoin and his fellow pleb in defense of truth. Does not care about your feelings.

Any tips you want to give to people new to Bitcoin?

Don’t get greedy and do stupid shit. You are still early. Keep your coins off exchanges.

Any last words of wisdom?

Don’t abandon your principles. Stand by your convictions. Without integrity you are nothing.

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