The Poor Man’s Paradox
“You don’t change Bitcoin, Bitcoin changes you.”
Many first get into Bitcoin because of its NGU (Number Go Up) technology. They see it as a way to make money. A quick trade. The news cycle is pumping the corn and they don’t want to be on the sidelines while their friends are getting rich.
Eventually, those that can’t stomach the price swings and FUD (Fear, Uncertainty & Doubt) get scared away. But in every cycle, a new crop of Bitcoiners are born. The ones that dug deeper understand it’s more than a get rich quick trade. Personal monetary gain takes a back seat as far as priorities goes.
Not having to trust anyone.
Money that can’t be debased.
Separating money from state.
Having a way to flee tyranny.
Open source software.
These principles become the primary drivers to being a Bitcoiner.
The Long Haul
With those ideals adapted, you notice behavior changes. Instant gratification is replaced by long term thinking. A low time preference way of living becomes your baseline mode of operation.
Time preference is a term used to describe the ability to delay gratification. The lower the person's time preference, the more willing they are to delay gratification.
Many low time preference ideas are rooted in Austrian Economics foundations, where value is subjective to the individual. You come to realize Bitcoin is the best money ever created and destined to eat up all other stores of value.
When you understand that Bitcoin is mathematically programmed to go up forever (Laura), your savings and unit of account gets converted to BTC. You want as much of the 21 million as you can get your hands on.
We’re Talking Priorities!
But here’s the interesting part. If you hold something that is expected to accumulate massive value, you don’t really want to spend any of it. You’ll be forced to spend it when needed for the essentials. Food and shelter take priority followed by the rest of the necessities that bring happiness.
Bitcoiners go to great lengths before having to trade a sat back to a dollar. This brings about an interesting way of life. The poor man’s paradox!
Pay for an uber or take a walk? Let’s burn those calories and walk.
Drive a nice new car or an old beater? Whip the 1998 Toyota Camry.
Rent a nice apartment or live with your parents? I do love mom’s cooking.
Bitcoin or Stupid Shit
Bitcoinorshit.com perfectly illustrates what happens when you chase the hottest trend of items. You really have to question yourself and ask “will this improve my life or bring me happiness?”
That’s why a Bitcoiner’s stomach turns when he sees someone wearing a $20,000 watch. They bought the watch to impress others. Hypnotized by status signaling games. Yo! Guy with the Rolex, take this L. We rather have generational wealth.
It’s all jokes, but those are the short term sacrifices we make. Holding off gets you closer to your goals and those most patient get rewarded.
“Why don’t you sell?”
Our friends and family are flabbergasted knowing we probably accumulated a decent amount of purchasing power yet we live frugally and have nothing to show for it. Materials don’t phase us.
There’s a beauty in the irony of having money yet not buying the stuff society expects us to. Living below your means while being “rich” is a slap in the face to those chasing those materials. We have nothing to prove to anyone.
Maybe it’s enough of a statement to have others look into this Bitcoin thing we admire. We know how early it is in the grand scheme of things. Hopefully they understand it’s not too late.
Consumerism and crappy products will be gone. Accurate pricing and free markets will be the real indicators of value.
Bitcoiners simply want a money that won’t debase and can be sent anywhere freely. It’s an extremely optimistic way of looking at the world. We think we can make it better with a completely new system…and we will.
Keep holding and stacking plebs. It’s been a hell of a ride. The orange light is ahead.