And I think how can I convey to you all, who follow me, have decided to put some level of trust in me, the following:
- Bitcoin is still a once in a lifetime opportunity.
- Bitcoin is the best cryptocurrency even just from a ROI perspective compared to all other cryptocurrencies. All other cryptos including Ethereum do NOT even compare, even come close to Bitcoin as an investment, as an asset.
- To invest and to create wealth from any asset, irrespective if it's bitcoin or anything else, you have to spend time, understand it and build your own conviction. There are no short cuts. There are bitcoin experts like me, there are Ethereum experts and there are top of the league bitcoin haters like Warren Buffet, Jamie Dimon and Nassim Taleb. You need to be your own expert. The way to build wealth is to be right when all others are wrong else its too late. Look around you and you'll realize that's true. There are a few who simply won the lottery and hence are in the news but that's just a chance. Also, the way to lose wealth is to be wrong when all others said something is right. And unfortunately we don't hear about these people because no one in this boat will talk about it.
Have you watched all the Bitcoin Mastery videos?
Have you gone through some of the resources in the Resources section?
Have you read The Bitcoin Standard?
If not, then your bitcoin wealth building chances will depend on your stars. But if you do, your stars will align and open the doors so that you will yourself see that bitcoin is a once in a lifetime opportunity. And then you don't need Sunny Bitcoin or Warren Buffet to tell you what to think about bitcoin.
You need to spend a minimum of 10 hours and ideally 40 hours, that's it. 40 hours of your life, I know its a lot. 4 hours a week is 10 weeks, more than 2 months. But it's not a lot to spend on what could potentially change your financial future.
Start today, mark the 4 hours on your calendar for the next 10 weeks to read a book or an article or watch videos from the Resources section. Start today, yesterday was already too late! And I am here, if you have any questions along the way, to support you.
Not financial advice.
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Read the entire thread below on Ethereum, exactly my views.
Preston do you own any ETH?— 🟩Preston Pysh🟩 (@PrestonPysh) May 11, 2021
No. Here's why. A Thread.
First, I don’t trust the decentralization of the ETH protocol. In the past, ETH has been governed by the direction of a few key influencers. If you haven’t discovered yet, the essence of this entire movement is removing 1/
Below are some graphs as food for thought:
1) Bitcoin / USD price graph since 2014. It's a log graph (not linear) so price change is in percentage terms.
20th April 2021
I limit myself to talk about, give advice about Bitcoin only. I understand that because I talk about Bitcoin with so much passion, it can seem to be dogmatism. However, it is not dogmatism. It is a financial decision with passion in the mix. I chose to limit myself to Bitcoin only from a time, effort optimisation matrix. Spending time on other coins gives me a lower return.
In every Bitcoin price cycle, there are other cryptocurrencies which start doing well and some seem to be doing better than Bitcoin. So it's obvious that during these times, as someone who represents the crypto industry, I get asked about other coins. Recently, its been Dogecoin. Since years, I have always been asked about Ethereum (Eth).
Disclaimer: I have spent time researching Ethereum (about 4 months in 2017). I do spend time every once in a while to check if there is any change in my original opinion about Eth. I spend massive amount of time on Bitcoin and very little on everything else. So I am comfortable to say that I am a Bitcoin expert and though I doubt 😉 , I could be wrong about other coins, in the long run.
The way I look at my investments is that I only invest in things which I do not intend to sell. I do not make speculative investments in the flavour of the month or the year.
So although I could be wrong in the short term, I am confident of my opinions in the long term. And its based on research and simple logic.
- Complexity: Ethereum has a massive surface attack compared to Bitcoin. Because it is designed to do many things, it is technically complex at the base layer. Ideally, networks and computing should be built in layers. They should be very simple at the base layer and the complexity should increase in layers. That's the way the Internet and operating system softwares are built. The base TCP/IP layer is very simple. On top there are additional layers with increasing complexity like http, ftp and so on. On http, there are more layers for more powerful websites. Same with programming languages. Machine level languages can only process 0s and 1s. More and more complex programming languages are built on top.
Decentralization: Ethereum is highly centralized.
- Most updates are directed by the Ethereum foundation.
- Very few Ethereum full nodes exist which is critical for a decentralized network.
And I have not even gone in some fundamental risks of Ethereum in the long term, their move from the Proof of Work to the untested Proof of Stake and so many more factors which is beyond the scope of this article.
In a nutshell, Ethereum is far riskier than Bitcoin.
Now lets look at the return. Below is a graph of Ethereum's price in Bitcoin (not in USD). Ethereum's return in Bitcoin in the long term is basically flat.
When you look at investments in other cryptos vs Bitcoin, below are the top 2 criteria to consider:
1) Check the prices of the altcoin in Bitcoin and not in USD. With every altcoin, you take far higher risk than Bitcoin. So the returns should be a magnitude higher and for years, not just in speculative bubbles, to justify the investment.
2) How decentralized is the project. The only and only characteristic of cryptocurrencies which distinguishes itself from other financial assets is that it is decentralized and cannot be controlled by a single person, entity or organization.
- Price updates from Glassnode
- New Zealand's $350 million retirement fund gets into bitcoin
- Sovereign funds start to invest in bitcoin but some governments could outlaw crypto
- Ark Invest CEO: $1 trillion is nothing compared to where Bitcoin is going
- Indian Government says crypto gains taxable as income
- Indian government asks companies to disclose crypto transactions and holdings
- Hackers allegedly leak data of 100 million Mobikwik users in India
- JP Morgan adjusts its bitcoin target at $130k
- Morgan Stanley to acquire Korea's largest crypto exchange Bithumb
- Blockfi lands a $350 million Series D at a $3 billion valuation
- Blockchain.com raises $300 million
- Bitcoin price jumps after Visa set to allow payment settlement using crypto
A good summary of the book. I don’t think it replaces the value you’d get reading the book but something is better than nothing:
The current dip seems to have been caused by FUD. This has been the bitcoin cycle since December 2020. Bitcoin price increase, attracts new bitcoiners. Some FUD spreads, new bitcoiners panic, price consolidates, dip is bought by long term investors, price moves to next cycle and a new all time high.
From 20k to 30k to 40k to 50k to 60k.
Buy the fucking dip (BTFD)! This price cycle is very healthy so far. All dips are aggressively being bought by long term investors (possibly institutional investors).
Not financial advice.
2) Below is another example that companies declare they purchased bitcoin after they bought it. Nexon, a Japanese video game publisher bought bitcoin worth $100 million on its balance sheet. The trend continues. Expect a lot more announcements in the coming months.
Bitcoin buying by institutions is a reinforcing cycle. An institution buying $100 million bitcoin would need 100,000 retail investors buying bitcoin worth $1,000 in the previous bitcoin price cycles. Also institutions are not traders and so they reduce the supply dramatically compared to a retail investor. This causes the price to go up and the market cap to increase. This sets the case for more institutional investors who cannot ignore bitcoin and cannot justify internally to ignore it.
And this is backed by the fact that:
- Bitcoin is limited in supply
- It is permission-less and no country controls it and also you don't need permission to innovate on it
- It is programmable money with the potential of applications that we can't imagine today
- It's getting more accessible and easier to use
- It's the Internet of money and on its journey to become the world's new monetary network.
Not financial advice!
However, I have been more subtle online always leaving a disclaimer. A disclaimer which I did not believe in but it seemed to be the responsible thing to do. After all, one does not know what one does not know, right!
But lately, I feel, knowing what I know, being subtle about talking about bitcoin online is also a disservice to you, my reader, who has made the choice to hear what I have to say, who thinks I have a credible voice.
So from now, I am going to be aggressive, even more aggressive to tell you to buy bitcoin. Some of my friends must be thinking how the hell can he be more aggressive in talking about bitcoin than he already is 😅. But you'll see.
Sometimes I might sound crazy but I am not concerned about that. I have always sounded crazy talking about bitcoin. I am concerned about talking about facts and truth and logic. Many times, reality is crazier than fiction. And the present time could not be a better example of this.
All the facts are out there for bitcoin to become the monetary (money) network of the world. It's on its way, price by price, market cap by market cap, user by user, institution by institution, one by one.
I only have one mission, actually I have 3 but they are kinda 1 😇.
- To convince you, the Sunny Bitcoin reader, to buy and hodl bitcoin, so you can benefit by participating in this before everyone else does.
- To make bitcoin simple.
- To give you the real deal on bitcoin.
So for God's sake, buy the fucking dip!
As I have said many times in the past, my confidence of short term price movements is the lowest and keeps increasing as the time period increases. In the long run, convince yourself that bitcoin is on its journey to absorb the 'store of value' property from all other assets - gold, real estate, stocks, bonds, precious metals bringing them to their utility value and making bitcoin into a market cap which the current market cap seems like a blip. Exactly like the market cap of $100 million, $1 billion and even $100 billion seem now.
Given a reasonable period of time like 2-3 years, you will never regret the price at which you bought bitcoin. Don't try to optimize your bitcoin buying point.
Not financial advice!
Buy Bitcoin! Bitcoin is not done yet, it has only just begun!
Ask you friends and family to join SunnyBitcoin.com or the Telegram group for free and help me spread the real deal on bitcoin!
In this episode:
- Nischal's background, his experience with Crowdfire and why he entered the crypto industry
- Why he started WazirX
- Why the name WazirX
- Why recently the WazirX website crashed
- Why have Indian volumes jumped massively
- Are Indian volumes growing at same rate as global volumes or faster
- How record breaking users are signing up per day
- Why skeptics who claim such high exchange volumes are fake are wrong
- Why they launched WazirX NFT marketplace
- Why WRX token's market cap touched $1 billion market cap
- What the future plans are for using WRX token
- Why WRX token increased 10x in the last week
- What have been the challenges in running an Indian crypto exchange
- What he feels about international crypto exchanges entering India
- WazirX big new feature announcement, announced first on Sunny Bitcoin
- How did the Binance funding happen and how has life changed since then
- How involved is Binance in WazirX
- What crypto industry wide initiative is happening right now for government advocacy
- What are his views on the current crypto industry market
- Why he doesn't think the bitcoin blockchain is the Internet
- His message to WazirX and Indian crypto users