The Self-Improvement Opportunities Of The Bear Market
The bear market arrives with extensive losses, limited opportunities, and low public interest in cryptocurrencies.
People will not be excited anymore, and that's a good sign.
We are part of a disruptive field knowing it will rise like a phoenix from the ashes.
A new wave of crypto adoption will begin, although the next time we should be ready to introduce them to the core of cryptocurrency and not drag everyone into shady custodial yield-earning services or casino exchanges.
The bear market is the best time to learn, fill the gaps, and discover the genuine supporters of cryptocurrency instead of the charlatans and the price-frenzied mob of internet shills.
Crypto's learning curve is long, and the technical explanation requires advanced programming or cryptography knowledge.
Start by Reading the Whitepaper
Start by reading:
The Bitcoin Whitepaper, by Satoshi Nakamoto
The papar is just eight pages long, although the technical aspect is advanced, so it will take a while to grasp the concept.
Start learning how Proof-of-Work secures the network and why mining reinforces decentralization; a misunderstood concept, and tough to measure as a value.
At least we can recognize and avoid centralized payment networks or question whether the proposed decentralization in many networks exists.
After that, decentralization arrives in steps and should apply to all parts of a blockchain, starting from the developers' side. It is not just the miners. Bitcoin is a system based on constituencies. .
Some of Andreas Antonopoulos's (old) videos can aid a beginner in visualizing the blockchain or concepts like decentralization, leaving the technical aspect aside.
Another way to discover what Satoshi wanted to create with Bitcoin is by reading his posts and comments on the Bitcoin forum, bitcointalk:
Satoshi's posts, bitcointalk
However, that forum is only interesting for the early days, 2009-2010.
Many of the topics presented on bitcointalk in its first few years contain an immense value, although we can also recognize the seeds of sidechains as proposed by developers that later partnered with Blockstream.
(source)
Peter Wuille (Blockstream co-founder) describes a sidechain while expressing his early disapproval regarding blockchain scaling solutions.
And he didn't describe just one sidechain but predicted how many of them can coexist.
Bitcoin (BTC) presents today two experiments that followed the sidechains’ logic as a scalability solution: LN and Liquid.
So, we can begin connecting the clues and look at the bigger picture regarding the current condition of the Bitcoin (BTC) network.
The Bitcoin Scaling (Blocksize) Debate reached a climax in 2015 when a single person under the alias Theymos resorted to censorship and control of the narrative of the blocksize debate in the communication networks he controlled (r/bitcoin, bitcointalk, bitcoin.org).
Censorship in such a discussion is a red flag, and perhaps another valuable read is this:
We have a few links to begin studying Bitcoin since history is not decided, but recorded.
In Conclusion: Talk People Out Of Custodians And Lending Platforms
(Source: Reddit)
No matter the blockchain, we predominantly bear the responsibility to explain to every newcomer how trusting crypto with an exchange or custodial wallet or website is the wrong approach.
Maybe next time, every crypto influence should reconsider and avoid using or promoting these high-yield custodial lending platforms and their derivatives.
It happened once, don't let it happen again. How many examples of modern versions of Bitconnect we had in 2021-2022?
Celsius, FTX, and Terra Luna are only a few examples. BlockFi, Nexo, and Crypto.com are three more with serious issues that might follow.
Many learned that the hard way, with funds, trusted in exchanges and websites. Without any due diligence or research, our money is gone.
It is up to those that still haven't left to educate the massive waves of new users in the following years.
All of you that joined between 2020 and 2022 will have this responsibility.
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Also Read:
Platforms:
● read.cash ● noise.cash ● noise.app ● Medium ● Hive ● Steemit ●Vocal
● Minds ● Publish0x ● Twitter
Also, visit my second Medium profile: Ex Cathedra and delve into the unknown!
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I have actually never read the bitcoin whitepaper. I'm printing it out now to read and keep :)