Friday, October 26, 2018

Things to do in the Bitcoin Bear Winter

Hopefully the dumb and greedy noobs are out of this by now and for the noobs who came late to the party and stuck around anyway, congrats and welcome to the show.

Here's a few things that I suggest you do as the price goes nowhere, everybody loses interest and you're left on your own with your magic internet money. Don't hesitate to comment and add more material, I'm sure there's stuff missing here :

  1. Take the time to learn how to set up a full node and run your transactions through that full node . If you're a bit more adventurous, here's a config generator to get your node running as you like it and here's some help on setting up a Tor hidden service .

  1. Take a hard look at your privacy and security. Here's the famous lopp guide on privacy and a less interesting primer on storage . If you've not got a hard wallet it's probably a good time to get one, so that you don't have to wait in the queue during the next bull run.

This is obviously a vast subject, you will have to review your general computing habits (time to dump Google, switch to Linux if you haven't already, etc) and other security / privacy considerations depending upon your particular situation.

  1. Take the time to understand some basic economics (of the 'right kind' I might add). Here's a very good summary of The Bitcoin Standard by Saifedean and of course, it never hurts to read things put out by the good folks at Mises.org , Fee.org, etc from time to time.

  1. If you're one of the activist types, there's many things that you can do to promote Bitcoin, be it commercial, social, philanthropic, political - but please don't become another Roger Ver in the process - understand what you're trying to promote and challenge your assumptions if Bitcoin doesn't live up to your expectations and evolves into a creature that's very different from what you wanted it to be.

  1. Last but not the least, earn or buy bitcoin - it's on sale :) But don't forget the old adage - only put as much as you can afford to loose - this is still one hell of an experiment !



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