In which I DYOR and tried to time the market and got destroyed

My strategy was perfect: I had a large Cardano bag, I knew smart contracts were already priced in, I saw the FUD about concurrency, and knew there would be a dump. I was able to make a break around 2.75 before the price dropped. I am smart.

The Bitcoin golden cross event was almost here. Which alt would be a low risk, sure fire thing? Oh heres a rising coin about to overtake Binance, down from its all time high. Im going to bet against CZ. Im going all in on Solana.

Then the god damn blockchain gets attacked. Im down way way more than if I had just held Cardano and did nothing and let the thing correct itself.

Alas! It turns out that I dont know shit about fuck, but I haven't sold yet and hope to walk away from this someday.

TLDR time in the market beats timing the market once again!

Giving Bitcoin

The title says it all, but the implementation is much more complicated.

I want to use Bitcoin. Period. Full stop. I just want to use it where I see fit. I want to pay my bill in Bitcoin, I want to tip my waitstaff in Bitcoin, I want to donate to the veterans and other worthy causes. I just want to give and use Bitcoin.

Take a simple use case scenario. I am out to dinner with my beautiful wife. We have a great experience and want to tip (bear with me Europeans, we still do this here in the US) to show our appreciation and acknowledge how great the service, food, environment, atmosphere, fill in the blank was. But I want to show my appreciation using Bitcoin. If the waiter/waitress does not already have a wallet, this is problematic.

My current solution:

I carry multiple paper wallets with roughly $25 in Bitcoin. Depending on where we are and what I want to do, I’ll leave one or more of these wallets behind with brief instructions on what it is and how to ‘redeem’ it. Keep in mind that I will first ask if they would prefer something like a 25% tip in Fiat, or a 100% tip in Bitcoin. Without fail, they opt for the Bitcoin when allowed by management.

The problem with leaving paper wallets behind is that 62% of the time the Bitcoin goes unclaimed (not moved within 6 months). Yes, I do track this, and while I never remove the funds from the address even though I have the private key, I assume this is lost forever.

Let’s face it, the people at the lower level of the pay spectrum could use Bitcoin the most. I suspect there are a lot of people in this sub that fall into this category. I want to help educate and introduce Bitcoin to the people in this world that actually keep it running.

I’ve considered smart contracts and multi-signatures to provide a ‘contract’ to allow the recipient to transfer the Bitcoin within X number of months or lose it. However, this adds complexity to an already complex problem. Lightning requires an ‘invoice’ to be paid before transfer. While this is great for those of us that use this technology on a daily basis, it’s still too confusing and intimidating for the average person to navigate – not to mention the invoice created is assumed to be from the recipient’s wallet which may not even exist.

I just want to pick a value or number of sats and ‘give’ it to someone. If they choose not to take it, I want it back to give to someone else. Unless I am missing something, there is no easy way to onboard someone within just a few minutes of discussion.

It is time to build a, dare I say it, a custodial lockbox for tips? When I tip someone, I transfer whatever amount I want into a lockbox, hand off the private key to the recipient (picture of the QR code?), provide instructions on where to start on getting educated on Bitcoin and make sure they know this amount is theirs but it needs to be moved with in X months. Otherwise, I recycle it to someone that wants it.

The benefit is that it’s all real time. I can give 100 sats or 10M sats based on how drunk I am without having to worry if I have the correct denominations in paper wallets or if the value has changed dramatically since I created the wallets. I also know that if my tip does not get used over a certain period of time, I can reclaim it and give it to someone that can use it.

Are there any current solutions for this? Anyone have thoughts on how to make the process better?

TLDR; We need a better way of giving Bitcoin to people that don’t know or understand it to provide wealth and education to the very people that need it most. Something simple, but redeemable in the event the recipient chooses not to accept the payment/gift/token. It will also help spread adoption.

September Webtoon Mileage Event

September Webtoon Mileage Event

https://kokfoundation01.medium.com/september-webtoon-mileage-event-884fc3f50a4d

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Invited by the Royal Family of Dubai, Hoo will attend the Dubai Future Blockchain Summit

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On September 14, Rexy W, the founder of HOO Exchange, and Dr. Farzam, the global executive chairman, were posted on the official website of 2021 FUTURE BLOCKCHAIN SUMMIT, and will attend the conference as invited guests.

https://preview.redd.it/aocr8bo1ksn71.png?width=1426&format=png&auto=webp&s=e1744e2cb290fd4f778a4662f050099bf388ee54

According to official information, the Future Blockchain Summit was initiated by the government of Dubai in 2018. It is the first and largest blockchain technology and application exhibition in the Middle East and North Africa region. The summit will be held in Dubai World Trade Center from October 17 to 20, and will last for four days.

During the event, the world's top developers, the most disruptive and innovative companies as well as powerful investors will gather in Dubai to demonstrate the power of blockchain technology to bring change to different fields. In forums such as exhibitions, conferences, seminars, investor programs and hackathons, participants will discuss the three hot topics of blockchain technology in finance, primary and secondary market investment in blockchain industry, and innovative applications of blockchain technology in enabling economic development, social governance and other scenarios.

As seen on the official website of the Future Blockchain Summit, prominent guests from international companies such as IBM, Google, UAE National Archives, UAE Post Group and members of the Royal Family of Dubai will attend the summit. At that time, Hoo Group's products of various business lines and Hoo's blockchain eco-infrastructure will also be exhibited at the conference site as well as on the official website together with the world's leading blockchain companies and innovative technology companies, etc.
Rexy W said that blockchain technology has always been accompanied by controversy since the birth of Bitcoin, but in the last two years, with the expanding scale of users and market, as well as the continuous innovation and maturity of technology, most of the leading economic and technological countries and regions are fully promoting the application and development of blockchain technology. "Hoo was established three years ago and has built a complete ecosystem including digital asset management services and basic public chain, which can not only provide relevant services for investors, developers and enterprises, but also has the ability to provide support for government departments to build a trusted network with blockchain technology as the core."

This also lays a solid foundation for a more ambitious layout of Hoo. Not long ago, Hoo group was invited by the royal family of Dubai to set up a global operation center in Dubai, relying on Hoo's ecological facilities, industry resources, technology accumulation and other services to promote the comprehensive development of blockchain technology and applications in Dubai and the world. Rexy W said that Hoo has been recognized by the local government of Dubai not only because of its own rapid development in the past two years and the results it has achieved to lay a solid foundation, but also benefited from the Dubai government that attaches importance to the development of blockchain and other innovative technology industries.

In the past year, the spot trading volume of Hoo has increased from an average of $80 million per day to about $900 million, with liquidity levels in the top 75% of all CoinGecko exchange statistics, volume levels in the top 95%, and average daily trading volume of futures growing to about $12 billion. In May this year, Hoo also launched Hoo Smart Chain HSC, becoming the third largest exchange public chain after BSC and Heco. After the launch of HSC, Hoo has also completed the construction of the basic public chain for developers and B-end users to provide services and building a complete industrial ecological infrastructure.

According to the reliable news, at present, the global registered users of Hoo exceed 2.4 million, covering more than 120 countries and regions around the world, and the daily active users exceed 80,000. It can be seen from the official website that the current business of Hoo includes various sections such as Hoo International Website (Hoo.com), Hoo Smart Chain, Hoo custody, Hoo Research, Hoo Labs, HooSwap, HooPool, etc.

Dr. Farzam believes that Web3.0, represented by blockchain technology, will become the development direction of the next generation of Internet reform, In the future, the economies of all countries will be closely related to digitalization, and digital assets will become an indispensable part of the national economy of all countries.

As the chairman of Future Trends Group, Dr. Farzam has been concerned about the development of blockchain industry applications worldwide and the regulatory attitude of countries towards blockchain, crypto finance and other related businesses. He believes that Dubai has a strong economy and is also one of the regions in the world that attach the most importance to innovation and technology. "As a new generation digital asset service platform and blockchain technology application developer whose product and business configuration are not inferior to those of the head enterprises, Hoo will promote the rapid development of blockchain technology in Dubai from different perspectives such as investment, technical support and talent training in the future. "

Bitcoin Thought Experiment: Please Contribute your Ideas

I need help thinking this through:

Pomp Podcast #663 was with a tech entrepreneur named Jeff Booth. The biggest thing Jeff argues is that continued Fed QE will lead to either a massive global depression and/or a revolution. Finally, he states that either event will lead to Bitcoin becoming the primary world reserve currency. Listen here: https://open.spotify.com/episode/2JrsGPu6sq0UZMwNyVKhq6?si=140aec2e16544cc7

That got me thinking: in these two scenarios, what would a fiat to Bitcoin transition look like? Would BTC back currencies or would it replace them?

If backed, would governments "buy" our BTC back, just like the US our great-great grandparent's gold in the 1930s?

If replaced (BTC as single world currency), how would BTC be distributed?

Either way, these two options suck because of inorganic distribution. Those with Sats won't willingly give them up to those that don't have any; those with power will do their best to stack as many Sats as possible during distribution.

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The last transition (not covered by Booth) is through the Capitalist market. If both companies and consumers find transacting in BTC mutually beneficial, consumers and companies will naturally flow towards mainstream BTC adoption. For example, McDonalds is accepting BTC as a form of payment in El Salvador. If McDonalds can entice consumers to purchase in BTC, then they don't have to pay VISA transaction costs. Provided no monopolies are present within the fast food sector (there's not), equilibrium will be mutually beneficial to both consumers and McDonalds. Naturally, this will signal other consumers and other companies to behave in similar fashion. In sum, Capitalism could drive organic BTC adoption, escape depression, without the need for revolution, in the most equitable way.

Thoughts?

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Dubious Speculation: Ergo

Greetings fellow speculators!! My favorite crypto analysist is Benjamin Cowen, and on his channel he likes to dubiously speculate on some of his favorite crypto holdings. The definition of dubious is: not to be relied upon; suspect or, hesitating or doubting. That means that this speculation has a high probability of not coming true, or a pipe dream at best.

With that being said I would like to point out a few things before I begin. I am relatively new to the market around 7 to 8 months old. I have made some respectable gains in that time, mostly for buying the may-July crash. I am no means an expert, or a mathematician. I did all my calculations on the windows calculator, and may be not be completely accurate. My grammar is also not the best. So please be kind to me and your fellow investors out there. As we are all in this together. Now lets jump right in.

Why I'm bullish on Ergo

Ergo is commonly known as the poor mans bitcoin. They pride themselves in decentralization, and only recently, have they allowed mining pools. Before solo mining was only allowed. I firmly believe they have many great projects lined up in the future. I am also incredibly bullish on cardano and its native token ada. Ergo is currently working on a dex to be launched on the cardano network called ergodex. I firmly believe that on the 25th of September, during the cardano summit, a partnership will be announced between cardano and ergo. Charles Hoskinson has also been heard to give great praise on the ergo project and has stated he personally holds erg. I believe this will cause erg to pump massively in the non so distant future. (please forgive me if anything of this wrong or misstated, and please feel free to correct me in the comments.)

Current price and market cap

At the time I recorded this data, Ergo was trading at $17.85. The current circulating supply is 32,012,428. Its market cap is at a super low 571 million. Could ergo eventually pump up to say one thousand dollars if all the stars line up in place and the moons aligned. What would its market cap be, and what place would it be in on coin market cap if ergo pumped and all other projects stayed exactly the same at the time of recording this data.

If ergo pumped to 100 dollars

Lets just say all other projects are trading sideways and ergo pumped up to 100 dollars. The market cap of ergo would be around 3.2 billion dollars and ergo would be ranked #50 by market cap right behind waves.

If ergo pumps to 500 dollars

If ergo hit 500 dollars the market cap would be around 16 billion and would rank number 12 right behind uniswap.

The white swan event: ergo hits 1k

If ergo pumped to 1k, and time stood still for all other projects. Ergo would have a market cap of around 32 billion which would place it at number 9 right ahead of dogecoin.

The reality

Ergo has so much room for growth its unreal. With great prospects on the horizon; anything is possible. But in reality if Ergo is pumping to these levels, then so is bitcoin, and so is other great projects. It just amazes me how much room ergo has to grow and stretch its legs. This is all DUBIOUS speculation. It most likely will not play out. Thats it for now. Be kind to me and everyone else out there in the cryptoverse.