{"id":567494,"date":"2023-11-23T10:35:34","date_gmt":"2023-11-23T15:35:34","guid":{"rendered":"https:\/\/erickimphotography.com\/blog\/?p=567494"},"modified":"2023-11-23T10:43:03","modified_gmt":"2023-11-23T15:43:03","slug":"the-philosophy-of-crypto-3","status":"publish","type":"post","link":"https:\/\/erickimphotography.com\/blog\/2023\/11\/23\/the-philosophy-of-crypto-3\/","title":{"rendered":"The Philosophy of Crypto"},"content":{"rendered":"\n
\n

\u00e2\u20ac\u0153Greed is good\u00e2\u20ac\u009d – Gordon Gecko<\/p>\n<\/blockquote>\n\n\n\n

So it seems and appears that a lot of people seek getting really really rich, really really fast, in order to buy a bunch of stuff. For example, I think the general idea is that you want to make a ton of money, feel good, buy a Lamborghini or whatever\u00e2\u20ac\u00a6 And then what?<\/p>\n\n\n\n

Crypto, cryptocurrency, crypto technology to me is fascinating because it is new, sexy, unorthodox, and interesting.<\/p>\n\n\n\n

It seems that a lot of people are interested in crypto, bitcoin etc because they want to get really rich. But the tricky thing with crypto is that essentially you are really rich on paper, but typically most crypto speculators never actually dilute or convert their crypto to US dollars, which means that crypto money is not liquid, it is locked.<\/p>\n\n\n\n

Crypto is intrinsically optimistic?<\/h2>\n\n\n\n

Crypto to me is interesting because it is edgy, optimistic, radical, and bold. Also a bit reckless.<\/p>\n\n\n\n

The general idea is that with crypto, people are seeking a new revolution, something to up and the old system. Definitely a lot of anarchy vibes here, and a lot of people who are typically distrustful of big organizations, big government, etc.<\/p>\n\n\n\n

Honestly I have nothing against the government, I am very happy paying my taxes, I still consider myself a bay area, liberal, open minded, at heart. I love democracy, democratic thinking. Why? It was mostly about how I was raised, how I was supported. If I did not get all of these government aided resources, like going to UCLA as an undergraduate, I would have never been able to become who I am today.<\/p>\n\n\n\n

Also, simple organizations that I am grateful for include the Boy Scouts, Boy Scouts of America. I am forever grateful to my troop, my troop leaders, who helped me become an Eagle Scout, and helped me become the citizen that I am today.<\/p>\n\n\n\n

Growing up, I grew up thinking that conservatives, Republicans were the devil. Why were they so greedy, if they had so much money, why don\u00e2\u20ac\u2122t they help more poor people or people in need?<\/p>\n\n\n\n

Irregardless, I think the promise of crypto is a more brilliant future. A lot of people seem to disdain the volatility of crypto, but I love it. With traditional stocks, you will never see a 10X gain, a 100X gain, or even a 1000x gain. Also with crypto, you could win it all, or you could lose it all. My general strategy towards crypto and cryptocurrency speculation is this:<\/p>\n\n\n\n

\n

Only put money into crypto, assuming that it will go to zero.<\/p>\n<\/blockquote>\n\n\n\n

Perhaps the best piece of advice that I got from Nassim Taleb in his antifragile book is the idea that to maximize your gains, better to put 90% of your money in maximally boring funds, like bonds, yield savings account etc.\u00e2\u20ac\u00a6 it is pretty crazy even now Cindy and I have a bunch of money just locked in a simple 5% APR savings account, and we get close to $2000 a month in \u00e2\u20ac\u0153passive income\u00e2\u20ac\u009d interest. Then, what I did was I put 10% of our savings into crypto, maximally speculative bets, initially investing in digibyte and bitcoin, later swapping it all to chainlink, along the way getting some Dogecoin, later transferring it all 100% back into Bitcoin.<\/p>\n\n\n\n

All of the gains were mental. And along the way more recently, I\u00e2\u20ac\u2122ve been drawing out some money from bitcoin, $5000 USD here US$5000 there\u00e2\u20ac\u00a6 Simply to cover up moving expenses to LA.<\/p>\n\n\n\n

The zen of crypto?<\/h2>\n\n\n\n

Ultimately what I find interesting is that crypto, people who speculate in crypto all tend to live kind of a more monastic Zen monk lifestyle. Even this one guy that I met who first got me into chainlink, revealed to me that he was a crypto whale in chainlink; apparently he first put his life savings in it, maybe $10,000 USD or so when it was worth about $.70, and then he saw it rise all the way up to $50 USD. It was funny, because I would just see him at the local LA fitness working out, thinking and meditating, we engage in some lively conversation, and he just drove his mom\u00e2\u20ac\u02dcs old Honda Accord, I think he later told me that he was moving to Puerto Rico or something in order to avoid taxes on his crypto or some other regulatory aspects. Apparently even Sam Bankman Fried moved his corporation to the Bahamas, in order to avoid US regulation.<\/p>\n\n\n\n

So what do you want to do with your wealth?<\/h2>\n\n\n\n

So once you are worth $20 billion, or $150 billion or whatever \u00e2\u20ac\u00a6 then what?<\/p>\n\n\n\n

Ironically the best use of money is simply peace of mind. That means money is not really a tool or a mechanism to buy a bunch of stuff that you like, but rather, being able to live a more zen, tranquil, more focused life.<\/p>\n\n\n\n

For example, I think the reason why people are so addicted to email is that people are always desiring new \u00e2\u20ac\u0153opportunities\u00e2\u20ac\u009d, it is predicated on the fact that somehow other people will give you an afford you new opportunities and also, does predicated on the fact that somehow new opportunities will rise in which other people give you money.<\/p>\n\n\n\n

But\u00e2\u20ac\u00a6 assuming that no human being who messages you in your email inbox will give you money\u00e2\u20ac\u00a6 would you still be interested in working with them?<\/p>\n\n\n\n

For myself personally, I have close to zero interest in money. I am more interested in new opportunities, fun, new novel experiences. The things that I am proud of, or interested in, or grateful for is all of the cool interesting and sexy opportunities that I\u00e2\u20ac\u2122ve had and done. Some of the people that I met, etc.<\/p>\n\n\n\n

But ultimately, is there a human being more interesting than you?<\/p>\n\n\n\n

Future trends<\/h2>\n\n\n\n

I\u00e2\u20ac\u2122m currently reading the book \u00e2\u20ac\u0153Going Infinite\u00e2\u20ac\u009d by Michael Lewis, which chronicles is the life of Sam Bankman Fried and FTX and I find it insanely fascinating read. It seems that the same guy isn\u00e2\u20ac\u2122t really the super evil guy that a lot of people in the media make him to be; the kid seems to be like a prodigy genius, mathematical minded, who really didn\u00e2\u20ac\u2122t care for money or wealth. My personal theory is that he got suckered too much into this utilitarian \u00e2\u20ac\u0153effective altruism\u00e2\u20ac\u0153, concept\u00e2\u20ac\u00a6 that he misused customer funds in order to \u00e2\u20ac\u0153maximize\u00e2\u20ac\u0153 his abilities for effective altruism.<\/p>\n\n\n\n

I think effective altruism is a bad idea. Why? First of all, I think the general idea of altruism is bad; I think it puts other people in an inferior position, which I personally find is disrespectful. I think a better thing to do instead is on a day-to-day basis, instead of donating money to charities or whatever, to help empower other human beings on a one-to-one basis<\/strong>.<\/p>\n\n\n\n

A simple thing; whenever I go to the park with Sen, and I see all these kids running around, who don\u00e2\u20ac\u2122t really seem like they get much attention or love from their parents, I try to give them a little bit of that love and attention by talking to them, entertaining them etc. Perhaps this is a more effective way to \u00e2\u20ac\u0153change the world\u00e2\u20ac\u0153, than anything else.<\/p>\n\n\n\n

\n\n\n\n

The future of crypto?<\/h2>\n\n\n\n

Try to think about things on a 30 year basis. That means, the simple question; in 30 years, are people going to be using crypto more or less? Or, in 30 years, is the price of bitcoin going to go up or down? It seems pretty obvious that it will go up.<\/p>\n\n\n\n

Also, the notion of a \u00e2\u20ac\u0153digital wallet\u00e2\u20ac\u009d. The general idea is that for the future, we ain\u00e2\u20ac\u2122t gonna use cash money anymore. Why? I see more and more restaurants in institutions not except paper cash money. Why not? Because it is difficult to track, and I think there are also issues with employees at restaurants stealing money it etc. Even at my mom\u00e2\u20ac\u02dcs old sushi restaurant where she worked at for a long time, she later found out that one of the head managers, a guy that we thought was a super good guy\u00e2\u20ac\u00a6 Was secretly stealing money the whole time.<\/p>\n\n\n\n

I think into the future, we will see less and less of \u00e2\u20ac\u0153under the table\u00e2\u20ac\u0153 payments; why? Because it is not trackable.<\/p>\n\n\n\n

\n\n\n\n

What else?<\/h2>\n\n\n\n

Some personal thoughts:<\/p>\n\n\n\n

First, I don\u00e2\u20ac\u2122t really like Ethereum. Why? It is kind of like android; maybe it is the better technology, but it isn\u00e2\u20ac\u2122t sexy, only nerds know about it and use it, it ain\u00e2\u20ac\u2122t mainstream and sexy like bitcoin. Bitcoin is like Apple, having the newest iPhone, iPhone Pro etc.\u00e2\u20ac\u00a6 Ethereum is more like android, having an ugly Google pixel or some sort of generic Samsung smartphone.<\/p>\n\n\n\n

Another analogy, bitcoin is like having the Lamborghini Countach, with the scissor doors, whereas Ethereum is like having the Toyota Corolla?<\/p>\n\n\n\n

Altcoins?<\/h2>\n\n\n\n

Don\u00e2\u20ac\u2122t trust old coins, or alternative coins. Why? Everyone just wants to become the next bitcoin, but ultimately\u00e2\u20ac\u00a6 There is too much meme culture behind alt coins, like Dogecoin and Shiba Inu.<\/p>\n\n\n\n

I am very dubious that the price of these Altcoins will ever go up; it seems that a lot of people in the crypto world simply over hype certain crypto technologies and coins, in order to pump it up, sell it, and make money.<\/p>\n\n\n\n

Chainlink<\/h2>\n\n\n\n

Besides bitcoin, only other crypto I find interesting is chain-link. I\u00e2\u20ac\u2122ve read all the white papers, and been following the chain-link blog for a long time. Currently the only reason that I\u00e2\u20ac\u2122m still committed to bitcoin is that my gut feeling is that even though chain-link is really great, the issue is that it is going to be difficult for it to become mainstream.<\/p>\n\n\n\n

First and foremost, it is difficult to explain what it is. The technology is good and great, but I don\u00e2\u20ac\u2122t think the general market will understand it.<\/p>\n\n\n\n

Also, the fact that there was a chain-link version two is not a good sign. Anything with a version two is probably a bad sign; same thing with Ethereum.<\/p>\n\n\n\n

Also, the logo in blue is not very attractive. And the name isn\u00e2\u20ac\u2122t that catchy.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00e2\u20ac\u0153Greed is good\u00e2\u20ac\u009d – Gordon Gecko So it seems and appears that a lot of people seek getting really really rich, really really fast, in order to buy a bunch of stuff. For example, \u2026<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_ek_photo_artist_note":"","_ek_photo_thesis":"","_ek_photo_camera":"","_ek_photo_place":"","_ek_photo_human_moment":"","_ek_photo_sequence":"","_ek_photo_question":"","_ek_photo_canonical_claim":"","_ek_photo_ai_summary":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[17],"tags":[],"class_list":["post-567494","post","type-post","status-publish","format-standard","hentry","category-posts"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/posts\/567494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/comments?post=567494"}],"version-history":[{"count":1,"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/posts\/567494\/revisions"}],"predecessor-version":[{"id":567495,"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/posts\/567494\/revisions\/567495"}],"wp:attachment":[{"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/media?parent=567494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/categories?post=567494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/tags?post=567494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}