During the bitter cold darkness of the last Bitcoin bear market I launched a series of interviews called the Bitcoin Bear Market Diaries. Despite the fact that Bitcoin had significantly dropped in value there still remained a core group of Bitcoiners who were unphased and determined that Bitcoin would bounce back.
These interviews featured many of these voices and their thoughts and market perspectives during this turbulent time. The common thread throughout all of the Bitcoin Bear Market Diaries despite the bullshit "Bitcoin is going to die!" rhetoric was that Bitcoin would rise again.
Fast forward to where we are at today. Bitcoin is back bitches, just like we knew it would be!
Many of the individuals who read the Bitcoin Bear Market Diaries urged me to start a new series after killing it off when Bitcoin crossed 8k usd. With that said, I would like to introduce you to the Bitcoin Bull Market Diaries. This new series is similar to the old format, but with different questions and new voices.
Hodlonaut is a long time friend and ardent Bitcoiner whom many of you know as the legendary Space Cat! Hodlonaut was the very first Bitcoin Bear Market Diary, so I thought it would only be fitting that he kick off the Bitcoin Bull Market Diaries series. Best known for his work on creating the viral sensation of passing the Lightning Torch, Hodlonaut's perspective and insight is something everyone can learn from.
How do people know you?
Probably from my twitter account @hodlonaut.
How long have you been into Bitcoin?
I discovered Bitcoin in 2013
Best Bitcoin experience?
The whole LNTrustChain experience and the overwhelming love and support I received after CSW went after me. Both really drove home how strong and supportive the bitcoin community is. Yes, I know some people claim there isn’t a thing called the bitcoin community. To me this is mere semantics and word splitting, as I have clearly experienced its existence.
Worst Bitcoin experience?
Getting legally harassed and threatened in the crypto space.
What do you think is Bitcoin's biggest threat?
I still believe the social attack vector is the biggest threat. Fortunately we now have an army of supremely motivated toxic plebs to keep this threat at bay. It seems we have actually learned from history and bad actors are called out ruthlessly.
What are your thoughts on the various Bitcoin forks?
None of them are founded on honest intentions. They are attacks. Failed attacks that ended up strengthening the Honeybadger’s armor.
What are you optimistic about in this space?
I am extremely optimistic about Bitcoin. I am humbled on a daily basis by the smart, cool, hard working and principled people working to push Bitcoin forward. It really feels like a once in a lifetime chance to profoundly change the world, and I believe it’s actually happening in front of our eyes.
Slowly. Then all at once.
Biggest regret during the last Bear market and what did you learn?
I don’t really do regrets, but it was stupid to buy alts in an attempt to get more btc back in early 2018.
What is the biggest fail you observed during the last bear market?
People abandoning every shred of their credibility and integrity by shilling various forks.
What do you think helped turn things around to the current Bull market?
Part of it is just the market cycle. But behind that, every fundamental metric has improved. Hashrate is now 5x what it was when price reached ATH in December 2017. Lightning Network has been proven, and its ecosystem grown and matured. Regulatory uncertainty much improved, custody solutions, institutional on-ramps etc etc.. This bull market will be epic.
Who are the heroes of the last Bear market?
All the people that just kept building.
All the people that just kept hodling.
All the people that just kept educating.
Why do you think alt-coins are still struggling?
Death of altcoin use case narratives, combined with constantly more obvious and proven Bitcoin use cases.
Throughout the bear market the influx of new people was lower, toxic bitcoiners managed to keep the scams at bay. When this bull market heats up and we get some euphoria and hordes of new people, we will see if alts make a (temporary) comeback.
What do you have to say to those who claim alt-season is coming?
You may be right. But at this point I doubt it will be strong, nor long lasting.
Do you hold any alts? If not, why?
Back in early 2018 I got greedy and loaded up some alt bags. The market was very irrational at that point, and I thought I could increase my BTC stack. That didn’t happen, and I ended up decreasing my stack instead.
I still hold one of those bags as a pet and reminder to not buy alts.
What do you think about the upcoming Bitcoin halving and what it will do to the price of Bitcoin?
I think the impact of only 900BTC being mined per day, combined with steadily increasing demand will kickstart an acellerated virtuous cycle of higher price – more demand – higher price. The reality of how scarce bitcoin really is will start to make itself shown.
What do you think makes Bitcoin superior to anything else out there?
It had years to grow roots in obscurity, making it a truly decentralized phenomenon that has already survived several heavy handed attacks. All the brightest, most motivated and most principled people in crypto are working on Bitcoin. Comparing it to anything else is ridiculous in my opinion.
Do you think central banks are or will be accumulating Bitcoin?
I don’t think they are. I definitely think they will.
How do you feel about the current state and future of lightning network?
LN is extremely exciting technology. Some of the brightest heads on the planet is working hard every day to move it forward. Instant microtransactions, in essence streaming payments, is so disruptive it’s hard to grasp. I think LN will be how the world transacts, while the base layer is for settlements and store of value.
What are your thoughts on HODLing Bitcoin?
Hodling is the conviction layer of Bitcoin. You cannot understand the promise of bitcoin and not hodl. It is the natural destination for every person entering the bitcoin rabbit hole. Hodlers of last resort form the bedrock of bitcoin valuation. To hodl strong you must master low time preference, so it is character building. Hard to master – then as easy as breathing.
What are your thoughts on Bitcoin Maximalism?
I don’t think everyone agrees what Bitcoin Maximalism entails. I’m not sure myself. But if we understand it as rejecting other crypto projects and believing Bitcoin will be the only one left standing, based on true decentralization and immutability, I think it’s something that most people in crypto inevitably will end up as. Bitcoin Maximalism is natural, rational and healthy for the space. I don’t subscribe to the «everything else than Bitcoin is a scam» narrative though.
Thoughts on the notion of bitcoinization now?
I definitely think hyperbitcoinization will happen. The world desperately needs true, scarce value and immutable truth to build on. Bitcoin is a black hole, there is no escape for inferior money.
What do you think Bitcoin dominance will do as the price increases?
My guess is Bitcoin dominance will increase until we reach ATH, then have a slight and temporary correction as new people come flocking in to the space and fall prey for alt narratives.
What will someone have to do to prove they are the real Satoshi Nakamoto?
Personally, I wouldn’t even take signing with the genesis block as definitive proof, but that would be as close as possible I guess. The real Satoshi Nakamoto will never try to prove who he is.
What Bitcoin startups are you excited about?
I think Lolli is really great for adoption and stacking sats. Also, as a Norwegian, I’m looking forward to Norwegian Block Exchange launching this year.
What “crypto influencers” do you think get it wrong and why?
Everyone who shills Bcash, BSV, Ripple or Etherium. For obvious reasons.
What “crypto influencers” do you think get it right and why?
There are so many great voices out there, so it’s hard to pick. But Pierre Rochard gets it consistently right. He is a toxic bitcoin scholar and a gentleman.
Where do you envision the market heading in the next 5 years?
To the moon. Possibly beyond the moon.
Best tips for storing Bitcoin?
A hardware wallet like Trezor or Coldcard wallet. Then have a good solution for storing the seed securely.
Any tips you want to give to people new to Bitcoin?
Keep learning, keep stacking sats. This will happen on its own though. The Bitcoin rabbit hole doesn’t let anyone out and schools everyone in the end.
Name some of your favorite information sources and/or podcasts in the space.
Bitcoin Twitter is the MVP for me in regards to being and information source.
There are some great podcasts out there. My favorites are The Stephan Livera Podcast, Tales From The Crypt and What Bitcoin Did.
Some lesser known Bitcoin podcasts that are top quality and deserve more listeners are "Bottomshelf Bitcoin", "Fun With Crypto", "Citizen Bitcoin" and "Bitcoin and..".
I have huge respect for all these content providers, who do very important work to continously improve our collective maps and understanding of everything Bitcoin.
What is your fascination with Tacos?
I’ve loved tacos since I was a kid. I especially like the fact that they are spicy and that the best ones are sold by street vendors. If you try too hard when you make tacos they won’t be as tasty. You can put everything you want in them and they are best enjoyed with friends and family.
Any last words of wisdom?
Any last words of wisdom?
I’ll let Marcus Aurelius round this off.
"If it is not right, do not do it. If it is not true, do not say it."
Stay tuned for the next Bitcoin Bull Market Diaries. I have some awesome interviews in the queue and will be dropping new volumes regularly. Special thanks to Hodlonaut and all of our fellow Taco Carnivore Bitcoin Plebs out there! Thanks to @CryptoScamHub for the awesome meme used in the cover art!