[0247] Counter Productive: Don't HODL Your Crypto, SPEDN it!
When I first got into crypto, it was mid-2017. The bull run was just starting to get interesting and I was busy reading everything crypto.
It didn't take long until I came across Bitconnect, Bitcoin Maximalism and HODLing.
When I came across the concept of HODLing, it seemed a little strange to me. I could see the reasoning for it but could also see there were some great big holes in it. Those holes became apparent in early 2018 when the market began declining and I increasingly heard of crypto speculators HODLing and not selling the top.
The idea of holding onto an asset in a declining market seemed insane to me. The argument to do so was some sort of kamikaze, die hard mentality like it meant you were a true disciple of the messiah.
As the price of Bitcoin slumped through 2018, I heard mind blowing stories of people who had held $300k portfolios down to $6k. People were crying out and I could not believe the widespread number of these HODLers who ignored the basics of math and investing.
I just could not understand the logic of the die hard mentality. Or how things came to be that way. In my mind, selling at the top and buying 5x as many of your favourite coin at the bottom of the market seemed to be a much better way to serve the blockchain gods and make some coin from investing.
How did such a cult become the norm?
HODLing is a strange beast and if you fast forward to where the crypto space is right now, such an attitude may kill the market. With the likes of IBM's World Wire coming online, Facebook announcing their coin and a whole host of big league players slathering at the mouth to get into the market, the days for libertarian blockchains to gain mass adoption and scuttle the banks and the status quo are running out.
Sure, Bitcoin will have market share. But it would have a hell of a lot more market share if people were out their SPEDNing their bitcoin and not HODLing it in their fallout shelters while waiting for the projected FIAT armageddon.
While HODLing does have it's pro's, it certainly has it's cons as felt by all those people who ignored the rule of math and falling markets. One con I'm interested in is the 'cultural bias' of early Bitcoiners to HODL and keep their digital blips rather than SPEDN them.
With Bitcoin desperately needing a final push into the mass market, the mentality of HODLing is akin to driving with the brakes on. Given that the space is magnetically gravitating towards a HODL mentality, it will be that much more difficult for the pendulum to swing towards the SPEDNing of Bitcoin and other digital assets. And thereby drive the sword of justice and freedom further into the heart of the beast of banking.
While HODLing will make individuals wealthy, it won't make us all free from the chains of the status quo that desperately needs disrupting.
Thanks for watching,
Brendan Rohan - Crypto Commentator & Indie developer of 'next gen' natural medicine from Melbourne, Australia.
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