Watch this episode on YouTube
Listen to this episode:
Something on the way Bitcoin Magazine Nick W. described the previous bitcoin price bullish run that instilled in me a sense of peaceful confidence.
His insistence on soul-searching in order to learn more about the future was a great prospect that I had yet to hear on the show. In addition to discussing his previous experience in the bitcoin market, we touched on his fantasy football gateway to Orange Looting, how his previous creative work has helped him in the work he has done for Bitcoin Magazine, his expectations for the future and much more. Be sure to check out this wonderful conversation with one of the smartest people in the business in podcast and written form below.
How did you first find out about Bitcoin?
My first point of contact with Bitcoin came in 2014. I was working on a website design project and it came up in a group chat between myself and a few developers.
I had just won a few thousand dollars from DFS (DraftKings, FanDuel) sports betting and was looking to turn those wins into something bigger. I still have screenshots of this cat. It’s pretty hard to come back to this discussion today, because looking back I can see the huge opportunity cost that results from not digging and doing my homework to understand what Bitcoin is. . And of course I sold a few months later.
I came back again during the 2017 cycle, without still learning my lesson. I hunted multiple altcoins, ICOs, and participated in all the ridiculous hype. Thank goodness the bubble burst a year later. I’m not sure I would have learned my lesson any other way. Having this multi-year bear market was an amazing opportunity to learn what I had just been a part of. The key thing for anyone going through this is that they must have the curiosity to learn.
Curiosity is what fuels the education process. So, you must want to know the answers to the questions: What have I witnessed? Has this ever happened? Why does bitcoin always seem to outlive others? What about these maximalists, and why are they so adamant about Bitcoin only?
What is the main “life lesson” you learned from your switch to bitcoin?
Don’t trust, check. Bitcoin has a way of forcing you to investigate the root causes of what’s going on in the world around you. Understanding Bitcoin requires a first principles thinking approach. It forces you to question your assumptions and research and verify information on your own.
One of my favorite quotes I’ve come across recently is from biologist and writer EO Wilson, where he states, “The real problem with humanity is this: we have Paleolithic emotions, medieval institutions and technology. Divine.
I think we’ve reached a critical point where our Paleolithic brains haven’t evolved enough to process the world around us. With the pervasiveness of the Internet, the volume of information is too much for us to process. We are mired in the noise that surrounds us everywhere, and much of our lives are plugged into these dopamine-dripping machines. Our cell phones, cable TV, social media, etc.
I remember reading an article a few years ago that broke down the habit-building loops built into these systems, designed with similar principles to slot machines. Pull the levers and freshen up our diets in hopes of finding the next dopamine hit. All built with the intention of diverting our attention for as long as possible and extracting data from consumers and profits for those on the other end.
For me, finding out about Bitcoin was a way to remove a lot of that noise and focus on the signal. Find out what is true and delve deeper into it. By delving into the incentive structures of the systems that govern our daily lives and finding that many of these systems are corrupt and possibly beyond repair.
How has your professional creative experience contributed to the work you have done so far at BTC Inc /Bitcoin Magazine?
It certainly is. Startups and small agencies have given me a prominent place for the constant iteration processes required to create something new. In addition, it was extremely beneficial to me to be part of an agency where our role was essentially to develop an online presence for other companies.
Not only did it give me the opportunity to learn how many other businesses operate, but because the business was small, I had to wear several hats. In college and in my first job, I learned the principles of design and how to use the different creative tools. At my next job, I spent over five years completing my tool belt. Marketing, designing, building for the web, even things as small as writing copywriting for design work have benefited to some extent today. It forced me to be a bit of a Swiss Army Knife. I can do a lot of decent things, and I think having this general knowledge allowed me to visualize how a digital product could be built.
It is useful to be able to sketch out the technology stack needed by a project, i.e. what programs, plugins, SaaS, content and branding are needed and how to bundle them into a system or product. functional.
My goal is to create web systems that help achieve these goals. And in doing so, we hope to create products that help others create habit positive curls. I see my current role having three main principles: one, reduce friction (for user acquisition), two, separate signal from noise, three, educate newcomers.
What are you looking forward to the most in the Bitcoin space?
If I had to pick something today, I think the idea of having a decentralized identity with something like Lightning is incredibly important. This would be the perfect base for a web 3 infrastructure, instead of logging in with Google or Facebook accounts, which already have massive compilations of data making up your digital footprint. They know more about you than you know about yourself at this point.
I think having anonymous credentials to log into the web is an important step in deconstructing these metadata networks that have been architected about us. Removing that part of yourself from the web is one of the first steps in correcting the incentive structures that currently exist, where all that matters is distracting your attention, leading yourself into a black hole of social posting and find the best ad to run in. hope you buy something.
Price forecast for the end of 2021, and the end of 2030?
I subscribe to the theory of extended cycles for the most part. So, I think the peak of this cycle comes well after 2021 and runs through 2022. I know $ 100,000 seems to be the norm, and I know everyone likes a bullish price call, but I think we continue to increase throughout the year and by the end of 2021 we see the price break of $ 80,000.
As for the end of 2030, I think hyperbitcoinization comes before that date, so dollar pricing won’t be relevant. My price call for 2030 is 1 bitcoin = 1 bitcoin.