End of the Line
Daily Ramble
That’s it 2020. The clock is ticking on your demise. Not sure anyone is crying to see you walk out the door, you most unpleasant party-pooper.
There’s going to be too many “year in review” and “best of the year” and “thank God for 2021” messages flashing across your screens in the coming days for me to add to that cacophony. Instead, I’ll fill the next couple of moments of your life with a suggestion: set some intentions. I don’t mean those pesky New Year’s goals that get broken within the month of January, but some honest-Abe, well-considered aims for yourself to achieve in 2021.
Let’s be clear though, intentions are not expectations. Expectations are losing propositions — you’ve either achieved what you expected and are therefore satisfied, at best, or you did not and you’re let down by falling short. Intentions are not tied to the outcome so you’re pleasantly surprised when they occur and neutral if they do not. What you’re saying to the great wide universe of possibility is that you’re setting your being in a particular direction and are open to receive. Being open to receive is a far different thing than being closed knowing what will happen next in expectation.
And if all that semantics mumbo-jumbo is too much, have a most Happy New Year celebration. My little family will be enjoying the day together tomorrow, setting intentions away from computers. Look for the next newsletter on Monday.
Favorite Thing on the Interwebs Today
I see you 2020. Don’t be playing us wrong like that.
Bitcoin Price Prediction
Yesterday: $27k - $30k
Today: $27.4k - $30k
Until Monday: $24k - $32k
Bitcoin bulls did take the ball and run with it yesterday legging up from the low $27k region to as high as the $29.4k before cooling back down. If history continues to repeat on this steady march higher, it shouldn’t be more than a day or two before we see $30k broken. But with traders stepping out to celebrate the New Year until the 4th, I’m expecting some shenanigans as well the next few days. TL;DR I’m anticipating we stay below $30k today running no higher than $32k in the next few days with the possibility of a substantial pullback.
Bitcoin Ed Bite
What drives people to adopt Bitcoin? Greed. What makes the network secure? Greed. Satoshi Nakamoto, the anonymous Bitcoin creator may have tapped into the first perpetual machine in human history powered by the limitless greed of the human species.
Ok, it sounds terrible when I say it like that, but the dynamic that causes the Bitcoin network to self-sustain is driven by no other reason than individual self-interest. Every actor participating in the system is financially rewarded for participating: miners are rewarded with new Bitcoin for securing the network and investors are rewarded for purchasing more Bitcoin causing the price to increase. It’s a self-sustaining eco-system.
And if greed is the input causing everyone to dance merrily along to the design of the protocol, the long term output is anything but that: a safe long term store of value for future generations, reduction in planetary consumption, the separation of money and state leading to a service-oriented government and reduction in warfare, and a decentralized and distributed energy grid.
If 100 years from now, we discover Bitcoin was alien technology meant to reign in the human species, I won’t be at all surprised.
Thanks for reading,
Kent
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