Surfing
Daily Ramble
Not from today, but the image above is Praia Grande, one of the prime surf spots not more than a 10-minute drive from home. After weeks of solo-act parenting, Ana returned to us and we all beamed with delight. More importantly, that meant I was due a parental responsibility pause. I promptly ran off to the ocean.
Surfing is hard to explain to people that don’t surf. Sorta like parenting to folks that don’t have kids. Or any unique experience in life, I suppose. But through the years, starting when I was 14 on a boogie board in Hawaii, surfing has become my go-to activity for rejuvenation. Nothing quite compares to the glide and presence that comes from sliding down waves. It’s a fully immersive sport, where nothing is static, timing is everything, and the integration with nature and energy is complete. And it’s difficulty is highly underestimated until tried.
Yeah, like I said, it’s hard to explain. But I feel like a million bucks now — it’s good to have team Halliburton back together.
Favorite Thing on the Interwebs Today
I listened to Nathaniel Whittemore read Stongridge’s 2020 Share Holder Letter this morning, and it gave me goosebumps. Here’s my favorite quote:
In a world replete with monetary unfairness, injustice, the institutionalization of moral hazard, and the State’s increasing domestication of our individuality, Bitcoin’s incorruptible fairness, justice, truth, and beauty represent a beacon for all optimists who seek personal sovereignty, personal improvement, and peace.
I’ve not come across a more succinct, well-written piece that ties together everything from the technology to the moral superiority of Bitcoin in one fell swoop. It’s worth the time to listen or read the piece, both of which are the links in blue above.
Bitcoin Price Prediction
Saturday: $35k - $40.2k
Today: $34k - $39k
Tomorrow: $32k - $42k
Oops. I did it again... Writing the last Corner, I again forgot it was Friday and predicted price action for Saturday instead of the entire weekend. Obviously, no promises, but now that the wifey is back, I should get enough sleep to remember the day of the week...
Mea culpas out of the way, let’s talk Bitcoin price. Over the weekend, we saw price consolidate further bouncing between $33.8k and $38k. Today looks much the same, though with a bullish flavor. It’s much too early to call this for the bulls, but it looks like a classic consolidation period before continuation. In the past, during bull runs, these lasted from 2-8 weeks. This tells me we shouldn’t expect to see an exit from the $30k - $42k range for a bit longer. I realize I said differently last week, but things change as the price action unfolds, and instead of breaking out on Friday getting back into the bull spirit, we pivoted. TL; DR: I expect the price to coil tighter over the next few days until we break out.
Bitcoin Ed Bite
How can Bitcoin be a place to store value if I can’t hold it like I can real estate, gold, or other hard assets?
Whoa! Where to begin on this one… It’s one of the most repeated criticisms I get for Bitcoin…and it falls apart once the technology is understood. The real problem is that Bitcoin is the first digitally scarce asset and it takes a long time to understand that it cannot be copied and pasted like everything else on the interwebs.
The bitcoin you own lives on the Bitcoin distributed ledger shared across 1000s of computers running the Bitcoin software. What proves ownership is the ability to sign a transaction using your private key. The private key is proof of ownership. Private key management is a subject for another Ed Bite, but your ability to hold the key in your pocket is no different than holding a gold coin or a title to a piece of property in your pocket.
“Not your keys, not your coins” is a wisdom-distilled meme oft-repeated in the Bitcoin community. Once you purchase bitcoin, protecting those private keys becomes the difference between you owning them or someone else.
Thanks for reading,
Kent
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