Messari Daily Brief Jan. 15, 2021 - Nocoiner Reconciliation & Prodigal Sons

One of the nice things about Bitcoin is that in the short term it’s volatile, but in the long run, it has always appreciated significantly. This tends to build more resilient and long-term hodlers, and it also helps new entrants accept BTC after they'd previously written it off at much lower levels. The former is widely appreciated, the latter is underrated. But the combination presents a nice little flywheel for creating crypto disciples.

Insiders may think bitcoin maximalists are a toxic bunch, but they’re still awfully welcoming to prodigal sons who admit their shortcomings, join the team, and begin to buy and hodl. I can’t really remember seeing any mean tweets directed towards new entrants. On the contrary, baptisms are celebrated, even if Peter Schiff will be mercilessly (and justifiably) whipped for his apostasy until the last satoshi has been mined.

There is no one slapping you on the back, retweeting your basic posts, and making you feel the community love after you join the Apple shareholder base. There is when you share that you’ve bought your first bitcoin. There is no one there to make you feel better about “missing” a 5x in a growth stock before you finally invest at the higher public valuation. For bitcoin, there’s forgiveness and plenty of room on the rocket ship, so get in loser we’re going shopping and frontrunning JPM.

Let’s ignore intra-crypto warfare for a second. Bitcoin<>Nocoiner “toxicity" is arguably more akin to a hazing ritual than a truly hostile environment. Mock bitcoin? Eat shit. Fight bitcoin? Expect attacks. Succumb and red pill yourself?

Welcome, brother. No one’s mocking the new septuagenarian investor entrants to bitcoin, only the macro-influencers who think they’ve figured out XRP after a couple of days worth of tasty crypto twitter impressions. That seems reasonable. I think insiders still get too hung up on the sibling rivalries within crypto, and don’t appreciate how excellent it is for newbs who finally join the team.

We’re an optimistic bunch of misfit toys.

Headlines that matter:

• INTEL: Stacks 2.0, SNX, NuCypher releases, UMA voting on DerivativeFactory
• DEX volumes set new records (DeCrypt)
• Uniswap Valuation model (Messari PRO)
• Miami mayor might make a city treasury allocation to bitcoin (The Block)
• Tether’s bank invested customer funds in BTC at ~$10k (CoinDesk)
• Funding in the Polkadot ecosystem (The Block - paywall)
• Bullish Crypto Advisors rose 50% in 2020 (Bitwise)
• Institutions are worse than retail at trading crypto (Institutional Investor)
• CREAM introduces the “Iron Bank” and zero collateral DeFi lending (CREAM)
• Daily Shade: No shade today. I’m obsessed with the Sea Shanty comeback.