In response to yesterday's Bent I received this email from a consumer of the rag:
Marty don't you think it would be prudent at this time to talk about the overall health of the BTC market? Given Bitcoins value dropping by ~25% over the last week, it seems like a good time to discuss all that's happening in the Bitcoin universe that is causing such a huge drawdown, and why you believe we will see Bitcoins price regain momentum. Yes yes, I know that Bitcoin oldtimers are used to this type of volatility, and that true HODLers should do just that...HODL.
I love your newsletter and will never unsubscribe. But at this point it seems like your bullishness on Taproot and Lightning have been very well documented, and perhaps its a good time to talk about why the fundamentals of the technology will outlast any detractors (whom I shall not name), and anxious dilettantes.
Anyways, just my thoughts. Thanks for everything you do. Keep up the good work.
My message to this particular freak and any of you who may be having similar thoughts is simple, the overall health of the "Bitcoin market" is better than it has ever been. Yes, the fiat exchange rate may be extremely volatile, but those price movements have not stopped the network from facilitating distributed peer-to-peer digital cash transactions. The network has chugged along unabated. Hashrate has fallen a bit as miners in China migrate to areas with cheap hydroelectric that comes with the annual rainy season and others shut off due to becoming unprofitable as the price dips, but fear not, the difficulty shall adjust in 1,085 blocks. Bringing block production closer to the 10-minute target.
We're in the midst of a battle for Freedom in the Digital Age, freaks. Do not let intraday price movements distract you from this goal. As long as people are running their own nodes and taking custody of their bitcoin, the fight shall rage on. If you're worried about the price, look away from the charts and better educate yourself to contribute to the network by running a node and validating your own transactions as you send coins to personal storage.
Last I checked, governments haven't stopped printing money, they haven't stopped taking away civil liberties, and they haven't done anything material to prevent the continued decline in confidence the public has in them. This is very bullish for the prospect of more and more individuals adopting Bitcoin. Onward!
Open shirt season is upon us.