A Lesson in Bitcoin Volatility with Dan McArdle - WBD510
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 6 June 2022
⏱️ 82 minutes
🧾️ Download transcript
Summary
Dan McArdle is co-founder of Messari Crypto and creator of casebitcoin.com. Dan has been in Bitcoin since 2011. In this interview, we discuss the history of Bitcoin cycles and events: Mt. Gox hack, rise of altcoins and stablecoins, Ethereum DAO Hack, and 2017 Bitcoin cycle.
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Bitcoin is volatile: its history has been dominated by large swings in both directions; albeit, Bitcoin is volatile to the upside: in 10 years it is up well over 500,000%! But, in each cycle, new adopters can be forgiven for thinking they're in the cycle that finally breaks the pattern. It is easy to question the investment when seeing the value drop by 80% for the first time.
This is where experience is vital. Each cycle has seen events that have had the potential to destroy Bitcoin. Exchange hacks and exploits, the proliferation of competing coins with marketing buzz aimed at attacking Bitcoin, the realisation of altcoin failings, scams, bans, FUD. The most recent has been the UST and Luna crash. Each one destroys confidence and value.
Yet, the one thing the critiques fail to mention is that each of these events has been external to Bitcoin. Each event has highlighted weaknesses in innovations in the ecosystem that has developed around Bitcoin. But Bitcoin has remained secure - the protocol itself has not been hacked. In fact, the "move slow and build things" ethos has strengthened through each event.
This is why long term hodlers who have served one "tour of duty" (a four year Bitcoin cycle) are more inured to Bitcoin's volatility. They have experienced Bitcoin being declared dead, only to reemerge stronger and more resilient. What hurts you can make you stronger.
To look forward and speculate about the future it is therefore important to look back and see where we've been. Many believe Bitcoin is a paradigm shift not just because of ideology, but because the technology has been repeatedly tested and passed. That's why it is being considered as an emerging global macro asset.
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Transcript
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| 0:00.0 | I'm picking the highs and lows is an impossible game so like I think the best advice for people is like know what you own and why you own it |
| 0:14.7 | Hello there how are you all doing welcome to the what Bitcoin did |
| 0:19.2 | podcast which is brought to you by Gemini the only place I'm using for buying Bitcoin. I'm your hope |
| 0:24.1 | Peter McCormack and before we get into today's interview I do have a message to my |
| 0:28.7 | show sponsors. And this show is brought to you by Jemmine, who I am using for buying and sending |
| 0:33.7 | Bitcoin, but I'm only buying right. We're hodlers, we're not sellers. I am also |
| 0:37.9 | using the Gemini app for buying the dips, and I have set up my DCA with twice monthly buys of Bitcoin. Both the app and the website make |
| 0:46.1 | buying and selling Bitcoin super easy and Gemini has invested in building |
| 0:50.2 | industry-leading security since day one. And Gemini are now running a special offer for |
| 0:55.3 | listeners of what Bitcoin did. So all you need to do is head over to Gemini.com |
| 0:59.6 | forward slash WBD and new customers will get $20 in Bitcoin when they trade over $100 or more on |
| 1:06.3 | Gemini. If you want to find out more please head over to Gemini.com slash W B D which is G-E-M-I-N-I-D-K-K-O-K-O-S-O-O-L-L-L-L-L is G-E-M-I-N-I-D. |
| 1:16.8 | I'm excited to announce my new sponsor Cake Wallet, |
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| 1:48.1 | Now if you want to find out more and check out Cake Wallet, |
| 1:50.6 | please head over to Cake Wallet.com or search for Cake wallet in the Apple or Google App Stores. |
| 1:56.0 | Next up, it is B.C.B Group provides online business banking for companies in the |
| 2:01.5 | Bitcoin industry, and yes, I am now a customer of |
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