Don't Get Bitcoin Rekt with Andy Edstrom - WBD470
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 4 March 2022
⏱️ 99 minutes
🧾️ Download transcript
Summary
Location: Los Angeles Date: Friday 4th February Company: Swan Bitcoin Role: Head of Institutional Investment
As with all assets and commodities, a myriad of financial instruments have been developed around Bitcoin. The riskier end of the spectrum are opportunities to take levered positions. These positions can produce stellar returns, providing opportunities for those who feel like they've missed out on previous bull runs, or have the appetite to try and continue to outplay the market.
If only it were that simple. Stating leverage involves risk is a massive understatement. You. Can. Lose. Everything. Liquidation is a brutal experience. The issue regarding Bitcoin is that liquidation of open levered positions is inevitable and rapid due to the volatility.
There are numerous stories of markets turning suddenly in unexpected directions, and exchanges being unable to deal with the associated demand to add collateral to open positions. Then there are flash crashes which occur too quickly for anyone to be able to respond. Fairness doesn't come into the algorithms used to close positions and action liquidations.
Rekt is a term used too often. A simple mistake can undo years of hard work. Staking sats, hodling, and staying humble are the tried and tested ways of maximizing the opportunities provided by Bitcoin. Developing the discipline of having a long time preference is a cathartic experience.
In this interview, I talk to Andy Edstrom, author of Why Buy Bitcoin and Head of Institutional Investment at Swan Bitcoin. We discuss experiences of getting rekt, applying good leverage, the waves of Bitcoin adoption, playing offence on Bitcoin's ESG credentials, and investing in Bitcoin for time and freedom.
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Transcript
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| 0:00.0 | Bitcoin is this unbelievably unparalleled asset that respects your time spent and your labor |
| 0:10.0 | and it puts it into this safe and growing and valued bank and cyberspace as a |
| 0:18.2 | sailor says but you can screw it up if you lever it. Levering Bitcoin literally inverts 180 degrees the way |
| 0:27.4 | that Bitcoin otherwise respects your time. |
| 0:30.3 | Hello there, how are you all doing? Welcome to the What Bitcoin did |
| 0:34.0 | podcast which is brought to you by Gemini, the only place I am using for buying |
| 0:38.0 | Bitcoin. I'm your host Peter McCormack and before we get into the |
| 0:41.8 | interview today I have a quick message from my show sponsors. |
| 0:45.0 | This show is brought to you by Ledger, the world's most popular hardware wallet. |
| 0:50.0 | Now listen, in Bitcoin, we have this saying, right? Not your keys your keys not your Bitcoin so if you're a |
| 0:54.4 | Bitcoin holder it is your money and it's time for you to own it and if you're not |
| 0:58.8 | storing your Bitcoin on a hardware wallet then you are trusting somebody else. |
| 1:03.0 | I took control of my Bitcoin back in 2017 when I bought my first Ledger Nanowess, and I am still |
| 1:09.4 | using that same device today. |
| 1:11.4 | Ledger is the smartest and easiest way for you to take control |
| 1:14.8 | to your Bitcoin. Now if you would like to find out more or purchase a |
| 1:18.3 | hardware wallet from Ledger then please head over to Ledger.com which is L-E-D-G-E-R-D-E-R-D-G-E-R-D-G-E-R-D-G-E-R-G-O-K-O-K-O-G-O-O-G-O-O-T-O-O-T-O-O-O-O-O-O-O-O-O-O-O-O-O-O-O-O. and for people in the US who own or are interested in owning |
| 1:35.9 | Bitcoin or stacking more Sats, then the Block Five rewards credit card provides the |
| 1:40.4 | easiest way for you to earn Bitcoin. |
| 1:42.8 | There are no fees to use this card, no annual fee, |
| 1:45.6 | and no foreign transaction fees. |
| 1:47.8 | And you can get 3.5% back in Bitcoin |
... |
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