Last night, Coinbase CEO Brian Armstrong sent out this Tweetstorm about possibly AML/KYC regulations that might be rushed out by outgoing Treasury secretary Steve Mnuchin. It’s worth a full read.
It seems like others have been expecting or anticipating this. Laura Shin just released an episode of Unchained earlier this month: Everything You Need to Know About the Looming Battle Over Privacy in Crypto
$BTC is dumping hard on the news, currently down under $17k.
I may have made a few sub-optimal mistakes.
First I cancelled my $GBTC sell order on Monday. The price blew by it on Wednesday and I felt like a genius, but then bottomed out yesterday. My worry was that any dip might be too brief for me to avoid settlement rules on my IRA account, which is prohibited from engaging in day-trading activities. If the price doesn’t recover before tomorrow, though, I’m looking at a five-digit down day, which won’t be fun.
I also make a small move with the last bit of fiat in my exchange account that was typical. Two days ago i had set a buy order based on a trend line I charted, at $18,450. Last night, before things got really crazy, I replaced the order with the new trend line, at $18,591. The price dipped, my order hit, and came back up. I felt good.
Then, a few hours later, the McDonalds memes started popping up on my Twitter feed, and I saw the price feed. Whomp whomp.
I’m seriously tempted to buy the dip, either by swapping my Yearn BUSD vault over to the WBTC one, but I’m just going to chill. Sticking to the plan is best here. When I get caught up in the market is when I make the worst mistakes. So I’m going to sit on my hands.
It is Thanksgiving, after all, so I’m going to spend the morning puttering around the house. We’re going to my mother in law’s for dinner, and Missus siblings and family will be there. We almost cancelled, due to COVID, but we figure since her mom watches the kids every Friday that we’re not taking that much of a risk. I’m conflicted.
I’m going to close out all of my TradingView and Twitter tabs, and try and try to be present with the family as best I can. I’ll try to remember how lucky we all are that no one has gotten sick and that we’ve got good jobs, a roof over our heads, and food on our tables. This year has actually been really good for us, all things considered, and I just want to stay humble and sober through today’s meal.
Finally, I really am thankful for the opportunity that Bitcoin, Ethereum and other projects has given me. It’s crazy to think how far things have progressed since I got involved four years ago. It’s funny for me to recall that I had set a goal to be working full-time in the crypto space by Thanksgiving 2018. We’re a bit behind schedule, but I’m okay with that. I work from home, I’ve got power and freedom at my job, and it provides just enough income for me to pay the bills and be comfortable financially.
And in spite of COVID, I’ve grown closer to my family, and managed to save enough of a financial cushion that I don’t have to worry about losing my job.
And thanks, Satoshi, whoever you are. Thanks to you I’ve stopped worrying about accumulating money to have things, and less concerned with being rich, and am instead focused on building wealth as a way to escape the trap of employment. My girls will have an opportunity to forge their own path to freedom, to know money as a tool for freedom, so that they can pursue their best lives.
Happy Thanksgiving.