The Bitcoin Bear Market Diaries are a series of interviews featuring various important voices and perspectives in the Bitcoin ecosystem. Each interviewee was carefully selected and asked the same group of questions. The main goal was to provide the world with a collection of commentary and opinions on the state of the current Bitcoin and crypto market. Some of the names you will recognize while others don’t wish for the limelight but have great insight and experience we all can learn from.
These interviews are raw and unfiltered with no agenda other than giving each individual their opportunity to speak their mind. If you like what you see, please share with your friends. If something offends you, you should probably X out and find another crypto fluff piece that gives you warm fuzzies.
Adam Meister is the host of The 1 Bitcoin Show podcast. Adam has traveled six continents researching the revolutionary economic aspects of cryptocurrencies. His insights and experience watching Bitcoin evolve since 2013 are something we can all learn from.
Name Adam Meister
How long have you been into Bitcoin?
Owned since late 2013
Best Bitcoin experience?
Standing in a bank line in Harare Zimbabwe in November of 2016
Worst Bitcoin experience?
In June of 2016 at BWI airport when the TSA stopped me for about 30 minutes after an international flight. They started to ask me about Bitcoin when they were searching every inch of my luggage for drugs that I did not have.
What do you think is Bitcoin’s biggest threat?
Nothing can stop it. It can be slowed down if too many strong hands give into some sort of currently unimaginable social pressure. I don’t foresee this happening though. Emotions can’t beat math in the long run. Right now Bitcoin is not user friendly. It needs to become more user friendly and easy for regular people. Those who can’t wait that process out will regret it. You are elite if you are in this game BEFORE the user experience is comfortable.
What are your thoughts on the various Bitcoin forks?
They are crypto-dividends. Free ways to get more Bitcoin. Not threats. Don’t buy something you can get for free.
What are you optimistic about in this space?
I can see how early it is. I am enthused about the unimaginable innovation that the next decade will bring. It is a great time to be alive.
Biggest regret during the last bull market?
That I did not turn every single altcoin I have ever received into Bitcoin. My holdings are around 96% Bitcoin now, should be 100%
What have you learned during the current bear market?
How impulsive and weak handed most people are.
What is the biggest fail you have seen during the bear market?
ICO’s. It was predictable though.
What do you think helped trigger the current bear market?
It was part of the regular hype cycle we have already experienced before and will experience again.
What kind of damage do you think latest price drop has done to buyer sentiment?
It scared weak handed herd mentality people away. They will return and end up frustrated again. No damage in the minds of strong handed holders of last resort and that is what matters most.
How do you feel about the current state and future of lightning network?
It is still very early. We can’t imagine some of the cool mechanisms that will come out of it. Just like in the early 2000’s Internet one could not predict something like Twitter coming about.
What are your thoughts on HODLing Bitcoin?
It is the only legitimate strategy. It is the way for a person in any country on this planet NOT to end up poor.
What are you thoughts on alt-coins?
They should all air drop themselves to Bitcoin holders so they can all be temporarily reinvigorated and so the world can be reminded that the Bitcoin Holder is the apex predator of the crypto space.
Do you hold any? If not, why?
People have given me a few over the years, I still have random forks, I do not buy ANY. I value (measure) my wealth in Bitcoin. Long-term Bitcoin wins so why gamble on Altcoins. Most altcoins are pure gambling. That is for impulsive people.
What kind of impact do you think the radical drop in alt-coins will have on their future?
Some will not recover. Most future buyers won’t care though and the hype cycle will start again and many will lose precious Bitcoin on these things. The information is out there. Most people ignore history and do not learn. So many people want to be involved in “The Next Bitcoin” They don’t understand that Bitcoin is the next Bitcoin.
Thoughts on the notion of bitcoinization?
It is something that smart people will opt into. Most people are lazy and are addicted to the welfare dollar system. The dollar will rule the masses for the foreseeable future. Most people will gladly give up their freedom for useless free stuff.
What Bitcoin startups are you excited about?
The ones that fly totally under the radar that are self-funded and based around simple concepts that regular people can easily grasp. I love when people are “in motion” and see an opportunity and jump on it, no matter how basic it may seem. The space needs way more than pure tech people and products. Here is an example https://www.bitpiggys.com/
As for bigger names I like what Trezor does and https://www.lolli.com/
What “crypto influencers” do you think get it wrong and why?
Altcoin monkey branchers that jump from the current altcoin flavor of the month to the next one. They talk about whatever altcoin will get them attention and possibly a quick profit. Gambling is not a strategy. They can’t defer gratification.
What “crypto influencers” do you think get it right and why?
Most of the people I have on my Friday “This week in Bitcoin” show- People who can defer gratification, who don’t get caught up in Altcoin flavors of the month. It really is quite simple- don’t get distracted by all the crypto-noise out there and don’t add to it. Value your wealth in Bitcoin and don’t lose it or sell it. For me and a few others it is easy. Most people lack conviction though and enjoy drama.
What’s it going to take for this bear market to turn around?
TIME! It is all part of a cycle. Just be patient. We have seen it all before
How bullish are you on Bitcoin despite this recent pullback?
Incredibly. It is the future.
Any tips you want to give to people new to Bitcoin?
Buy and hold.
Best tips for storing Bitcoin?
Name some of your favorite information sources and/or podcasts in the space.
I use crypto Twitter as a learning tool. I do not add to the drama or waste time with fights. I read certain feeds like I am reading a blog. On almost every one of my shows I bring up tweets where I learned something. Play all youtube videos at 2x if you can.Save as much time as possible. Too many people view crypto social media as a place to argue. That is pointless. There is so much good information out there for those who simply choose to comprehend what they are reading, seeing, or hearing. Too many people think social media is about winning. Successful people know social media is about learning. With all that being said a future star in the Bitcoin space is- https://twitter.com/jeetsidhu_
Any last words of wisdom?
Pound that like button!