Newsletter: CryptoPH Builders Share Advice During Bitcoin Pizza Day
Bitcoin Pizza Day, May 22, 2022 Part 1.
Draper Startup House requested me to organize one of the panel discussions at this event. The specific ask: a panel that can inspire hope in the attendees, especially at this point in time in the market cycle, which, as you probably know already, has continued to turn for the worse.
There were so many new people in crypto that got onboarded last year. For them, this is their first bear market. In times like this, who should we listen to than those who have experienced multiple market cycles before? That was my immediate thought.
Miguel Cuneta, the co-founder of Rebittance Inc, Franco Araneta, the community manager at Coins.ph, Luis Buenaventura, the country manager of YGG Pilipinas, which are people I got acquainted with for close to 5 years now, immediately said yes. I also asked PDAX if they can be in the panel, and technical analyst slash business dev Ed Martinez also said yes. Christian Munoz of Draper Startup House joined me in interviewing the pillars of #CryptoPH.
Miguel and everyone else narrated the early days of the local crypto community (we’re talking about year 2017 backwards, when they really had to bribe people with free food just to get them to their meetups. Those were the earlier, risky days of crypto, when no one knows whether they’ll get jailed the next day for promoting money that’s illegal. Those were also the days when banks would shut your account down if they know you’re a Bitcoin company.
(Well, banks still do that today, of course, for other rather similar reasons.)
In the previous meetups that I attended, everyone was in WAGMI mode. Everyone was very bullish. I even mentioned in one panel (Art Fair 2022) that the market moved in cycles and that we might be experiencing a downturn soon. I said that last March 30. Check the price of Bitcoin, heck, SLP on that day, and the price of those two coins today.
The point of this panel with Miguel, Ed, Franco, and Luis, was really to let the attendees know, which is a good mix of old and new crowd (but mostly new), that bear markets are very painful. The entire market is down 65% from all-time high. The most brutal bear market had an 85% decrease (correct me if I’m wrong). This is the harsh reality of crypto that many still haven’t realized, and even the panel admitted that just when they thought they have experienced it all, the market would humiliate them.
The panel gave very good advice. From dollar-cost-averaging (Ed), to getting a side-job that pays in crypto (Luis), and even establishing an online identity. Because the reality is that while we’re all here in this space and that this space had grown a lot, we’re still small, and not everyone has even the vaguest correct understanding of it. Education remains the key to correct and proper onboarding to crypto. Learn. Build. Stay. The ones who stay for the technology are the ones who win (Franco).
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