The Nakamoto Collective is almost the only forward looking thing I can think of. 11 years ago, I was unable to get our Prime Broker to take seriously that a small Hedge Fund wanted to speculate on some new concept. It was so cumbersome that I gave up and wrote an essay instead...
On #Bitcoin\u2018s 12th birthday, Satoshi Nakamoto just became the 40th richest person in the world.
— Ryan Watkins (@RyanWatkins_) January 3, 2021
$34 billion and counting \U0001f680 pic.twitter.com/hIE0he9O93
1) Novel
2) Locally enforced
3) Digital
4) Conservation law
Called the blockchain. And money was but one thing it could be.
This was genius. I reasoned at the time that it didn’t make sense to me as a medium of exchange.
https://t.co/6rVAj2jQYQ
More from Crypto
So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it.
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
If everyone was holding bitcoin on the old x86 in their parents basement, we would be finding a price bottom. The problem is the risk is all pooled at a few brokerages and a network of rotten exchanges with counter party risk that makes AIG circa 2008 look like a good credit.
— Greg Wester (@gwestr) November 25, 2018
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
Michael Pettis @michaelxpettis argues that it is not always obvious who (China or the U.S.) adjusts best to "turbulent changes."
Bitcoin answers that question.
Thread:
World economies currently suffer four major redistribution challenges:
The most important is increasing government stealth use of the monetary system to confiscate assets from productive actors.
/2
That process is exacerbated by "Cantillon Effect" transfers to interest groups close to government ("the entitled class," public sector workers, the medical industrial complex, academia, etc....), which is destroying much of that wealth /3
The shadow nature (see Keynes) of government inflation makes the process unidentifiable, un-addressable and undemocratic.
The biggest victims (America's poorly educated young) are unequipped to counter generational confiscation tactics of today's wily senior beneficiaries. /4
Government control of the numéraire in key economic statistics (GDP, inflation, etc...) makes it impossible for economic actors to measure progress and liabilities. /5
Bitcoin answers that question.
Thread:
1/11
— Michael Pettis (@michaelxpettis) January 11, 2021
An article worth thinking about: \u201cAs changes to the world structure accelerate, China\u2019s rule is in sharp contrast with the turmoil in the West,\u201d says Beijing.
I agree, but I draw a different conclusion. The world is certainly currently going...https://t.co/ugha7ygqqx
World economies currently suffer four major redistribution challenges:
The most important is increasing government stealth use of the monetary system to confiscate assets from productive actors.
/2
That process is exacerbated by "Cantillon Effect" transfers to interest groups close to government ("the entitled class," public sector workers, the medical industrial complex, academia, etc....), which is destroying much of that wealth /3
The shadow nature (see Keynes) of government inflation makes the process unidentifiable, un-addressable and undemocratic.
The biggest victims (America's poorly educated young) are unequipped to counter generational confiscation tactics of today's wily senior beneficiaries. /4
Government control of the numéraire in key economic statistics (GDP, inflation, etc...) makes it impossible for economic actors to measure progress and liabilities. /5
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Oh my Goodness!!!
I might have a panic attack due to excitement!!
Read this thread to the end...I just had an epiphany and my mind is blown. Actually, more than blown. More like OBLITERATED! This is the thing! This is the thing that will blow the entire thing out of the water!
Has this man been concealing his true identity?
Is this man a supposed 'dead' Seal Team Six soldier?
Witness protection to be kept safe until the right moment when all will be revealed?!
Who ELSE is alive that may have faked their death/gone into witness protection?
Were "golden tickets" inside the envelopes??
Are these "golden tickets" going to lead to their ultimate undoing?
Review crumbs on the board re: 'gold'.
#SEALTeam6 Trump re-tweeted this.
I might have a panic attack due to excitement!!
Read this thread to the end...I just had an epiphany and my mind is blown. Actually, more than blown. More like OBLITERATED! This is the thing! This is the thing that will blow the entire thing out of the water!
Tik Tok pic.twitter.com/8X3oMxvncP
— Scotty Mar10 (@Allenma15086871) December 29, 2020
Has this man been concealing his true identity?
Is this man a supposed 'dead' Seal Team Six soldier?
Witness protection to be kept safe until the right moment when all will be revealed?!
Who ELSE is alive that may have faked their death/gone into witness protection?
Were "golden tickets" inside the envelopes??
Are these "golden tickets" going to lead to their ultimate undoing?
Review crumbs on the board re: 'gold'.
#SEALTeam6 Trump re-tweeted this.
I hate when I learn something new (to me) & stunning about the Jeff Epstein network (h/t MoodyKnowsNada.)
Where to begin?
So our new Secretary of State Anthony Blinken's stepfather, Samuel Pisar, was "longtime lawyer and confidant of...Robert Maxwell," Ghislaine Maxwell's Dad.
"Pisar was one of the last people to speak to Maxwell, by phone, probably an hour before the chairman of Mirror Group Newspapers fell off his luxury yacht the Lady Ghislaine on 5 November, 1991." https://t.co/DAEgchNyTP
OK, so that's just a coincidence. Moving on, Anthony Blinken "attended the prestigious Dalton School in New York City"...wait, what? https://t.co/DnE6AvHmJg
Dalton School...Dalton School...rings a
Oh that's right.
The dad of the U.S. Attorney General under both George W. Bush & Donald Trump, William Barr, was headmaster of the Dalton School.
Donald Barr was also quite a
I'm not going to even mention that Blinken's stepdad Sam Pisar's name was in Epstein's "black book."
Lots of names in that book. I mean, for example, Cuomo, Trump, Clinton, Prince Andrew, Bill Cosby, Woody Allen - all in that book, and their reputations are spotless.
Where to begin?
So our new Secretary of State Anthony Blinken's stepfather, Samuel Pisar, was "longtime lawyer and confidant of...Robert Maxwell," Ghislaine Maxwell's Dad.
"Pisar was one of the last people to speak to Maxwell, by phone, probably an hour before the chairman of Mirror Group Newspapers fell off his luxury yacht the Lady Ghislaine on 5 November, 1991." https://t.co/DAEgchNyTP
OK, so that's just a coincidence. Moving on, Anthony Blinken "attended the prestigious Dalton School in New York City"...wait, what? https://t.co/DnE6AvHmJg
Dalton School...Dalton School...rings a
Oh that's right.
The dad of the U.S. Attorney General under both George W. Bush & Donald Trump, William Barr, was headmaster of the Dalton School.
Donald Barr was also quite a
Donald Barr had a way with words. pic.twitter.com/JdRBwXPhJn
— Rudy Havenstein, listening to Nas all day. (@RudyHavenstein) September 17, 2020
I'm not going to even mention that Blinken's stepdad Sam Pisar's name was in Epstein's "black book."
Lots of names in that book. I mean, for example, Cuomo, Trump, Clinton, Prince Andrew, Bill Cosby, Woody Allen - all in that book, and their reputations are spotless.
