Why a global Bitcoin Building Boom will happen from 2025-‘75, and how bitcoiners will infuse their architecture with cypherpunk values. Presented in ATX on 3/13/24.
Leaving an actual material legacy is not easy. This man spent 27 years and +$1M building the world's best stereo system & listening room. After his death the room was taken apart and the pieces were sold for $158k.
🇦🇷 Presidential candidate Milei is something else: pro-bitcoin, staunch libertarian, +20y economics prof.
Quote: “the Central Bank is a scam. It is a mechanism by which politicians cheat the people with the inflation tax.” He currently leads the election polls 🗳️
1/ I've followed the IMF for 15 years now, and this is the most impressed I've been by any of their live press events. Some rare truths were shared, on a panel in front of ECB President Christine Lagarde and Fed Chair Jerome Powell.🧵 (video clips below)
Chart from fall 2014, when Bitcoin was $300, predicted price of $10k for today —Nov 22nd, 2017. We're at $8,000. Next milestone on chart: $100k in summer 2021.
"Bitcoin" projected on the Seat of the ECB in Frankfurt. Another memorable moment in monetary history. Will be avoided by TV news in Europe. Still happened. 🦇
When the Yen was born in 1871, it was 24 grams of silver or 1.5 grams of gold. Now it's a 1 gram aluminum coin, so light it doesn't even break water tension.
Bitcoin's parabolic uptrend which started in January 2015 is still intact. Now nearly touching support again, for the first time since March 2019.
#buythedip
Stock trading app Robin Hood is going after Coinbase: "will let you buy and sell Bitcoin and Ethereum without any added transaction fees starting in February, compared to Coinbase’s 1.5 to 4 percent fees in the US"
1/ Our report from last April predicted “for bitcoin to trade in a range of $22k to $42k, until a new multi-year bull market pushes it well north of $120k.” Now that bitcoin trades at $42k, let’s review our analysis & recommendations in a summary thread.
100 years ago today, Weimar Germany abolished the Papiermark, marking the end of Germany's hyperinflation.
In that same year Josef Wild, a master gold smith from Nurenberg, started minting his own coins to advocate for a return to a gold standard with private gold coins.
Wild's…
.
@Saylor
: “I don’t think that the current rally is due to mainstream adoption of bitcoin, I think it’s because of crypto adoption of bitcoin. … They’re having a come to Jesus moment; that bitcoin is the one thing that we can all agree on.”
.
@MaxKeiser
& me predicting the emergence of Bitcoin countries and cities. "Bitcoin Shangri-La" ... "a place where the crypto cloud hits earth" (Feb '14, London)
"I am a major long-term bull on BTC. I believe the narrative of $50,000, even $500,000 BTC. (...) BTC is marking time before the grand show – another parabolic advance." —
@PeterLBrandt
's Factor Update, November 10, 2018
In under 24 hours, over 7,000 investors worldwide read our report online, and over 2,500 downloaded the pdf. Check out "Bitcoin in Heavy Accumulation"here:
I think we're gearing up for an epic bull market in bitcoin. Just like in the most aggressive cycles in the past (2012 & 2015), we are seeing very minimal price drawdowns. In other words, supply is low and dips are getting bought aggressively.
Here is Ken Fritz talking about the kind of legacy he wanted to leave behind: "I'd hate like heck to see this room parted out ... I have some time to find people that can carry on with what I have here."
If the Bitcoin price rises to over $1M, that would give ~100k bitcoiners "Ultra High Net Worth Individual" status (+$50M). With worldwide UHNWIs projected at only ~200k by 2022, this means the Bitcoin 1% could by then make up 30-50% of the world's financial elites.
#Disruption
Adam Back in 1997, 12 years before bitcoin:
"How about this, rather than interface your ecash system with US dollars yourself through credit cards/ debit cards/ cheques / cash, just set up an entirely disconnected system. (...)
The cryptographic requirements for a system such…
All year I drove past this "Crypto is Real" billboard. Since the summer I've been telling my wife: "the moment that billboard disappears, that'll be the end of the bear market." It's now gone. 😄✌️
Apparently Argentina's Central Bank ran out of dollars and started stealing local banks' customer USD deposits to fill the hole. Now that's no longer working so they're announcing a bank holiday.
#corralito
URGENT: the Argentine 🇦🇷 Central Bank has just suspended operations for today and Monday.
Foreign payments have been suspended.
There are no more dollars it seems.
In the year 1900, when the automobile was 14 years old, horse and carriage dominated the streets. That changed soon after. Today, bitcoin is 14 years old.
Anon redditor nails Bitcoin in early 2013: "Until the network either gets cracked or replaced, this is going to keep moving forward. There is no going back." — and lays out the trajectory from $1B to $20T market cap.
7/ During the last moments of the show, Georgieva, as last speaker, spoke a truth rarely spoken in an official live IMF setting; namely that IMFS institutions are often short sighted, and that monetary stimulus programs have the unintended consequence of inflation.
Milei's inauguration speech is a must watch. So long we worried that people would never vote for economic truth and individual liberty; that fascism and communism would emerge as the only options. And here's Argentina, showing the world how it's done.
Argentina is a perfect country to make
#bitcoin
legal tender: enormous untapped human and industrial potential, some of the richest farmland in the world, sophisticated culture… and structurally held back by frequent inflationary depressions.
🇦🇷💃🥩🌾👨🌾👨💼👩🔧⚡️🚀
Buy a house with a mortgage, and you are leveraged long the housing market.
That's not good or bad in itself, but imo it's important to be aware that mortgage holders are making a directional bet with borrowed money.
Today Joe Lubin was grilled on proof-of-stake's vulnerabilities by Bloomberg's Matt Miller. Once Ethereum's 2.0 suffers a large-scale attack, I expect that this video will be played on repeat.
Tick Tock... another +30% candle for Japan's government bonds. The yen is toast, there's no saving it. This bond crash could be the canary in the coal mine for the entire western debt bubble.
Japan's gov finances if it was a household:
$31k in annual income
$100k in annual expenditures
$700k in outstanding debt
Interest owed on debt was ≤0.1% in 2016-2021, now 0.39%, i.e. close to 10% of annual income 🇯🇵🫣
Bitcoin’s price action since I locked my account last year. I have approved a trickle of new followers, but the vast majority of you should be bear market veterans with diamond hands. Good company!
We’re witnessing a transition from geographic power to digital power. In a decade, or two, bitcoiners will rule the cyberspace waves and widely employ censorship thwarting strategies to project power in the world.
Billionaire Barry Sternlicht: "This year, the government will have to pay 4.5% interest on its debt (as opposed to 0.1%-2%), that means an interest expense of over $1 trillion! If it keeps going up, you have the Weimar Republic... who's going to buy our paper?"
Think Bitcoin won't demonetize Gold?
When horses became obsolete as a source of moveable power, most were processed into dog food, bone meal, leather and glue. Between 1915 and the early 1950s, the US horse population dropped by 92%.
The artist, 2 days before 'Rich Men North Of Richmond' went viral:
"This what I’m going to do: at all costs, no matter what, I’m going to write, create and produce as much original, authentic music as I can in the hopes that it will at least help somebody out there that needs…
“I have never understood why it is 'greed' to want to keep the money you have earned but not greed to want to take somebody else's money.” ― Thomas Sowell
8/ To an audience of hardcore finance tweeps this may not sound impressive, but in a world where nearly all political leaders are pointing solely at exogenous shocks to explain rising inflation, this may be the best we can get in terms of an official acknowledgment of the truth.
The Gutenberg printing press was staggeringly disruptive: it dropped the price of a book from a full year's wage, to about the price of a chicken. "The raw price of books fell by 2.4 per cent a year for over a hundred years."
The groundwork for Rock & Roll was laid by the sober, heartfelt Blues from the Great Depression. That music, in turn, formed the basis for the iconic music of the Sixties and Seventies. Is the cycle repeating?
You miss the point. After having sliced and bolted its own spinal cord a dozen times, Ethereum is a crippled creature with a broken back. A brittle mutant limping into irrelevance, its only historical significance will be the glaring contrast with bitcoin's immutable robustness.
Hyperbitcoinization will lead to a new baby boom, I believe it. Just like after WWII, it’ll come from people celebrating the restoration of hope for themselves and for humanity.
BTC/LN ~ TCP/IP
Bitcoin is becoming a platform—a protocol stack with many features:
- store of value
- low trust wealth transfer
- confidential transactions
- tokenized securities
- high volume payment network
- microtransactions
- smart contracts / programmable money
If this bill passes, it will be a shot heard around the world. When is the last time a government official anywhere risked prison time for money printing?
Wow
Dutch National Bank goes 'Big Reset':
'Aandelen, obligaties en ander waardepapier: aan alles zit een risico [..] Als het hele systeem instort, biedt de goudvoorraad een onderpand om opnieuw te beginnen. Goud geeft vertrouwen in de kracht van de balans van de centrale bank'.
General TA rule -- violation of parabolic advance leads to 80%+ decline in value. If general rule is followed, BTC should retrace to <$4,000. Note: This Tweet does not make me a hater.
In one sense, OG bitcoiners had it easy.
To adopt Bitcoin in 2010-'14 you mainly needed to be tenacious and a bit crazy—nobody took alts seriously.
Today, newcomers must wade through a swamp of sleek shitcoin ("crypto") projects before they can appreciate Bitcoin's supremacy.
Satoshi mentions fractional reserve banking, as an illustration of how conventional currency systems breach trust, in his very first public announcement.
@peterktodd
Regardless of whether this is real or not, audiophiles believe in it. Apparently there was a local audiophile club that he was a member of. If legacy was the goal, he for example could have built an intimate HiFi/concert venue for the town.
Bitcoin Halving or The Halvening may not appeal to a large audience.
I agree with
@adam3us
to start using Quantitative Hardening (QH).
In a sentence: "QH3 is upon us. In May, the supply of new bitcoins will be reduced by 50%."
Impressed to see
@Fidelity
, a financial institution of worldwide renown, appropriately pay homage to the foundational work by David Chaum, Adam Back, Wei Dai, Nick Szabo, and Hal Finney. Shows maturity and serious commitment to the Bitcoin project.