Good Morning Everyone, It feels like the US Political apparatus could be about to go full-blown hysteric-mode toward bitcoin mining , in the face of the energy crisis which for the most part is self-inflicted. In an effort to save face in the minds of those still trapped in normie land, i get the sense they are seeking to provide a political sacrifice to the gods, and bitcoin is on their radar. The state of New York has passed a bill to ban bitcoin mining, specifically proof-of-work mining. The ...
Jun 06, 2022•6 min
Good Morning Everyone, Jurrien Timmer is the Director of Global Macro at Fidelity , which is one of the largest Asset Managers on the planet with an estimated $4.5T assets under management (AUM). He shared a fascinating thread this morning where he revisits the supply/demand dynamics of bitcoin, following the deviation of bitcoins price from Plan B’s stock-to-flow model; and compares network growth to that of mobile phones as well as the internet as a useful analog to help model the exponential ...
Jun 03, 2022•5 min
Good Morning Everyone, The act of intentionally persuading people, or influencing them has long been something i’ve been somewhat allergic to. It’s always felt somewhat disingenuous to me and i’ve opted to take a more neutral approach. One where I’m less inclined to convince others or feel compelled to change their mind on a given topic, while being willing to provide the information that has led me to arrive at a certain position if asked. In thinking more deeply about the current situation we ...
Jun 02, 2022•6 min
Good Morning Everyone, The base layer of everything is energy . The universe and its contents are all made from energy. You are energy. Everything you acquire is energy, and made from energy. We consume it, and we generate it. Currently within clown world there is a malware installed which seems to imply using energy is bad, and we should try and use less of it. The counter to this would be that the effective harnessing of denser and denser energy sources (hydrocarbons) is what has enabled us to...
Jun 01, 2022•4 min
Good Morning Everyone, The history of money is a deep and fascinating rabbit hole. In order to understand the primary dimension of bitcoin, this knowledge is fundamental and helps to provide much insight as to why many of us believe bitcoin is the most pristine iteration of money ever invented and why, when referring to money, bitcoin truly “fixes this”, This morning I stumbled upon an incredible resource (shout out to Marty Bent !) that has been created by a guy named Matthew Mežinskis at Porko...
May 31, 2022•4 min
Good Morning Everyone, Earlier this month saw a major milestone moment occur in the small country of El Salvador. According to a tweet from President Bukele: The countries represented were all developing nations. I won’t read through the list, but you can take a look below. While we do not know the specifics of their discussions or any outcomes from the meeting, it’s an incredible thing to witness as 44 nations are on the brink of unlocking financial sovereignty, perhaps the first time. Some peo...
May 30, 2022•3 min
Good Morning Everyone, Back in 2019 there was a leadership change within the European Central Bank. The leadership role transitioned from Mario Draghi to Christine Lagarde. Wikipedia describes Mario Draghi as: “an Italian economist, banker, academic and civil servant who has been Prime Minister of Italy since 13 February 2021. He previously served as President of the European Central Bank (ECB) from 2011 until 2019. Draghi was also Chair of the Financial Stability Board from 2009 to 2011 and Gov...
May 26, 2022•6 min
Good Morning Everyone, Stories of good and evil have been told all throughout time by humans . This dichotomy is baked in deeply to us all and thus is reflected in most religions and cultures throughout history . From psychology to the arts - the story of diametrically opposed forces continues to be reverberate through time, evident by the endless list of books and movies based around it; be it The Lion King with Scar and Simba, Gladiator with Maximus and Commodus, Superman with Clark Kent and L...
May 25, 2022•6 min
Good Morning Everyone, Toward the end of my letter on Friday I touched on a point that I believe is extremely important to bring to the surface, and largely goes un-noticed by most at present. That in order to survive in the world you must choose a monetary network. Let me quickly recap for anyone that missed it: “For centuries fiat currencies have been created and destroyed, and many lives along with them. Never in our civilizations history was there a viable alternative that would sustain thro...
May 24, 2022•6 min
Good Morning Everyone, Yesterday May 22nd, was bitcoin pizza day. The story goes that on this day 12 years ago a person by the name of Laszlo Hanyecz made it known on an internet forum called bitcointalk.org, that he was willing to purchase 2 large pizzas for 10,000 bitcoin. At the time the value of the bitcoin was $41. Four days later, the transaction took place. Jeremy, another user on the forum took Laszlo up on his offer, and had two large pizzas delivered to him in Florida in exchange for t...
May 23, 2022•2 min
Good Morning Everyone, We’ve descended so deep into clown world at this point, that it almost feels as if no one with any kind of influence or power is either paying attention or has any idea what they’re doing. We’ve witnessed Lebanon’s central bank blow up, as their currency essentially hyper inflated into oblivion leaving many broke, homeless and hungry. We’ve more recently seen the central bank of Sri Lanka default on their obligations . Yep. They’re broke as well. This has led to major soci...
May 20, 2022•5 min
Good Morning Everyone, “Don't Listen To What They Say; Look At What They Do” I first heard this heuristic from Nassim Taleb and it refers to the fact that words are cheap. There is far more signal in peoples actions than in their words. Simply put people can say whatever they like. And they do. People talk all kinds of bs with little concern for accountability. Especially with the pace of informational transmission with the internet and social media, the news cycle is so fast these days, that th...
May 19, 2022•4 min
Good Morning Everyone, The concept of saving is likely something few people give much thought to. It’s somewhat intuitive. If we eat all the food in the fridge and have no money saved, then we cannot buy anymore food until we get more money, and if we get hungry in the interim this poses an issue and will likely cause us some discomfort. Suboptimal. So we have to either save some food or save some money to maintain some level of certainty about the future in this very small example. The concept ...
May 18, 2022•5 min
Good Morning Everyone, Understanding financial markets whether it be from an investing or trading perspective is not easy. There is myriad complexity despite what you may hear or some people may have you believe. The mechanics of how the system actually works are opaque at best and the incentives that exist as a result of how the system operates given the complexity of incentives at play, and also the positions of different entities or nodes within the network, differ significantly and alter the...
May 17, 2022•5 min
Good Afternoon Everyone, I’ve spent the day on the road driving from Melbourne to Moruya for skydiving event i’m coaching at this weekend. It’s about a 9 hour drive. I was pleasantly surprised when i loaded up youtube to find a new discussion with Dr Saifedean Ammous and Lex Friedman on Lex’s podcast. Here is a link to the podcast. I cannot recommend this enough. It’s is easily the best pod i’ve listened to this year. One of the best I’ve ever listened to, and without question my new go-to to or...
May 12, 2022•4 min
Good Morning Everyone, The hopes and dreams of many shitcoiners were shattered yesterday as Terra - the so called algorithmic stablecoin - lost its peg and went into freefall. It went as low as 0.61c and has since “recovered” slightly and is hovering around 0.70c at the time of writing. It’s a rare day that I would waste a seconds energy on a shitcoin, but this scenario is simply too comical not to discuss, and while it sucks that many people likely will have lost a ton of money gambling on this...
May 11, 2022•5 min
Good Morning Everyone, As most of you know i tend not to talk too much about bitcoin price action in these letters, as i view the price relative to USD shitcoins as more of a distraction than anything else, as the true unit of account in my opinion is bitcoin or sats. Measuring this truly inelastic asset against something that has and will continue to be created into infinity makes little sense in my mind, and it’s not until you replace your UOA for sats that the true state of play begins to bec...
May 10, 2022•5 min
Good Morning Everyone, Back at it after a short break. I was away travelling for a couple of weeks skydiving in outback Queensland, and then managed to get myself the flu (yes covid), so I’ve been resting up for a week while my energy levels normalise. Pleased to be back to 100% now, so lets waste no more time. A lot has happened over the last 2-3 weeks. Risk markets have continued their risk-off posture and asset prices have acted accordingly with powerful moves to the downside being sustained....
May 09, 2022•3 min
Good Morning Everyone, Markets are a funny thing. They’re insanely complex in many respects, and they can also be boiled down to a pretty simple truth about someone having something to sell and a separate person looking to purchase that something. Perhaps one of the most fascinating things about “a market” is that they emerge more or less spontaneously. They can emerge for myriad reasons but they only really survive through time if there is ongoing supply met with ongoing demand. What I find rea...
Apr 14, 2022•5 min
Good Morning Everyone, Inflation in the US has been at 40 year highs for the last number of months and the most recent ‘official’ numbers came out this morning with the trend continuing -printing 8.5% month-over-month inflation. Of course the propagandists would have you believe that this is not from increasing the money supply or disrupting supply chains and commerce globally in response to the flu - it’s all Putins fault of course. “The Putin Price Hike” is the official inflation slogan coming...
Apr 13, 2022•4 min
Good Morning Everyone, I’ve had the phrase “you catch more bees with honey” floating around in my mind for a couple of weeks after listening to a pod with Robert Breedlove on What bitcoin did. As a kid growing up my mum used to say this to me from time to time. It’s a common turn of phrase and is essentially referring to incentives, and the fact that it’s most effective to focus on properly motivating humans toward the ideal outcome as opposed to always reaching for the stick. As humans operatin...
Apr 12, 2022•4 min
Good Morning Everyone, With the bitcoin conference currently underway in Miami there has been a ton of announcements and hype around the orange coin and as you would expect a lot of people fixated primarily on price as a result. I feel while number go up, is highly probable over time (as close to certain, without being certain), to focus on the very narrow detail of price truly is to miss the forrest from the trees. What bitcoin is enabling is so much bigger than simply capital appreciation or s...
Apr 08, 2022•2 min
Good Morning Everyone, Taro which stands for Taproot Asset Representation Overlay is a brand new bitcoin improvement proposal, or BIP. It is a protocol designed to enable low-fee multi-asset transfers via the bitcoin and lightning network. Lightning Labs have developed this new protocol and have raised $70m in order to help bring Taro to life. I realise most of you are non-technical, so i’ll spare you the complex details. If you want to get a more detailed understanding, i’d direct you to this p...
Apr 06, 2022•3 min
Good Morning Everyone, This morning the Lebanese Government has announced the state and the central bank are officially bankrupt . This announcement comes on the anniversary of the US government confiscating gold from their citizens 89 years ago. The Lebanese deputy prime minister had this to say: “The losses will be distributed to the state, the Banque du Liban, banks and depositors, and there is no specific percentage. Unfortunately, the state is bankrupt, as is the Bank of Lebanon, and we wan...
Apr 06, 2022•6 min
Good Morning Everyone, The sanctioning of Russian central bank reserves by the G7 marked the end of the Bretton Woods II monetary system (1971-26/2/2022). As a result, the world is going to continue to transition away from the petrodollar and the US T-bill standard and toward a new monetary order as yet unknown. What this new monetary order will be, nobody knows for sure. We can only speculate for now. Something that just struck me when thinking about this transition is that a major symptom of t...
Apr 05, 2022•3 min
Good Morning Everyone, The concept of a truly inelastic and verifiably scarce digital asset is something that i believe remains alien to most humans on the planet at present, despite having existed for some thirteen years already and being completely in the open. It’s a concept that on first glance sounds fairly simple and straight forward, but it’s such a conflicting notion compared with the world of money printing and pricing signal-distortion in which we have become accustomed, leading most t...
Apr 04, 2022•5 min
⚡️ Bitcoin For The Weekend ⚡️ Article: The Blocksize War Review - Nic Carter Pod: What Bitcoin Did w/ CK Book: The Bullish Case For Bitcoin - Vijay Boyapati Good Morning Everyone, It feels like there is a ton going on in the background right now, whether it be the outright attack on bitcoin via a bogus climate change narrative or the EU parliaments incoming crack down on “unhosted” wallets , which is essentially an attack on an individuals property rights - which is absolutely wild when you thin...
Mar 31, 2022•3 min
Good Morning Everyone, Jack Mallers reminded me of the inspiring Apple marketing campaign from back in the 90’s when he recently shared the ad designed around the slogan “Think Different”. There is also a link here which is actually narrated by Steve Jobs. I wanted to actually read through the text for you, as it resonated with me on a deep level. It is as if it were written about bitcoin, about Satoshi, and every bitcoiner out there that see’s clearly why this mission is as important as we beli...
Mar 30, 2022•3 min
Good Morning Everyone, A slew of energy FUD hit the internet this morning courtesy of a greenpeace US twitter account claiming that Bitcoin specifically is driving climate devastation and includes a hashtag “change the code” linked to a marketing campaign advocating bitcoin to adopt a less energy intensive consensus mechanism. They have created a website at the domain cleanupbitcoin.com. The first line of text on the main-page reads “you’ve heard bitcoin fuels the climate crisis” which is so pre...
Mar 30, 2022•5 min
Good Morning Everyone, We’re at a fascinating point in human development (or regression depending on how you think about it) where the oozing of hubris is at all time highs and the absurd belief that we can control everything has gone mainstream. We can’t even control ourselves, let alone anything else. We (on a collective societal level) completely discount the incomprehensible complexity of a world we exist as only a small part of and have become numb to our naive interventionism as so many se...
Mar 29, 2022•5 min
