Read_494 – Lightning Economics: Learning to Love Inbound Liquidity [Roy Sheinfeld]
“Supplying liquidity is an investment, and we need to treat it accordingly. Like lending money or buying stock, investors commit capital for a period and expect a return that increases over time.” – Roy Sheinfeld
Now that we are entering Chapter 2 of Bitcoin where the free and open network begins to act as a backbone for financial infrastructure made possible by the Lightning network and global Bitcoin liquidity, we dive into the economics of Lightning with the Breez Technology CEO, Roy Sheinfeld. Is inbound liquidity really a “problem,” or is it a new market dynamic that will drive an entire industry? Find out in today’s awesome article…
Lightning Economics: How I Learned to Stop Worrying and Love Inbound Liquidity
https://medium.com/breez-technology/lightning-economics-how-i-learned-to-stop-worrying-and-love-inbound-liquidity-511d05aa8b8b
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Read_493 – Asset DNA, Explaining Bitcoin’s Speculative Attack [Croesus]
“if the representation of reality in this article is correct, the highest and best use of a dollar of debt may simply be to buy bitcoin. Many more individuals and entities will leverage this asymmetry for personal gain into the future.” – Croesus
With increased attention on the Bitcoin price and the speculative attack by Michael Saylor himself having paid off so extraordinarily well, its time to revisit the concept with an article by Croesus_BTC at Bitcoin Magazine. Its not merely something that might occur, or just a fun thought experiment, its in the very DNA of these assets. Borrowing dollars in a manipulated, low interest environment, may find its most productive and valuable use in simply buying Bitcoin.
Check out the great visuals and the many other excellent articles at Bitcoin Magazine below:
https://bitcoinmagazine.com/articles/asset-dna-explaining-bitcoins-speculative-attack-on-the-dollar
Buy Bitcoin using SwanBitcoin.com/guy to start your own automatic savings plan, get your first $10 free after setting it up, AND support the podcast!
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Guy’s Take_042 – Bitcoin’s Second Chapter Begins
“In Chapter 1 we reached millions. In Chapter 2 we’re going to reach billions and we’re going to do it quickly. And Chapter 2 starts right now.” – Ross Stevens
We are entering a phase of Bitcoin where it becomes accepted as a global store of value asset by large institutions and corporations around the world. Yet simultaneously, we are reaching a point where Bitcoin is also being recognized and utilized as a global, open source, and highly liquid monetary *network.* Chapter 2 isn’t merely about Bitcoin being used to store and protect value, but about Lightning, and the ability to instantly send money and swap it with any currency anywhere in the world.
Inspired by a tweet from Ryan Gentry with an excerpt from Ross Stevens conversation with Michael Saylor… find out just how much Bitcoin is about to shake the world in today’s guy’s take episode! Check out the relevant tweet from Ryan:
https://twitter.com/RyanTheGentry/status/1357487814645067789
The other episode mentioned at the beginning of the show to check out:
Stone Ridge Letter:
https://bitcoinaudible.com/?p=5598
Lightning as a Retail Payment System:
https://bitcoinaudible.com/?p=4567
Buy Bitcoin using SwanBitcoin.com/guy to start your own automatic savings plan, get your first $10 free after setting it up, AND support the podcast!
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Read_492 – What I Really Think of Bitcoin [Ray Dalio]
“I believe Bitcoin is one hell of an invention. To have invented a new type of money via a system that is programmed into a computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a storehold of wealth is an amazing accomplishment.” – Ray Dalio
We read a great piece by Ray Dalio to get his thoughts, concerns, & criticisms of Bitcoin as well as Guy’s Take trying to answer those criticisms and making sense of the mental model that will better make sense of these monetary technologies. Rather than trust the sound bites and the tweets, let’s hear exactly what Ray has to say.
What I Really Think About Bitcoin:
https://www.linkedin.com/pulse/what-i-really-think-bitcoin-ray-dalio
Dont forget to check out the episode I mentioned in the commentary on Schelling Points, Network Effects, & Lindy:
https://bitcoinaudible.com/?p=4504
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Read_491 – Bitcoin Astronomy – The Second Law [Dhruv Bansal]
“Perhaps one of the great ironies of the future will be the Solcoin alliance between urbane Terrans and hillbilly belters.” – Dhruv Bansal
Continuing our awesome walk through Dhruv’s excellent Bitcoin Astronomy series we hit Part 2 today! What does a Type II blockchain look like when we scale to a Type II society? What time scales do they operate on, and what horizons will they enable us to conquer? Can multiple blockchains resonate with each other, or is one doomed to collapse into another? You ahve to listen to find out!
Check out the original article plus the incredible amount of other great writing at the Unchained Capital Blog:
https://unchained-capital.com/blog/bitcoin-astronomy-part-ii/
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Read_Reboot – Bitcoin Astronomy #1 [Dhruv Bansal]
Preparing for the Second Part of Dhruv’s incredible series, today we have a reboot of Part 1!
Equal parts entertaining & intellectually intriguing, we start with Part 1 of Dhruv Bansal’s wonderful piece, Bitcoin Astronomy! The interplanetary center of hash, the Law of Hash Horizons, the Muskcoin Revolution, retaliation of the Bitcoin Empire, and the total economic devastation of the Hash Bomb! How could you not want to know more?
Another one from the excellent content over at the Unchained Capital Blog:
https://www.unchained-capital.com/blog/law-of-hash-horizons/
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Read_490 – How this Bull Run is Different [Abhay Aluri]
“People aren’t trading bitcoin, they’re accumulating more and more of it over time and holding it long term (aka, “stacking sats“). This is evident not only through the raw on-chain data and exchange flows, but also through consumer behavior.” – Abhay Aluri
We aren’t in the same world, nor the same phase of Bitcoin as we were in 2017. This bull run seems not to be fueled by retail speculation and wall street gamblers, but instead its entering a phase where its a truly legitimized, investment grade asset that is being used as a first layer money to hedge against the infrastructure of the financial system, as well as against the increasing volatility and devaluation seen across all fiat currency. Another great article from Bitcoin Magazine, by author Abhay Aluri, “Bitcoin 2017 v 2021: How This Bull Run is Different.”
Check out the original article at the length below:
https://bitcoinmagazine.com/articles/bitcoin-2017-vs-2021-how-this-bull-run-is-different
Don’t forget to check out the other articles by Abhay linked in this piece:
https://ryze.substack.com/p/bitcoin-as-the-ultimate-insurance
https://ryze.substack.com/p/money-printing-inflation-and-the
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Thanks to the amazing team over at BTCMedia and the LTBNetwork for sharing this show and don’t forget to check out the Bitcoin2021 Conference and get your tickets if you haven’t yet!! It’s gonna be LiT!
https://b.tc/conference
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Guy’s Take_041 – Gamestop is the Battle, Bitcoin is the War
Curious to know what the recent clown show of GameStop and r/WallStreetBets was all about? Well we get into it in today’s rant about the phenomenal arrogance and outright manipulation of the major players in Wall Street after retail investors made them cry. There is nothing that could more perfectly demonstrate the reality that average Joe’s only have freedom when they are losing, but when they make a win at the expense of billionaire hedge funds, you can bet your ass the stocks will be delisted, accounts will be frozen, positions will be closed for no reason, the SEC will investigate “manipulation” from the retail investors, & the big dogs will do everything they can to prevent from paying the bill.
GameStop was just the battle, Bitcoin is the War. This shit has got to stop.
Links related to discussion in the show:
Naked Shorting:
https://www.investopedia.com/terms/n/nakedshorting.asp
The “In a Nutshell” Explanation:
https://twitter.com/GarbyJooman3/status/1354617711914061827
https://twitter.com/_jimmykelly/status/1354600999835607041/photo/1
SEC Investigating *Reddit Users*:
https://pbs.twimg.com/media/Es2aHJbUYAMgvTy?format=jpg&name=4096×4096
The Passion of WallStreetBets:
https://twitter.com/denverbitcoin/status/1354227501304852492
Ja Rule:
https://twitter.com/jarule/status/1354812123080138759
Robinhood ClassAction Lawsuit:
https://lawandcrime.com/lawsuit/robinhood-trading-app-has-already-been-sued-for-manipulating-the-open-market-by-restricting-trades-on-reddit-driven-stocks/
Insider Trading is Legal, Outsider Trading will be Punished:
https://twitter.com/AgoristView/status/1354277645324869633
https://www.reddit.com/r/wallstreetbets/comments/l79x17/it_runs_very_deep_my_friends/
Big Guys need to “Recalibrate”:
https://www.reddit.com/r/wallstreetbets/comments/l747eg/citadel_reloaded_their_shorts_before_they_told/
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Read_489 – The Cantillon Effect 2.0 – Bitcoin is the First Truly Fair Money [CK_snarks & Deniz Saat]
“Because of Nakamoto’s deliberate actions and Bitcoin’s permissionless, free & open-source nature, bitcoin is the first truly neutral money. Bitcoin eliminates the inherent unfairness that comes with all previous monies as well as any need to trust a third party in order to use Bitcoin.” – CK & Deniz Saat
The inherent problem with our monetary system is a systemic & inescapable unfairness. Bitcoin is provably, the fairest money that has ever existed. If you actually believe in equality, that everyone should play by the same rules, then there is no defensibility of our current money. For justice & equality, Bitcoin isn’t just a better option, its the only option.
Today’s amazing read from Christian Keroles & Deniz Saat, another amazing Bitcoin Magazine piece:
“The Cantillon Effect 2.0 – Bitcoin is the World’s First Truly Fair Money”
https://bitcoinmagazine.com/articles/cantillon-effect-2-0-bitcoin-is-the-worlds-first-truly-fair-money
Another great episode was our recent reads, both from Bitcoin Magazine, first on “Winning Hearts and Minds for Bitcoin,” by Andy Edstrom & Peter McCormack:
https://anchor.fm/thecryptoconomy/episodes/Read_487—Winning-Hearts–Minds-for-Bitcoin-Andy-Edstrom–Peter-McCormack-ep6s5k
And then CK’s previous piece on the podcast, “The Sovereign Company Thesis”:
https://anchor.fm/thecryptoconomy/episodes/Read_475—The-Sovereign-Company-Thesis-Christian-Keroles-env68o
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And a final thanks to the amazing Bitcoin Magazine and LTBNetwork. The service these guys are doing for the Bitcoin space is incalculable!
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Chat #56 – DLCs, PTLCs, the Oracle Problem & More with SuredBits’ Nadav
“Any solution to the oracle problem, makes Bitcoin able to do anything that any other protocol out there can do.” – Nadav Kohen
So much cool technology coming to Bitcoin! We dive into some of the most amazing new tools with Nadav Kohen of SuredBits. DLCs, Turing completeness, PTLCs, The future of Lightning and so much more! Don’t miss this incredible Bitcoin Audible Chat
Follow Nadav on Social media:
https://twitter.com/nadav_kohen
Check out the SuredBits blog for breakdowns of all this incredible tech:
https://suredbits.com/
Specs on DLCs, dig in and check out all the possibilities:
https://zmnscpxj.github.io/bitcoin/unchained.html
Video diving into all the cool details & features behind PTLCs:
https://www.youtube.com/watch?v=w9o4v7Idjno&feature=youtu.be
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Guy’s Take_040 – Double Spends & Wittgenstein’s Money
What the hell is everyone squealing about regarding this “critical flaw” and “confirmed double spend” on the Bitcoin network? Is this another 2013 bug, or a giant nothing burger? Guy dives into it on today’s episode and then gets into the follow-up to Wittgenstein’s Money, the amazing piece by Allen Farrington that we covered in the previous episode on the show. What is value, what is money, & what would it seem like if it did seem like a money was emerging from zero?
Don’t miss today’s Guy’s Take episode! Other great must watch/listen pieces discussed in this episode:
How I made a Toaster from Scratch
https://www.youtube.com/watch?v=5ODzO7Lz_pw
I, Pencil
https://bitcoinaudible.com/?p=1668
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Read_488 – Wittgenstein’s Money [Allen]
“What would it seem like if it did seem like a global, digital, sound, open source, programmable money was monetizing from absolute zero?” – Allenf32
Today’s piece is a remarkable and just fun article that dismisses defending Bitcoin against the static arguments that can’t be money because it is too volatile to “store value,” isn’t a widely used “unit of account,” & isn’t used as a “medium of exchange,” but rather it flips the perspective on its head. Instead of trying to prove that Bitcoin is or will be money, why don’t we go back to the beginning and ask what it *would* look like, if a new digital money was being monetized from zero?
This is one of my favorite of recent episodes, and we will have an awesome Guy’s Take on this soon, so don’t forget to subscribe! Check out the original article and drop massive applause on this piece at Allen’s medium page:
https://allenfarrington.medium.com/wittgensteins-money-7cac8d0635cf
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