“And finally, given its asymmetric return distribution I believe It is more risky to have zero exposure to bitcoin than it is to have a 5% portfolio weight. If you are not long bitcoin, you

“General Motors, Ford, AT&T and GE have cumulative debt that is larger than the entire HY market. Downgrades of any one of these names likely imply a downgrade of the others. The forced selling would

“What is money? Why is it used? Which type of money is best? And why?” – Eric Yakes

Today we are diving into the foundational chapter of Eric Yakes’ book The 7th Property. What are

“This makes Bitcoin miners uniquely symbiotic with energy grids serving as “demand response” partners. If energy is ever in short supply, people get priority over Bitcoin miners. However whenever there is excess energy, it gets

“Money, in the ideal (which we’ll likely always only ever strive for, and not achieve), turns a portion of ‘our work, here and now’, into a portion of ‘everyone’s work, anywhere and forever’.” – John

“Sacrifice is thus a critical component of value, as it is the use of one’s own limited resources, as that against which all action is measured and justified.” – John Vallis

Why does it always

“This confluence of Fed hikes and investor naivety “presents the setup for a severe washout” as the “pernicious effects of rising interest rates on future cash flows will likely prompt speculators and investors at the

“The people at the end of the line who are flipping NFTs do not fundamentally care about distributed trust models or payment mechanics, but they care about where the money is.” – Moxie Marlinspike

As

“What the Internet has done for information, Bitcoin and the Lightning Network will do for money. ” – Elizabeth Stark

Finishing the amazing report from Arcane Research on the state of the lightning network and

“The Lightning Network, and the possibility to perform micropayments instantaneously, will most likely change how we pay for certain services. We already see the first steps, but the alternative to stream money will revolutionize many

“Crypto exchanges with numerous coins have an incentive to get you excited about new coins, because they make money from trading volumes. Even if it’s just meme-coins like Doge or Shiba Inu with briefly-lived spikes,

“If Bitcoin were built on a proof-of-stake model, where the more coins you have the more votes you have on how the network functions, the large exchanges and custodians could have used the millions of

“These pioneers are akin to the Bitcoiners who showed up post-Mt. Gox, through to the Class of 2020. These are the individuals who saw the promise and opportunity of Bitcoin and seized it, despite the

“If Bitcoin had existed in Tesla’s time, it would have removed the need for a corrupted monetary arrangement. Bitcoin mining is a permissionless and censor-resistant reward mechanism that incentivizes the cheapest and most reliable sources

“Neither is a Central Bank Digital Currency a State-level embrace of cryptocurrency—at least not of cryptocurrency as pretty much everyone in the world who uses it currently understands it.
Instead, a CBDC is something

“’Smart contracts’ as a term was coined by Nick Szabo back in 1996 before the idea of a blockchain was even a twinkling in Satoshi’s eye. They had nothing to do with DAOs, or decentralized

“Even if we could somehow convince the world or the U.S. government to adopt a gold standard, there’s not really anything stopping them from claiming “it’s an emergency” and that we need to drop the

“Money appreciates in value over time so that individuals can plan their future knowing their wealth will be protected. This leads to market participants’ time horizons lengthening, creating more investment, more entrepreneurship, more productivity and