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Chris Burniske @cburniske
, 5 tweets, 2 min read Read on Twitter
1/ Lots of chatter about #bitcoin shorts at ATH's over the last couple weeks & particularly now as someone opened a 10,000 $BTC short position ( > $70M) last night.
2/ The interesting thing with outstanding short positions as an indicator is it can simultaneously be interpreted in opposite ways.
3/ From a momentum perspective, lots of short positions can be interpreted as a good time to pile on, as shorts collectively work to break an asset's back.
4/ From a contrarian perspective, lots of short positions can be seen as "rocket fuel" to the upside if the shorts are wrong and get squeezed (learned through @CathieDWood)
5/ I'll let you choose your interpretation re: $BTC right now, but important to hold both opposing "short thoughts" in your mind at the same time.
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More from @cburniske see all

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1/ Blockchains collapse the cost of digital asset creation, custody & transfer, enabling *programmable value* of all kinds.
2/ Money, while an important application of blockchains, is a subset of the broader programmable value universe.
3/ A money like #bitcoin is likely to be the greatest *single instance* of value capture within the programmable value universe, which is why many of the top #cryptoassets today are battling for this position.
Read 8 tweets
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The mainstream has almost entirely forgotten about #bitcoin again.
In conversations with people from home, many recall the #crypto hype from a year ago, but have stopped paying attention since.
Yes, there are a lot more “decisions makers” that have gained a basic understanding of #crypto, which is great.

And the technologists & financial folks that feed off the bleeding edge continue to pay attention, invest, or build, just as happened in 2015.
Read 5 tweets
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$ETH has been leading the #crypto market of late, likely in anticipation of the Constantinople upgrade in mid-January which will cut supply issuance by 33%.
2/ When it's showing up as a @binance announcement, it's fair to assume the information is starting to get baked into $ETH's price: support.binance.com/hc/en-us/artic…
3/ Notable that the market's not seeing red at the mere mention of a hard fork, too.

Instead the focus is on the supply-inflation cut + upgrading #Ethereum over time.

Shows me that we have more informed market participants & the daytrippers are long gone.
Read 3 tweets

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1/ What an honor to be part of this lively debate about #bitcoin vs #WallSt (incl #ETFs & @Bakkt) w/ @GamerAndy, @aantonop, @JonathanMohan & @S_Murphy_PhD. Mainstreaming, rehypothecation, price suppression, privacy, early adoption, Trojan horses, Black Monday, custodian theft...
2/ ...hear @aantonop & I talk about rehypothecation coming to #bitcoin & #crypto, whether it's legal vs fraud vs merely unethical, how it's a form of #fractionalreservebanking, how it relates to @OverstockCEO's prior discussions of #WallSt's "bezzle" & how big that bezzle is...
3/ ...#BTC #ETFs offer exposure to #bitcoin price w/o owning it, controlling it or learning anything about it. "Physically-settled" ETFs entail zero transparency into the omnibus account where the BTC is stored--so you have no way to keep custodian honest & have no audit rights..
Read 20 tweets
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12,000 #Bitcoin sold into a hidden order at $6300 on Bitfinex.
$BTC $BTCUSD #Bitcoin
Short / Long ratio spiked on that move.

What does that mean?

Somebody is borrowing #Bitcoins to sell into someone else with plenty of cash buying it up out of pocket.

The guy trying to short has NO idea how much money this mystery bull has left to hold the price.
Read 9 tweets
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1/ Very pleased to share a summer project: a comprehensive, supply-side view of the base money supply across the globe. What is base money? Gold? Fiat? Bitcoin?? Have some charts to share…
2/ To begin, it's important to understand the universal accounting identity: Assets = Debt + Equity. Today, it's true that all fiat money is debt-based. But before exploring fiat money, let's look at asset-based money.
3/ Traditionally, commodity money has been asset-based, most notably gold. Gold is a true asset of the holder. If you own gold free and clear, it is your asset, and no one else's debt, no one else's liability.
Read 61 tweets
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Spending #Bitcoin today is senseless. But if we manage to make it a good store of value, then it will naturally be used as a medium of exchange in the future.

Thread 👇
1/ Instead of focusing on the act of "spending", we need people want to "earn BTC", to "be paid in BTC". We need more hodlers.

The economic and technical consequences of stressing one viewpoint (to spend) over the other (to earn) are profound and irreconcilable.
2/ Money's essence is being used as a medium of exchange (MoE). But for something to become money, or a universally accepted MoE, it must first follow evolutionary stages. First, comes store of value (SoV), second, MoE, and third, unit of account (UoA).
Read 57 tweets
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#BTC
Wyckoff update
Full detailed description of first and third laws of Wyckoff (supply & demand and effort vs. result)
#BTC
Wyckoff update
...wait...wyckOFF...bognanOFF...smth
Completed Wyckoff structure. Looks scary similar.
p.s. this model was designed almost a century ago, people didn't have calculators and were drawing charts by hand using pencil and ruler.
Read 12 tweets
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I bought #Bitcoin 4 years ago. :)

But, I lost my wallet's password & back-up codes. :(

I'm going to live-tweet my attempt to hack back into my wallet.
Okay, first, I'm currently on a mac. So, I need a remote desktop windows machine. Tonight, I'm going to use Amazon Workspaces.

(Windows running in a window on my Mac.)
So, here's the plan.

1. Install python, visual studio and a bunch of other packages.
2. Generate as many passwords as possible based on a few parameters I think might be accurate.
3. Brute force.
Read 41 tweets

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