Hans HODL Profile picture
17 Oct, 18 tweets, 5 min read
This is the best article I've read in... I don't know how long. But I understand your time is limited so here are the CliffNotes. And of course, we're talking #Bitcoin, Federal Reserve and @JeffSnider_AIP (plus bonus content at the end).

Source: realclearmarkets.com/articles/2020/…
Jeff Snider (Head of Global Research at Alhambra Partners.) is the world's leading expert on the Fed (imho). He's been on the @MacroVoices, published a series called Eurodollar University and a show on YouTube called "Making Sense."

In this article he argues that "Decentralized Money Is the Future." Going back to the invention of the printing press, it was decentralizing knowledge in an accurate way that created a tidal wave of change across the world, long before the information superhighway.
"Knowledge is power and for the first time knowledge came to be more widely available to the traditionally powerless. Around the year 1300, the largest library in Europe was in Paris which contained all of 300 expensive, hand-drawn manuscripts."
"Gutenberg’s press came along a century and a half later and within another century and a half, libraries had spread all across the continent and well beyond just its largest cities."

Fast-forward to the information age now.
"In the blink of an eye, truly, businesses were transformed from everyone working in an office to everyone working from home. Not entirely seamless, obviously, but I have to believe Johannes Gutenberg would have been enormously impressed."
"Banking and money remain with both feet firmly planted in the Dark Ages. Sure, they’re trying to evolve – but to adapt this modern potential to their existing business models rather than the other way around. And that’s understandable up to a point; after all, what we’re..."
"...talking about here, what it really means, this potential renders the bank as it is constructed today entirely obsolete. Decentralized money."

"Blockchain already replicates the payments system, which is all that most depositories are anyway; they are glorified bookkeepers."
"Decentralized money, like the printing press, moves more everyday people closer to the knowledge and ideas they already want to pay for – but can’t, not directly, not with banks clinging to their special place of monetary privilege..."
"Banks, especially central banks, resist a future that doesn’t need them."
"..these central bank studies and private bank experiments aren’t about potential, they’re about harnessing it, if possible, constraining it in order to figure out how to keep going forward with the same model which, arbitrarily, places them on top."
"Decentralized money isn’t scary; it’s only that you’re used to doing it the old way. Reframing the mindset of the public, massive opportunity awaits near everyone in the post-QE order more and more people are starting to realize is perhaps inevitable."
And these words couldn't be more timely. Already the IMF is saying we're "facing a new Bretton Woods moment."

Source: timesofindia.indiatimes.com/business/inter…
#Bitcoin is not about getting rich. It's about fixing the broken system we currently live in. Don't think it's broken? Well then you're probably part of the small group of people who's currently at the top of the heap, or you're heavily invested in the current system.
But as @ReformedBroker points out in his recent article, the path we're on is only going to get worse from here. We need change, real change.

To put it simply, we have to fix our broken monetary system. Not simply putting a patch on a leaky boat, we need an entirely new vessel. As Jeff Snider says ... "It won’t be easy, and “they” won’t go down without a huge fight; that was the point of both my..."
"earlier articles, the IRS on behalf of the government already staking out its own points of influence. And then even if we do get beyond these obstacles, and I believe we will, there’s a minefield of issues in trying to go from eurodollar to what might follow it."
The path that lies ahead will be as challenging as it is necessary. But once we make it to the other side, there will be no going back to centralized monetary systems of command and control. No more surveillance states or weaponized human energy bent by political will. #Bitcoin

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More from @hansthered

15 Oct
Interesting comments from @RaoulGMI on #Bitcoin in 2025. I have a few thoughts of my own, too.

Let's talk about narrative economics. A lot of people think that for #Bitcoin to succeed, the US Dollar has to fail. But that's just a story. A lot can happen along the way, and what about second-order effects?
One plausible outcome is that bearish USD folks latch onto a narrative, which boosts #Bitcoin. But then something changes in the market. Maybe inflation starts to spike and we finally think "wow, we should balance the budget" and then elect a bunch of deficit hawks?
Read 13 tweets
5 Oct
Why is #Bitcoin the future? Let me paint a picture for you.

The national debt is not only growing at an alarming rate, it's growing faster than GDP.
Taken by itself, we might be ok if we didn't have the "twin deficit" problem.
The USA is also suffering from what's called the Triffin's Dilema. We have to supply dollars to the rest of the world, or else wee will suffocate the global economy.
Read 17 tweets
24 Sep
The number of #Bitcoin active addresses per day has been growing steadily since the bottom of the market in 2018. Here you can see the 90d moving average. The floor is slowly being raised.

H/T @coinmetrics Image
In order to put this into perspective, consider this chart in linear scale. It should be apparent that if this trend continues this figure will surpass the ATH very soon. Image
If you're wondering why this matters, consider that the value of Bitcoin is derived (at a high level) from the network. The larger the network, the more useful and valuable Bitcoin becomes. Sprinkle on some QE infinity, and wait for the fireworks.

fred.stlouisfed.org/series/WALCL Image
Read 4 tweets
17 Sep
Be careful about assuming that the long-term impact of Covid-19 will be minimal (v-shaped recovery). We've never had so many dislocated workers. Even now the figures are greater than any other point in history. Image
Why isn't there blood in the streets? Well if you can't make your house payment then why not just punt the payments out six months? Still in trouble? How about another six months? Kicking the can has to end at some point. It's all a house of cards.
It should be obvious that digital currencies are the future by now. Prepare yourself for whatever comes next with an allocation to #Bitcoin. Image
Read 4 tweets
31 Jul
Does anyone else think the way we're responding to Covid-19 in the USA might actually be worse than the virus itself?
Don't get me wrong, COVID is real and yes we need to respond to the threat it poses. But let's look at what's actually going on. Recently walked to Starbucks for a coffee, wanted to wash my hands - bathroom closed to due to covid. But wait a minute...
When I walked in I touched the door handle, and then I touched a piece of merchandise (a coffee mug) and nobody rushed out to wipe them down with a cleaning solution. Number one recommendation of CDC, wash hands... 🤔🤔
Read 7 tweets
11 Jul
Please take a moment to consider the importance of the Bitcoin Development Fund being run by @HRF and @gladstein, who has become the moral center of the #Bitcoin universe.

Bitcoin is one of the most powerful tools for the protection human rights in this digital age. All money is becoming digital, it's just a question of which digital money will dominate. Will it be a state-controlled, privacy-invading fiat, or Bitcoin?
We must not take Bitcoin for granted. The wolf is always at the door. Bitcoin needs continuous improvement in scalability, privacy, security, and usability to reach mass adoption. If the only sponsors of dev work are large corporations, we will be doing ourselves a disservice.
Read 4 tweets

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