2/ Caitlin Long helping to craft new bank charter rules to enable banking services to be offered to bitcoin + digital asset businesses through Special Purpose Depository Institutions (SPDIs) via the state of Wyoming.
4/ Ross Stevens & NYDIG building out the infrastructure for institutional adoption, especially among insurers as a superior denominator to offset future declines in USD purchasing power.
5/ Cathie Wood & ARK appealing for changes to the accounting standards (FASB) for intangible assets, which have deterred companies holding bitcoin on their balance sheets.
6/ Michael Saylor & Microstrategy creating the playbook for adopting bitcoin as a treasury reserve asset to preserve long-term shareholder value in real terms.
7/ Ray Dalio, Stan Druckenmiller & Paul Tudor Jones removing the career-risk for capital allocators and validating the asset for pension funds & hedge funds as a partial replacement for neg/low-yielding bonds within a portfolio.
8/ Jeff Booth educating 1000’s about the higher-order effects + moral hazard caused by an inflationary monetary system and its stark incompatibility with the deflationary nature of technology.
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The #Bitcoin network (uppercase B) is made up of participants opting-in to the same set of rules.
bitcoin (lowercase b) is the native asset transacted on this network.
Changes in ownership are recorded in a timestamped chain, secured by miners.
Let’s focus on the network.
Innovation regularly births new ways of sending & receiving information.
Networks get built-out around the methods that are faster, cheaper, more accessible, more reliable or more precise.
These become additional layers for humans to coordinate, communicate and cooperate.
Bitcoin’s key innovation was the creation of a transferable digital asset with a fixed quantity.
“That ability to create and transmit scarcity..through the internet is just as important as the ability to create and transmit abundance through the internet.” -@naval
Layered Money by @timevalueofbtc walks us through the key moments in monetary history that have come to define how our global financial system is structured.
Key Lesson: Not all forms of money are created equal and you’d best understand the concept of counterparty risk.
📘🧵
“This book frames money as a layered system because it’s a clearer way to conceptualize the changes coming to our financial system, a system that temporarily erupts in chaos every few years only to be calmed by increasing amounts of government and central bank intervention.”
“There is a path to a more stable future; this book prescribes one that relies heavily on technological innovations that have merged monetary science with another previously unrelated science: cryptography.”
2/ “on one side, you have technology that’s trying to drive prices down. And the only way to essentially stop that is to concentrate control and government more and more and more.
..by printing money (really stealing from people). It concentrates wealth and power on one side.”
The modern North American city has attempted to reverse centuries of accumulated wisdom by centrally planning complex, adaptive systems without a mechanism to capture and incorporate feedback.
Strong Towns by @clmarohn explores this fiat-fueled phenomena.
🧵
1/ “We have brought forward more than a generation of consumption capacity and, in a classic sense, should anticipate a generation of corrective sacrifice.”
2/ “Growth once served us, but we now serve growth.
Each iteration of new growth comes with enormous future liabilities for local communities, a promise that the quickly denuding tax base is unable to meet.”
Choosing between bitcoin and gold to protect your long-term purchasing power should be an unemotional decision, grounded in logic, with the interests of your future self in mind (a single-player game).
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Thread.
1/ Gold solved sending value across time.
Bitcoin solves for both time AND space.
2/ Both gold and bitcoin cannot be artificially synthesized.