Share this page!

Michael Profile picture
Twitter logo
8 Oct, 5 tweets, 2 min read
1/n In honor of my friend @gladstein’s excellent article on El Salvador and Bitcoin Beach (bitcoinmagazine.com/.amp/culture/t…), I have made keto pupusas! I found the article unconvincing as to the merits of Bitcoin, but it sure made me hungry!
2/n The article highlights the ease of transactions for American multinationals (McDonald’s, Wendy’s etc) and the impact of generous bitcoin donations from around the world. But it (un)ironically highlights that “hard” money prevents redistribution in social programs and that
3/n dollarization largely benefited the wealthy at the expense of the working class — a point I have made repeatedly regarding bitcoin. There is no native bitcoin mining to speak of, although the increasingly dictatorial Bukele plans to utilize non-surplus energy to mine for the
4/n govt sector in the hopes of weaning El Salvador from the need to conform to international financial standards much like Chavez exploited Venezuelan oil. Who knows if his scheme will work, but Alex notes his concern…
5/5 Overall a balanced piece that I enjoyed reading. Alex is understandably concerned by Bukele while hopeful about Bitcoin; I remain skeptical of both and couldn’t help but hear the overtones of “The Great White Savior” in the foreign donations/demands for bitcoin adoption.

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with Michael

Michael Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @profplum99

Michael Profile picture
30 Sep
1/n Fintwit, let's show some love for the scholars at @CiPrep. Our speakers, @davidein @muddywaters @wolfejosh are joining me and @SimplifyETFs in matching the first $5,000 for a 5:1 homerun. Please donate and register! bit.ly/3zYVRkV
Donate: bit.ly/3zX8H2U
@CiPrep @davidein @muddywaters @wolfejosh @SimplifyETFs 2/n @CiPrep is a charter middle and high school in the Coney Island area of Brooklyn. The vast majority of students are economically disadvantaged (86% qualify for subsidized lunch programs).
@CiPrep @davidein @muddywaters @wolfejosh @SimplifyETFs 3/n Embracing these challenges, CIPrep has managed to excel with absolute performance near the top of all schools and community adjusted performance off the charts.

CI Prep scholars had a 100% college acceptance rate for the third consecutive year in 2020.
Read 5 tweets
Michael Profile picture
27 Aug
@coloradotravis @0xMakesy @jchervinsky @SantiagoAuFund @ross_phelan 1/n I thought it was a very good rant. Many of the optimistic takes you highlight are consistent with my views. But I’ll ask again, why do we need Bitcoin (or Ethereum) for this? Blockchain doesn’t require bitcoin and digital scarcity doesn’t require Blockchain.
@coloradotravis @0xMakesy @jchervinsky @SantiagoAuFund @ross_phelan 2/n Peer to peer with redistribution of profits has occurred in many markets without (necessarily) the end result being superior. A simple example is the advent of digitalization and decentralization of market makers (from Specialists) on exchanges. Different? Sure. Better? Maybe
@coloradotravis @0xMakesy @jchervinsky @SantiagoAuFund @ross_phelan 3/n Ken Griffin is much richer and more powerful than Peter Kellogg (Spear Leeds & Kellogg) ever was. Unlike Kellogg’s ancestor (also Peter fwiw), he was not there with excess capital in 1932 to help rebuild in 2008. Instead he’s required a few bailouts. In the meantime, check
Read 7 tweets
Michael Profile picture
4 Aug
1/n Apparently I’m causing some confusion here. Obviously portfolio insurance, lack of circuit breakers, the “untested” S&P futures market, lack of put skew, “slow” computer systems, market maker lines of credit, a new Fed Chair, etc etc influenced the outcome
2/n BUT all of those conditions, including a weak US$, existed prior to Oct 1987 and therefore can’t have been the “proximate” (legal) cause of the crash. A broken tail light cannot be the CAUSE of a car crash.
3/n These conditions, like passive today, create deadly POTENTIAL, but did not cause the crash. According to Mark Rubinstein, the man behind portfolio insurance, their models to sell were triggered by the sharp decline on Oct 15th tied to the Iranian missile… the proverbial
Read 5 tweets
Michael Profile picture
21 May
1/n So there’s a lot of mudslinging going around about political ideology. A sub seg of FinTwit seems to have decided that “statist” is an appropriate slur to deploy.
2/n For those wondering, a statist is one who believes in some claim to legitimacy of the political authority of the govt. The antonym of statist is an anarchist, but within statism there is a wide range of beliefs.
3/n “Minarchism” (i not o) is the belief in the minimum necessary state to enforce the “non-aggression principle”, both within a society and from foreign aggression. I am a fan. It is well phrased in the preamble to the Constitution of the US
Read 29 tweets
Michael Profile picture
11 Mar
1/n Got the timing of resolution right, but not direction. Amazing to see a complete retrace in 14 months despite BOTH styles higher. Like I argued with Value back in May 2020, the problem has not been long Large Growth (up 10% in 4 mos), but shorting small (value or growth)
2/n So what now? Is this a replay of 2016 where Large Growth reasserts? Or do we continue the rotation? My bias continues to be that a sustained rally led by value is very hard. Index rebalance beckons. Many high flyers like GME and PLUG are moving out of small and into mid
3/n And valuations have largely normalized with the yield on small value at 0.82% vs 0.66% for large cap growth. P/E ratios similar, especially when quality adjusted.
Read 6 tweets
Michael Profile picture
25 Jan
1/n It's unfortunate that this is the takeaway. I have spoken frequently about the objections I have to the intrusion of the state in private affairs and the benefit we all gain when nation states are held in check. HOWEVER, there is a huge difference between emigration
2/n which physically removes you from the power the state holds (bad actors like Putin often exceed this limit) and a Thoreau style "Civil Disobedience" around a desire to disrupt the functions of the state by intentionally choosing a "monetary system" (asset/commodity/SoV) that
3/n empowers the enemies of your country. If you are not a US citizen, you can make your own calculus as to whether you support the US or China/Russia/Iran. I have no objection to your right to choose. If you are a US citizen, then you are either intentionally undermining the
Read 7 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!

Like this author's thread?

Get emails when @profplum99 has new unrolls!

Check out other threads from @profplum99!

Read all threads by @profplum99

:(