Here is the most painful piece I have ever written: "Sovereignism Part 8: Everywhere and Nowhere" exploring market dynamics, the nature of fiat, #Bitcoin, and the mass-psychosis of totalitarianism.
Quick thread of a few excerpts from this written work⬇️
"Humans not only trade goods, and the ideas on which they are based, but they also imitate one another’s actions in waves of mimetic exchange—imitative patterns of action directly responsible for the development and propagation of ritual, culture, and social institutions."
"As covered previously in this series, political statism is a mass-psychosis premised on the profitability of property violation. This psychotic mode of human organization—a watered-down version of outright slavery—is dependent on a general ignorance and passivity among people."
"The end result for every state across history is mass-suffering, collapse, or defeat in war. Statism has always been a self-defeating enterprise, because it is based on the falsehood of fiat: an assertion about reality made in an attempt to override reality."
"A mass-cerebral aneurysm, totalitarianism is the inevitable end game of statism. The reason is fairly straightforward: the initial act of coercion, no matter where it originates, must mimetically propagate and become magnified in the market process."
"As a coercion-based business strategy, statism strives to grow tax revenues until there is total submission to state power. In its final form, statism becomes the de facto super-dominant social institution, giving way to the most dangerous mass-psychosis of all—totalitarianism."
No pain, no gain. I hope this resonates as the topic is quite relevant to the madness we see unfolding worldwide today. Knowledge is power, and with great power comes great responsibility. Individuals taking responsibility for themselves and their actions is the path to healing.
Subscribe to The Freedom Analects for access to all my latest written work as it is released, it is free and will hopefully help free your mind:
I don’t normally speculate on short-term #Bitcoin price action — but some friends of mine have provided some fascinating perspectives that I want to share.🧵 👇
Bitcoin is up 25% from its April 9th low and there’s a handful of indicators that show a major bull market around the corner. Starting with the Average Miner Cost of Production.
In a rational economy, assets rarely trade below their cost of production. Now, what it costs to “mine” a Bitcoin is different for every miner – machine type, electricity cost, and uptime all play a role — but the analysts @BlockwareTeam have aggregated data to create a metric called the “industry average”.
This metric has timed each of the past 6 Bitcoin bottoms:
September 2024
November 2022
September 2020
March 2020
December 2018
April 2016
This metric is signaling a bottom right now.
Next is the long-term holder supply. This measures the amount of Bitcoin that have not moved on-chain in at least 155 days (and the 30-day change)
At its core, the Bitcoin price is simply a function of supply and demand. After an increase in the Bitcoin price, you start to see previously inactive coins move on-chain. Inversely, after prolonged periods of sideways or negative price action, long-term holders begin accumulating more coins, setting the stage for a supply-shock and upward price pressure.
Over the past 30 days long-term holders have acquired ~150,000 more BTC. Bitcoin is running out of sellers in the $80k to $100k range.
Not getting shaken out by volatility is why it’s so important to know what you hold.
Lastly, and most importantly, is USD liquidity. This effectively represents the “demand” side of the equation. More dollars in the system means more potential bidders.
Bitcoin is highly correlated to fiat liquidity – and that’s becoming increasingly more of the case as ETFs, Bitcoin Treasury Companies, and Convertible Bonds, provide easier access for new liquidity to enter the Bitcoin market.
And it’s not just USD liquidity that’s increasing – liquidity of all fiat currencies is on the rise, and Bitcoin is a global asset.
That’s how many hashes Bitcoin miners are producing every single second -- making it the most robust and secure computer network in the world, by far.
How high can this go? How does this affect Bitcoin miners?
Let’s talk about it 🧵👇
With the network hashrate currently at ~800 exahash per second, the first question we have to ask is, how did it get here? There’s two ways for Bitcoin’s hashrate to increase:
Miners build and energize new facilities to plug in more machines
Technology advances and miners plug in more powerful, more efficient machines
For the majority of Bitcoin’s existence growth in hashrate has come primarily from the second source.
Bitcoin ASICs (Application Specific Integrated Circuit), machines purpose built to mine Bitcoin as efficiently as possible, first hit the market in 2013. When viewing a chart of Hashrate in logarithmic scale the impact of ASICs is clear – from 2013 to 2015, Hashrate increased by 1,387,000% 🤯
The initial creation of ASICs wasn’t the only Hashrate catalyst. In the early days of Bitcoin ASICs each new model was radically more powerful and efficient than its predecessor. See the progression of Bitmain ASICs in the table below.
The S3 was 60% more efficient than the S1. However, the S21 XP boasts just a 10% efficiency increase over the S21 Pro.
This trend is called ‘ASIC Commoditization’ and affects the Bitcoin mining industry in a BIG way…
Bitcoin mining has changed dramatically over the past decade. From GPUs in a garage to Tier-1 Datacenters filled with ASICs, Bitcoin mining is a rapidly evolving, global game.
But this game isn’t just played by massive corporations. In fact, 2025 could be a significant year for smaller, private Bitcoin miners. Let’s look at the data 🧵👇
This is the golden age of Bitcoin mining.
2025 is on pace to be the highest grossing year for Bitcoin mining in history. In January, miners earned a combined ~$1.4 billion in revenue (equal to a ~$16.8B annual run-rate).
Between 2025 and 2032, roughly 1,000,000 BTC will enter circulation via mining. After the 2032 halving, it will take more than 100 years to mine the remaining ~328,000 BTC. Said another way, ~98% of all Bitcoin that will ever exist will be mined 2032. This means the final 108 years of Bitcoin mining will be a competition to uncover the last 2% of the Bitcoin supply.
The next few years of this “digital gold rush” are crucial – there’s a lot of Bitcoin up for grabs.
Spot Bitcoin vs Bitcoin Mining.
Mining has even outperformed buying Bitcoin directly. From 2020 to 2024, mining outperformed Bitcoin by more than 300%
So it begs the question: what is the best way to get exposure to Bitcoin mining?
Despite the high profitability of Bitcoin mining, public mining stocks have historically been unreliable at delivering that value to shareholders.
Bitcoin itself is up more than 100% over the past year, but many Bitcoin mining stocks have underperformed – with $WGMI, the miner ETF, being up just 18%. While this is good, it’s not great, especially given the expectation of mining being a higher-beta play on Bitcoin.
Problem: It's no longer profitable to run ASICs at most residential electricity rates and Bitcoin mining stocks are unreliable.
I am behind on the past few @WhatisMoneyShow episode announcements, and since we have been releasing some absolute bangers, here is a quick thread on our recent releases:
Whitney Webb (@_whitneywebb) is a professional writer, researcher, journalist, and host of an independent podcast called Unlimited Hangout. We discuss deep state power, Jeffrey Epstein's case, and corruption at the highest levels.
Samson Mow (@Excellion) is the CEO of JAN3, a new #Bitcoin technology company with a mission to accelerate hyperbitcoinization. We discuss the necessity for nationstate Bitcoin adoption, the importance of education, and today's financial dystopia.
Extremely excited to announce the release of The Platonic Philosophy Series today on The @WhatisMoneyShow! The eminent philosopher @vervaeke_john joins me for a 10-hour conversation on the masterful book "Plato's Critique of Impure Reason."
Quick thread outlining each episode⬇️
Episode 1 "A Logic of Violence" explores the way is which sophistic relativism inevitably descends into violence, and why a proper relationship with the absolute is necessary for live well-lived.
Episode 2 "With Good Reason" explains the commonalities between reason and love, how each is characterized by the attempt to reach beyond itself.
With over 8 hours recorded together, this is one of the most information-rich conversations I've had on the show. @balajis has an impressive breadth and depth of knowledge; and his views on the future are wildly fascinating, to say the least.