Jack Mallers Profile picture
13 Mar 20
1/ Anyone relatively familiar with money management and markets should not be caught off guard by Bitcoin's recent move to the downside.

When a crisis punches you in the face, you find shelter in your winners. When cash begins to disappear, you run and grab your rainy day fund.
2/ BTC is the best-performing asset since its inception, still up 50% YoY today. It has gone from $0 to $20,000 since our last financial crisis.

For many, cash is disappearing. The world is very illiquid right now. Bitcoin's generational performance is a rainy day fund for some
3/ I'm hearing many popular (non-crypto) hedge funds are completely blown out and traders are being told to close down their positions. They need cash. This is the reason Gold is down as well.

BTC is still a tad bit too young to absorb such a global liquidity crisis without pain
Read 9 tweets
30 Jan 20
I just published Announcing Strike by Zap

Our biggest product yet, built on top of Olympus.

What if you could pay a Lightning invoice with your debit card? What if your bank account could speak Bitcoin?

Welcome, @ln_strike πŸš€πŸ”₯πŸ˜ƒ

Here is the view from my iPhone, screen recorded as I make a Lightning payment to @fold_app with USD
@ln_strike allows your bank account to speak Bitcoin, the QR codes you scan are entirely up to you.

You can make a payment to a service, or a payment to your own wallet and #stacksats πŸš€πŸ₯³
Read 5 tweets
25 Dec 19
1/ @Melt_Dem, I respectfully disagree. This is incorrect.

Yes, derivatives do help market efficiency and general price discovery.

However, no, of course they do not affect basic supply and demand.
2/ Derivatives derive their value from the underlying, settling against an index composed of spot exchanges. General arbitrage and market efficiencies will always keep derivatives tied to the underlying.

Traditionally, the premium on a future is only due to the cost of carry.
3/ Commodity derivatives were invented to simply transfer risk.

Corn farmers selling futures before a risky winter transfers their risk to a speculator, allowing the farmers to do what they're good at, farm corn.

This has nothing to do with the price of the asset.
Read 6 tweets
4 Mar 19
1/ I've been in China the last week talking all things Bitcoin, Lightning, Zap, and what the future may look like. The reception has been amazing and made this experience something I will never forget.

Thread πŸ‘‡πŸΌ
2/ Bitcoin is the worlds first global language. All of us don’t natively speak the same language, eat the same food, enjoy the same hobbies, but we all gravitate to projects like Bitcoin, Lightning, and Zap because they represent a better world.
3/ Bitcoin is not software that is lacking consumer adoption, an app that is not meeting performance benchmarks, or a business that needs a change in leadership. Bitcoin is a global phenomenon. An idea and a movement that represents a more connected and free world.
Read 6 tweets