Dan Held Profile picture
Follow me to learn about Bitcoin. Growth @Krakenfx | Prior @InterchangeHQ (acq by @Krakenfx), Growth @Uber, PM @Blockchain, @ZeroBlock (acq by @Blockchain).
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22 Jan
1/ Don’t Fear Tether

Whenever Bitcoin has a bull run, naysayers try to cope with missing the boat by rationalizing why it will fail through FUD. Most of these are completely unsubstantiated, but annoyingly persist as negative narratives Bitcoin must fight against.
2/ If you’re reading this post and expecting a 40 page research report with statistical analysis of Tether then stop here because I’m not going to deliver that. Neither would you have been convinced if I did.
3/ "The amount of energy needed to refute bullshit is an order of magnitude larger than to produce it.” - Brandolini's law

I will, however, be providing simple to understand definitions and reasoning as to why Tether FUD is overblown.
Read 56 tweets
18 Jan
1/ Bitcoin’s energy consumption is not “wasteful.”

- It is much more efficient than existing financial systems
- No one has the moral authority to tell you what is a good or bad use of energy (ex: watching the Kardashians)

Let's debunk this FUD👇
2/ In this thread I explore how everything is energy, money is energy, subjective use of energy, and PoW's costs relative to existing governance systems.

If you like what you read, subscribe to my e-mail newsletter to hear my thoughts like this first!

danheld.substack.com
3/ The idea of “work” being energy started when the French Mathematician Gaspard-Gustave de Coriolis introduced the idea of energy being “work done.” A long time ago, the work done in the economy was entirely human. That work was powered by food.
Read 25 tweets
16 Jan
1/ Why Silicon Valley Doesn't Get Bitcoin

Over the last 12 years of it’s existence, Bitcoin has been misunderstood by Silicon Valley which has led to many cringe worthy moments as they’ve endorsed silly ideas and even worse, scams.
2/ The two big players in Silicon Valley are the tech companies and Venture Capital (VCs aka investors). The tech companies build the products that we all use, and the VCs fund their endeavors.
3/ There is a nuanced courtship that intertwines these two parties. Through that process they dictate what is built, who gets funded, and what ideas are hot. In this newsletter I hope to explain that process which should give insight into why they’ve missed the mark on Bitcoin.
Read 39 tweets
12 Jan
1/ Why start an e-mail newsletter?

It’s about being censorship resistant.

It’s about being able to talk directly with your audience without worrying about how the social media algorithm will surface your content.

It's about freedom to build.

A thread👇
2/ I’ve built up a large audience in just under 2 years:

- 100,000 Twitter followers
- 17,000 LinkedIn followers
- 9,000 YouTube subscribers (just spun this up a few months ago)

I worked hard to create content and build this audience, but all of that could change in an instant.
3/ At the snap of a finger I could be deplatformed from any of those social networks, which means I couldn’t talk about Bitcoin with anyone. There is no worse hell for me.

By building up an audience on a channel I control, I’m as close to censorship resistant as I can come.
Read 7 tweets
10 Jan
1/ Fear and Bitcoin.

Whenever Bitcoin has a bull run, naysayers try to cope with missing the boat by rationalizing why it will fail through “Fear, Uncertainty, and Doubt” or what we Bitcoiners have nicknamed “FUD.”
2/ Most of these are completely unsubstantiated, but annoying persist as negative narratives Bitcoin must fight against.

I’m seeing more and more of these pop up while Bitcoin surges, so I’m going to do a rapid fire session where I knock a few of the more popular ones out:
3/ Intrinsic Value

Complaining it has no intrinsic value when their primary government currency has absolutely no intrinsic value (No, the US dollar is not backed by gold).
Read 23 tweets
5 Jan
1/ [December Bitcoin yield update]

Over the last year and a half, I’ve earned ~1.2BTC with various yield generating services to earn an average of 5% on 30 BTC.

Here’s my journey and how to guide👇
2/ Here are the ways you can earn yield:

Lending (Easiest/most popular)
Yield: 3-6%
- Ledn: rb.gy/3nfhvx
- BlockFi: rb.gy/4wzpri

Covered calls (Harder)
Yield: 1-80%
- Deribit: rb.gy/zbkrlu
- LedgerX: rb.gy/b6dl1n
3/ Earning a yield enables you to stack more sats (what I’m doing), or reduce the temptation to sell your coin through earning an income.

The yield you earn comes with RISK!

Below is my current allocation for Dec (will update MoM)

(yellow = changes)

docs.google.com/spreadsheets/d…
Read 20 tweets
2 Jan
$33,000! Image
1,000+ Bitcoin sell wall at $33,000.

Someone really doesn’t want Bitcoin to moon 😂
780! Image
Read 4 tweets
1 Jan
1/ Bitcoin: a bold new world.

Satoshi published the white paper on 10/31/2008. Right at the moment of peak despair during the 2008 financial crisis. Trust had been lost in a world that ran on trust.
2/ But why October 31st? It certainly wasn’t because Satoshi was a fan of halloween, it must have had a deeper meaning. With all of his actions, he demonstrated a careful precision.

He had been working on Bitcoin for at least a year and a half before publishing the white paper.
3/ “I believe I've worked through all those little details over the last year and a half while coding it, and there were a lot of them. The functional details are not covered in the paper, but the sourcecode is coming soon” - Satoshi Nakamoto
Read 15 tweets
26 Dec 20
1/ Why Bitcoin may be going through a "Supercycle"

This time is different: COVID, Gold 2.0 narrative, institutional herd, and ease of use have set a new stage.

Instead of a normal bull/bear cycle, Bitcoin would break convention and enter a “Supercycle”

Thread 👇
2/ You probably first heard of Bitcoin in 2013 or 2017 when friends and family were talking about the wild swings in price. Bitcoin’s market cycle is typically around 4 years and some hypothesize the cycle is induced by halvings (a reduction in new supply).
3/ The idea being a reduction in supply + increase in demand = number go up. We can call this Bitcoin’s viral marketing loop.
Read 24 tweets
18 Dec 20
1/ Happy HODL Day!



Today was the day the term “HODL” was created.



Where did it come from?

Most people think it stands for “Hold On for Dear Life,” but that's not correct. Here's the origin story of "HODL."

A thread 👇
2/ "I AM HODLING"

Is yelled out by user "GameKyuubi" on the Bitcointalk forums, the most popular place for Bitcoiners to hang out at in the early days.

It was December 18, 2013 at the top of the 2nd 2013 bull market cycle.


bitcointalk.org/index.php?topi…
3/ The price action along the path to $1,200 was intense. In the year 2013, we actually had 2 bull runs. One in March 2013, from $10 to $260, and one in the winter from $100 to $1,200.
Read 20 tweets
3 Dec 20
1/ Satoshi’s Vision™ is a silly endeavor, as it doesn’t matter what it was, we are where we are now. However, those pushing the “Bitcoin was first made for payments” narrative insist on cherry-picking sentences from the white paper and forum posts to champion their perspective.
2/ The following tweetstorm is a categorical repudiation of this tired narrative. Bitcoin was purpose-built to first be a Store of Value (SoV), a thread:
3/ How do we determine Satoshi’s intention? We need to look at his ideology, description of functionality/architecture, timing, and audience. Let's start with how Satoshi describes the problem Bitcoin solves. In his first public comms after the whitepaper, in the first paragraph:
Read 44 tweets
2 Dec 20
1/ Over the last year and a half, I’ve earned ~1.2BTC with various yield generating services to earn an average of 5% on 30 BTC.

Here is my journey and how to guide👇
2/ Earning a yield enables you to stack more sats (what I’m doing), or reduce the temptation to sell your coin through earning an income.

The yield you earn comes with RISK!

Below is my current allocation for November (I’ll be updating every month)

docs.google.com/spreadsheets/d…
3/ Here are the ways you can earn yield:


Lending (Easiest/most popular)
Yield: 3-6%
- Ledn: rb.gy/3nfhvx
- BlockFi: rb.gy/4wzpri

Covered calls (Harder)
Yield: 1-80%
- Deribit: rb.gy/zbkrlu
- LedgerX: rb.gy/b6dl1n
Read 18 tweets
27 Nov 20
1/ The Rise and Fall of Crypto Narratives

Narratives constitute the fabric of the world around us: government, religion, culture, and finance all exist simply because we believe in it. Including money.

A thread 👇
2/ Money is a belief system.

The only reason your local government issued currency has value is due to a shared belief that it will be valuable in the future.



Crypto is no different.
3/ Each crypto project races to develop narratives that will create excitement and induce demand (read: increase price), since most lack traction (Protocol Market Fit or PMF).



“If you can't dazzle them with brilliance, baffle them with bullshit.” - W.C. Fields
Read 24 tweets
20 Nov 20
1/ Can governments kill Bitcoin?

-

You can’t kill an idea.

Bitcoin extends beyond just code, it’s a mindset.

People who understand and buy into Bitcoin have already gone down the proverbial rabbit hole. They’ve had to challenge their assumptions of money and government. Image
2/ Money represents stored time and energy of an individual.

The preservation of that is a human rights issue. While they may give up freedoms over flying (FAA), driving (DMV), and many other aspects of their lives (Alphabet agency soup), wealth is the last line of resistance.
3/ “To believe that all the people in the world that have adopted bitcoin for the financial freedom and sovereignty it provides would suddenly lay down and accept the ultimate infringement of that freedom is not rational.” - @parkeralewis
Read 19 tweets
13 Nov 20
1/ The Final Boss: Bitcoin vs Central Bank Digital Currencies

A question I often get asked is “Do you think Central Bank Digital Currencies (CBDCs) are a threat to Bitcoin?”

A thread 👇
2/ What is a CBDC? It’s a digital currency issued by the central bank that enables consumers and businesses to directly interface with it. Right now business and consumers can’t directly “bank” with the central bank, but instead through various intermediaries (ex: JP Morgan)
3/ The supposed benefits of a CBDC are that it would decrease transaction and settlement costs, improve distribution of stimulus checks, etc. via this direct access, however the true intention is a bit more sinister.
Read 16 tweets
6 Nov 20
1/ The Bitcoin (double) Standard

A deep dive into the cognitive dissonance of nocoiners, and the ridiculous double standard they have for Bitcoin.

Thread👇
2/ Manipulation

Over the last decade, banks globally have been fined with more than $321 billion in penalties, following investigations into manipulation of various markets/instruments: FX, metals, LIBOR, etc. Those cumulative fines = near current total crypto market cap.
3/ Intrinsic Value

Complaining it has no intrinsic value when their primary currency has absolutely no intrinsic value.

“Bitcoin units have no intrinsic value… the U.S. dollar, the euro, and the Swiss franc, have no intrinsic value either.”

stlouisfed.org/open-vault/201…
Read 12 tweets
17 Jun 20
1/ You may have noticed over the last few weeks that I’ve changed the background and profile image across different social media channels to a monochromatic aesthetic. This was part of establishing a personal brand identity which lays the foundation for something much bigger.
2/ Bitcoin comes across as goofy, technical, and boring. I felt that it was important we show Bitcoin as a blend between sci-fi and revolution. A combination of Inception, Blade Runner, and Mr. Robot mixed with educational content.
3/ My brand mark was designed to be a distinctive cohesive element woven throughout my content, future interviews, physical items, and digital items. Through working with David Port, a brand designer, we were able to distill my brand.

Below I’ll walk you through our process👇
Read 13 tweets
16 Jun 20
1/ Bitcoin has a decentralized marketing team, which is composed of all Bitcoiners.

We are part of a grand A/B testing experiment where we iterate with messaging and propagate different ways to explain Bitcoin to the masses, to teach them how to use Bitcoin, buy Bitcoin.
2/ My personal brand is my iteration on that experiment which I’ll cover tomorrow in another thread.

Bitcoin comes across as goofy, technical, and boring
3/ I felt that it was important we show Bitcoin as a blend between sci-fi and revolution. A combination of Inception, Blade Runner, and Mr. Robot mixed with educational content.

But before we get there tomorrow, a little more on marketing👇
Read 32 tweets
30 Mar 20
1/ I’ve signed up with Alcor, a cryopreservation company. As part of that, I get a quarterly magazine. The last one was a profile of Hal Finney.

It offers an incredible new view into his personal life, ideals, and perpetual optimism, even against certain death.

A must read👇
2/ Everything from here is a copy paste from the article:

Though widely known for his pioneering professional achievements across cyberspace and tech circles, Hal’s daily life paints a much more nuanced portrait. He was a devoted husband, father, accomplished Renaissance man.
3/ SoCal Roots

Harold Thomas Finney was born in the spring of 56' in the small town of Coalinga, California. Hal’s father… was a long time employee of Union Oil of California… which supported the family’s relocation to a number of different places throughout his lifetime.
Read 82 tweets
4 Feb 20
1/ Satoshi’s Vision™ is a silly endeavor, as it doesn’t matter what it was, we are where we are now. However, those pushing the “Bitcoin was first made for payments” narrative insist on cherry-picking sentences from the white paper and forum posts to champion their perspective.
2/ The following tweetstorm is a categorical repudiation of this tired narrative. Bitcoin was purpose-built to first be a Store of Value (SoV), a thread:
3/ How do we determine Satoshi’s intention? We need to look at his ideology, description of functionality/architecture, timing, and audience. Let's start with how Satoshi describes the problem Bitcoin solves. In his first public comms after the whitepaper, in the first paragraph:
Read 46 tweets
28 Dec 19
1/ A tweetstorm for the “Information Theory of Money” an article originally written for @TimelessBitcoin

How prices reflect aggregate market information and how a fixed supply gives us the best measuring stick for entrepreneurial outcomes. A thread👇
2/ “Prices are knowledge, and the signals that communicate information... they are the information system of economic production, communicating knowledge across the world and coordinating the complex processes of production.”
@saifedean
3/ Prices are the coordinating force of a free market system. Each individual decision-maker can rely on the prices of goods and services to help with their decision making, as the prices themselves are a distillation of all known market information into a single metric.
Read 39 tweets