The Bitcoin investment thesis expects continued fiat currency inflation, which comes from 3 main sources:

1⃣ Fiscal spending
2⃣ Central banks
3⃣ Commercial banks

You don't need a PhD in statistics to notice the long term trends of each.

Yes they can be noisy and go the other direction at times.

But the long term trends are clear.

Let's do a quick check-in on each 🧵 1⃣ Fiscal spending (1 of 3)

The US CBO (Congressional Budget Office) forecasts that both:

1) US federal annual deficit spending as a % of GDP
2) US federal debt-to-GDP

... will both continue to increase for the next 30 years.

The existence of ANY passive yield which is effectively nominally risk-free (i.e. no work/analysis required, no risk of nominal loss) is a MASSIVE DRIVER of unnatural wealth concentration.

It is FIAT STAKING

Examples:
– stock ETF goes up 8-10%/yr
– 5+% yield on Treasuries

🧵🔽 To be clear, REAL INVESTING should and must come with appropriate yield/compensation in exchange for providing unique value to society which others were not able to see, to execute, or willing to take the risk to accomplish.

But real investing means analysis and work is...

This will be a continuous thread 🧵 showing high quality, beautiful, detailed, impressive architecture🏛️🏰🏦.

The hypothesis is that major cities were on their way to being as beautiful and magnificent as ancient Rome.

Then something changed after 1913. I'll include the location and construction dates of each building. Most will be in New York City. Some pics are taken by me in person. Others are pulled from the internet.

If you follow @Culture_Crit, this won't be all that surprising. Culture Critic does a great job

No, the free market did not choose fractional reserve bank credit money.

🧵A brief summary of how we ended up with the banking system we have today.

I can guarantee you will not have learned any of this at a university or TradFi job 😄 Bank credit money primarily came about because it offered advantages over previous metals in portability / verifiability / divisibility.

Precious metals are too slow to move, too expensive to settle & verify, and too hard to divide for small payments.

It's often claimed that a fixed supply money (aka sound money) leads to economic catastrophe. Economic growth requires creating more units of money & debt, they say. Money must be devalued over time to encourage spending.

Let's explore these widespread & flawed claims.

🧵👇 Unfortunately, these claims don't come from a place of thorough and honest analysis.

Yet these claims are repeated by many mainstream economists and commentators over and over again.

The claims are portrayed as already proven facts.

In the latest convo between @GeorgeGammon and @JeffSnider_AIP, George gives the following example.

A total of 10 gold coins exist in an economy. Alice agrees to give Bob wheat in exchange for a gold coin. But instead of both sides of the exchange happening now, Alice gives Bob the wheat now, and she agrees to accept the gold coin from Bob in a year. George and Jeff both say that this is an increase in the amount of purchasing power and therefore an increase in the total money supply.

Bitcoiners excel at spotting flaws in a system.

The monetary system is of course the main focus.

But the modern food system has also attracted the attention of Bitcoiners. Seed oils may be the biggest flaw in our current food system.

Seed oil 🧵 This is a short summary *in layman's terms* of why it's extremely likely that seed oils are devastating for your health.

Seed oils refer to oils made from canola, rapeseed, soybean, corn, safflower, sunflower, cottonseed, grape seed, rice bran, etc.

AKA "vegetable" oils.

Great short article by @dkyleward at @mises

And FYI @TheGuySwann just read it on @BitcoinAudible

A few additional thoughts from me 👇

mises.org/wire/price-def…

https://twitter.com/BitcoinAudible/status/1574651163542274048?s=20&t=GOM5THjwhOZTX3kkaLrciw

The pro inflation argument from CBS News is embarrassingly bad. If this were true, there would have been zero TVs sold since 1950. Everyone would be perpetually waiting for TVs to get cheaper (and better quality).
1/7

Have you ever wondered why so many people in legacy finance don't get Bitcoin (and sound money)?

After a 13-year career at Goldman Sachs I have many experiences on this topic and I’ve tried to offer some insights in a new piece.

🧵👇

Hope you find it thought-provoking! The reality is that most people in legacy finance who hold a negative opinion of Bitcoin do not have a good understanding of Bitcoin.

They have spent very little time researching Bitcoin, and just as little time exploring the topic of sound money.