“Satoshi, grant me the serenity to accept the things I cannot change, like monetary policy, the courage to self-custody the things I can, and the wisdom to know the difference between fiat and hard money.” — Letter from the Editors of Bitcoin Magazine
WTF is The Fed?
In plain terms, The Fed does four things:
Settles transactions between banks.¹²
Determines banks’ reserve requirements.¹³
Gives loans to banks and charges interest.¹⁴
Buys and sells treasury bills on the open market.¹⁵
Great Bitcoin 101 reading from @Saifedean Ammous
Spotlight takeaways:
— Bitcoin is the only decentralized peer-to-peer store of value system
— Proof of Work blockchain is electric power converted into immutable contracts
— Bitcoin may fail, depends on adoption
— Bitcoin provides an alternative to monetary inflation from centralized fiat-mills (much as gold has done historically)
One down on my bitcoin basics reading list✊📚👀🤓
I wrote this essay last year called, 'The Evolution of Money'; this is the first in a collection that will become a book. 📚
"Perhaps money’s fluid nature spawned its numerous water-based terminologies. Assets which cannot move are said to be frozen. A person who is highly liquid has lots of cash. Holding an asset valued at less than its initial cost means you’re underwater. Just as boats are collectively stored in a port, a collection of stocks is called a portfolio. Products priced to move are said to be on sale, admittedly a mere homonym, though akin to the sails that move windblown vessels across the seas of commerce. Currency, (from Latin currere, meaning “to run”), shares the same root as current."