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Joseph Voelbel
josephvoelbel@primal.net
npub1zuxu...qe62
Author, PAY ATTENTION TO BITCOIN: The Rise of Digital Gold and its Place in the Evolution of Money (2024), NINETEEN STORIES (2017).
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josephvoelbel 8 months ago
Great minds think alike.🧠💸 “Value is whatever we determine it is.” — @Jeff Booth “Money is an instrument that people agree to pay attention to.” — @Joseph Voelbel The Price of Tomorrow (2020) Pay Attention to Bitcoin (2024) The What is Money? Podcast w/ @Robert Breedlove
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josephvoelbel 8 months ago
Touted as a bitcoin book, the manuscript only mentions the word once throughout. While the interpretation of its reference remains open to debate, the half-cocked comment, “see how that worked out”, and the author’s own admission, indicate it was meant to be dismissive. Despite this the novel is a kaleidoscope of sound money spawned literary themes complete with evident btc-vocab like “Citadel”. The book tackles the devolution of The United States in a rapidly-inflating economy, the “New IMF” releasing a world wide currency called the “Bancor” backed by gold, copper, and various amounts of consumable commodities (an idea floated by John Nash in his essay, “Ideal Money”, as well as many other Austrian economists), and a general real-world palpability to a society on the decline as framed up though the intergenerational experience of The Mandible Family. From Great Grand Dad (GGD) on down through young Willing, the chemistry of the characters and the silent turned not so silent role a huge family fortune on the decline plays as a backdrop to all that occurs is compelling, authentic, and believable. Shriver tackles unique characters like a linebacker, and acerbic wit, economic prowess, and a love of the threads that tie a family across time and place are strident throughout. The book rests on its dialogue, indeed 85% of the book is strictly conversations happening in a particular location or another. The “backdrop” of the dystopic future is more of an afterthought to the foreground of the characters. The plot - which I’m not going to spoil - progresses smoothly and naturally, up until the final section of the book, where an abrupt jump forward in years felt like a truncated and not fully cooked Act III. The novels apotheosis is the family crawling out of NYC pushing a bicycle stocked with the silver cutlery handed down from many generations prior - the vestige of The Mandible Family Fortune - on their way to Uncle Jared’s Citadel (a farm upstate). As dystopic sci-fi is meant to do, there is some very reasonable forecasting. For starters, predicting the widespread absence of toilet paper prior to The Covid Era must been seen as not only literary foresight but literal forecasting. Reading a novel published in 2016 that discussed swapping roles of toilet paper for entire dinners, and romanticizing of how it might feel to reach up onto a shelf and grab a “cushy 9 pack of squishy TP” has an eerie sense of omniscience from a retrolooking 2025. Moreover, the literary conceit of a sovereign state within the contiguous United States being located in Nevada also jives with something like what a Texas might still become. Terms like “The Other 49” became common expression in this new self-declared sovereign territory with low taxation and no subsidies. Finally, the “chipped up” reality of everyone having a piece of tech stuck into their spinal cord at the base of their neck (so it couldn’t be dug out) is just too on the nose for something that could be incoming. All transactions digital, cash aboloshed, auto and instant taxation. The plausibility of such an outcome was well if not swiftly established by the author with the flick of a logical pen. It’s simply Google Maps, plus our Credit Card statements, on auto transmit to the new IRS every single time we transact. Not too big of a leap considering. On par with other books that don’t really have anything to do with bitcoin but somehow map it’s future rather accurately, e.g., Jeff Booth’s The Price of Tomorrow, Nassim Talib’s Anti-Fragile, or David Rogers Webb’s The Great Taking, this book accomplishes a similar reality but does so in the form of something far stickier than books about economics, it does so with a story. Willing is by far my favorite character and Shriver’s sense of humor runs through his emotionless drawl. There was a hue of The Glass Family, and young Zooey amidst these pages. @buzzbot 1000 image
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josephvoelbel 8 months ago
I have a mechanical mantel clock that works entirely without electricity, and it keeps perfect time despite being made 44 years ago. I’ve only had it for a few weeks, took a while to get it running properly (when to wind it, how tight, increasing/ decreasing its metronomic pace). Tonight I looked at my phone about to tap it to get the time, then I stopped and l looked at my mantel clock. Time became unstuck from my phone and I felt it viscerally. It was sublime. image
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josephvoelbel 8 months ago
I think I prefer British Hod’s play on $MSTY over giving BTC to a third party like Ledn for a 12% loan. Why? 1. Rehypothecation: While Ledn offers both a non-rehypothecated interest charge and a rehypothecated interest charge the fact that the former is on the table introduces a greater amount of trust. And non-rehypothecation platforms like Unchained & Strike won’t give loans <100K. While everyone’s stack size may vary, the high barrier to entry to non-rehypothecated lending platforms pushes lay bitcoiners to platforms requiring higher amounts of trust. Insert Terra Luna, 3AC, FTX, what’s next? Human greed won’t change. If lenders want to rehypothecate BTC they should be absorbing some of the downard volatility risk and pricing that into their interest rates. If you go with Strike or Unchained you’re parting with 200K of BTC just to get started, excluding backup BTC for patching LTV slippage. 4. BTC Yield: Companies like Strategy increasing the amount of bitcoin per share for $MSTR, while dilluting the amount of shares overall, are gene-splicing bitcoin into Trad-Fi. This leads to fancy offspring like preferred stocks $STRK & $STRF which pay an 8% & 10% APY quarterly. The ocean of liquidity just gaining access to what in effect are behaving like BTC Bonds — tapped by up-till-now untapped liquidity pools which are regulated by US markets — is the tip of a titanic iceberg.🧊 5. Insert $MSTY: Ever since options trading was enabled on the world’s most pristine, liquid, and volatile asset people could arbitrage its swings and turn a profit. People sell “covered calls” which just means they protect themselves on either side of a trade and make money. Non day traders can’t do this so well but Strategy turned the ability to arb its own stock’s volatility into an ETF $MSTY that pays dividends monthly (with the involvement of risk), which range from 5%-15% over the last six months. Higher risk higher reward. Fueled by volatility. BACK TO THE ORIGINAL POINT: Are bitcoiners better off dethawing a gank (or all) of their COLD SATS to get a loan they need to PAY BACK in full plus interest in a year OR selling 10% of their stack now to purchase income generating stocks fueled by bitcoin? 🤔 Most bitcoiners barely have a chair. Why should we pay interest to get fiat when there are options to start earning income on a small fraction of the BTC we’d have to fork out to get a loan? Plus, when we buy $STRK, $STRF, or $MSTY we get income to reinvest, live, and not owe.👑 🚨There is clearly higher risk in Strategy’s stocks than non-rehypothecated bitcoin but few have 200K in BTC to qualify plus extra to backstop it, AND want to pay 12-15% interest on top of that, which they have to earn to cover, as well as repay the loan.🚨 🎶 While BTC loans will remain on a steady downward slope towards accessibility to the lay bitcoiner (with ever-more competitive terms), the prospect of earning income, which can be spent or redeployed monthly or quarterly, while owing nobody ever, feels like the smarter play. 🎶
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josephvoelbel 8 months ago
All time lows year over year. #PayAttentiontoBitcoin image
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josephvoelbel 8 months ago
Watching a movie without sound enhances the symbolism.
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josephvoelbel 8 months ago
Specific Ambiquity: The art of deliberately doing something vaguely, e.g., Sam drove around seeking a known destination at an unknown location and attempted to get there by not preconceiving his route. image
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josephvoelbel 8 months ago
The only truly risk off asset to invest in is yourself.
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josephvoelbel 9 months ago
The Bitcoin Literary Canon. I punched in at 60K. Pay Attention to Bitcoin (2024). image
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josephvoelbel 9 months ago
2nd edition print of NINETEEN STORIES (2017) came out beautiful!!! One of the best things I’ve ever written. Order a copy. It belongs on a shelf📚📚📚 BUY REAL BOOKS ITS COOLER 👉👉👉
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josephvoelbel 9 months ago
The fact that this is laid out like the last supper is not a f’in accident. It’s a power statement. image