Ordinal idiots determining the cost of transacting in Bitcoin is still a quantum leap over a cartel of bureaucrats determining the price of fiat money. Someone still has to spend that money.

Few - The US is already too broke to attack Bitcoin with its shitty money. They may never shoot this blank because they can’t have the whole world finding this out.

Abstract Algebra can be a beautiful tool - but I have found that it’s best use is to keep myself humble by trying my damndest to learn it.

Fountain

Rock Paper Bitcoin • RPB025 - And The Walls Fell • Listen on Fountain

Recorded Nov 11, 2023Fundamentals & Business Cat consider the book Stolen Focus by Johann Hari, and its communist undertonesIntro Music: Jeremy Sou...

We closed the episode with The Lizards. It’s about my community doing things smart people don’t do. I’m grateful to my partner for accepting my plea.

It’s a daily struggle to stay humble. Fuck you money is burning a hole in my ego. The drop was way easier to navigate.

This is the interview that Orange Pilled me. They barely discussed Bitcoin. But I saw Dr Jack as I’d never seen him before and Caribou had a whole set of learning videos. I did them all and the rest was history.

View quoted note → SlyGoomba is a great plan but doesn’t care much for Nostr. Let’s show him a little love here and maybe I’ll talk about it with him when I go back on his show next week.

Fountain

Bitcoin Brilliance • S6E8 - Fundamentals - "omg im a stupid person" • Listen on Fountain

guest: @BBrianPaul Rock Paper Bitcoin pod: @RockPBPodcast host: @slygoomba

Was great to come on this show - one of my favorites and love the title Sly gave me. EPIC!!

Bitcoin’s base layer has solved the “Double Coincidence of Wants” between 2 connected peers. This is a chimeric event that permanently transcends barter and allows specification of labor However this comes at a price (miner fees) and is only available to connected peers - a pitiful fraction of the potential combination of coincidences to be solved. Additionally, while we have graduated from barter but we don’t yet have commerce on par with how Fiat has connected market participants despite doing so on a terrible base layer. Lightning’s various implementations extend the double coincidence of wants to allow many more combinations of non connected peers. How many more? That’s a problem id love to see a math student write their dissertation on.

Without explicitly saying so, @Lyn Alden explains on page 275 of Broken Money - exactly what Bitcoin fixes. Prior to the chimeric event of 1/3/09, no hard money could keep up with fiat in terms of salability or settlement speed. This just enabled the crackheads who rule us to print the shit ad-Infinitum. No limits, no control. Satoshi ensured that this stops now. Now a hard money can not only keep up but exceeds every fiat and commodity money in every way - no government can beat it.

If you are listening to Broken Money by @Lyn Alden make sure at Chapter 15 - that you sit down for a couple of days and work through the examples. This is a once in a lifetime opportunity to understand money creation from an engineering perspective. 50 years from now this information will probably be irrelevant. 50 years ago it would have been as valuable to a nation as a nuclear weapon.

It’s notable that Larry Fink is now on TV speaking of Bitcoin as a destination in a flight to quality. I’ve spoken and written extensively about my view that Blackrock is solving a risk problem using Bitcoin and every time Larry Fink speaks - he validates that view. The problem of asset management is far simpler in a world of people exposed to Bitcoin longs and shorts than a world of people exposed to bond longs and shorts. The base case of holding Bitcoin over bonds is also becoming much more simple and clear. Zero counterparty risk, zero monetary policy risk, markets open 24/7/365 and - Now that FASB is marking to market and there will exist a perfect hedge in the ETF - Bitcoin occurs to any ordinary asset manager as a superior store of value.

It’s apparent now that companies in the UK we’re borrowing off the bond gains in their pensions to fund their operations. This was not the intention of LDI which stood for “Liability Driven Investments”. The purpose was to match the liabilities exposure to rates with assets. Long duration bonds did the trick. That companies spent the gains on operations and not matched their liabilities with them is pure corruption and they deserved to be liquidated last September when their collateral impaired. That these companies had to pilfer their pension plan to fund their operations speaks to the malinvestment of their existence to begin with. That they were 1) allowed to do so; and 2) bailed out when it broke speaks to how corrupt the UK is and how little they actually care about those pensioners. The question we ask now as TSY yields make another climb is: who else was looting their pensions and who is about to get caught?

The sovereign is he who may declare the exception. Thinking about this quote a lot as I read @erikcason Cryptosovereignty. The quote is from Carl Schmitt who’s biography is impossible to verify. Modern historians cast him as an unrepentant Nazi, but looking into his work - that just seems impossible. No people exercised the act of sovereignty by exception as hard as European Jews for the last 2000 years - at least up until 80 years ago. Prior to the internet, Jews were the torchbearers for sovereignty in Diaspora. After a 2000 year “Then they fight you” phase, they were bought and are now generations removed from their based outlaw grandparents. There is no exception more egregious to the state than rejecting Christianity. The bigger the exception, the greater the sovereignty. We should be learning from them and not falsely associating the Fiat cumlords who bought them (who happen to be Jewish) with them.

Meetups, midwits, bombing on stage, and how everybody has a price

Fountain

Rock Paper Bitcoin • RPB021 - Satoshi's Price • Listen on Fountain

Recorded September 23, 2023Fundamentals & Business Cat push into the gray areas.Intro Music: The Killers - Boots00 - Catchup and Meetups18m27s - Th...

Dedicated to Justin Trudeau

Why Financial Planners are fiat charlatans and you should eliminate them from your life if you’re a Bitcoiner: There are only 3 choices to make if you have savings: 1. Hold on cash and pray you don’t get heavily debased or confiscated. 2. Go all-in on debt and YOLO and pay back pennies on the dollar. This is the current Cantilonairre strategy and it’s not bad if you’re a Nihilist and know you’ll stay one forever. 3. Go all-in on Bitcoin and protect your savings from debasement and confiscation. The only allocation choice is between 1 & 3 or all in #2. You don’t need a planner to do this for you. The mere suggestion that another can do this for you makes them liars and frauds. If you can’t do your own financial planning under these scenarios, you may as well enjoy life and go with #2 but not pay 2% or more for the privilege.

Fiat Ruined Football Everybody remembers the golden age of football - where defensive struggles and ground attacks determined who were the toughest men. Occasionally a super fast player who could stay on his feet would make a huge difference and dominate the game. But this era thrived in the 70s with the a Steelers and peaked in the 80s with the likes of the Redskins, Bears, and Giants being challenged by offensive upstarts like the Dolphins and 49ers. Bill Parcells had a saying: There are 3 things that can happen when you throw the ball and 2 of them are bad. He was referring to the 1 good outcome of a lot of yards but the 2 bad outcomes were either an interception or a sack. Under such a risk assessment, it’s no wonder that Bill Parcells rarely let Phill Simms throw the ball and focused all his attention on his beastly offensive line. Today the equation is different. Now there’s a good chance of a penalty being called on a pass play. Pass interference, defensive holding, roughing the passer - there are so many ways that teams can benefit from passing plays that the incentive is now to throw on every down. It’s convenient because it’s a version of the game that high-time preference fans seem to like more as well. It’s all in the name of protecting the players but as I remember, Joe Montana, John Elway, and even Phil Simms throwing every 3rd down into a blitz had long and satisfying careers. The big money is in football and they want big numbers, high scores, and Tom Brady protected at all costs. Football became high-time preference. And it sucks now. Fiat ruined football.

Get your MBA in 3 hours - one that actually confers knowledge and understanding

Fountain

Bitcoin Audible • Only the Strong Survive - Full Audio • Listen on Fountain

"In this piece we discuss our concerns around the broader “crypto” space beyond Bitcoin. Our arguments revolve around three primary themes: Phi...