Reading Founding Brothers by Joseph Ellis through the lens of bitcoin. There are fascinating parallels between the American Revolution and the bitcoin revolution. I fear many bitcoiners do not understand how and why the American Revolution was successful. And we seem to be getting outmaneuvered by the powers who do not want to see bitcoin succeed. First lesson. Speed is critical to our success. We cannot be patient. We have (or at least had) momentum. We must not relent and be patient. Speed is an asset to our effort. More to come. But first lesson: Accelerate. Relentlessly.

@HODL @ODELL no bitcoiner in any prior bitcoin class has held this long without experiencing euphoria. We experienced the 80% drawdown. Class of 2021 hodlers are the real ones…here not for the gains but for the freedom.

Flew too close to the sun this cycle. Got a little greedy, forgot to be humble (or chose not to be), and now I am stressed for bitcoin to bail me out. Lessons learned, regardless how it turns out. But I’d really like for it to turn out a certain way.

My dad told me yesterday that bitcoin is worthless. Last time he said that was $16k. So we have that going for us.

Bitcoin’s felt “dumpiest” for a really long time. Waiting with increasing frustration for the “pumpiest” part of the meme…

Re: oil in the mastermind discussion, the US actions in Venezuela are more related to them posturing against Guyana in a border dispute in which Venezuela would seize the largest private (ExxonMobil) oil discovery in the last 4 decades. It’s much higher quality crude than what Venezuela has within their borders. Oil price: in addition to poor demand globally, OPEC pumping is an attack on US manufacturing sector. Shale oil is much more expensive than conventional oil reserves and therefore not as profitable on a per bbl basis. Lower oil prices hurt the shale oil bbl produced in Texas much more than they hurt the OPEC/Russian producers. cc: @HODL @preston @Dr. Jeff

The conversation with @Matthew Mezinskis and @MartyBent was odd and confusing … (1) Networks and network effects are exponential and should not follow the power law. (2) Debt is a priority claim on assets & associated cash flow. Equity is a residual claim. (3) The interest rates for debt issued when bitcoin is successful would need to be equivalent to appreciation rate of bitcoin. (4) When the capital comes for bitcoin, it won’t follow the power law. And it won’t happen gradually. (5) Matthew has a lot of inconsistencies in his positioning. Anchoring on the Power Law but then struggling to reconcile and explain the implications of increased bitcoin adoption. Felt FUD-y after listening to it.

Tick tock, next block

Anyone know the targeted close date for Twenty One? Or at least a range? cc: @jack mallers