“Too big to fail” is a symptom of a broken and insolvent system
GRANTGILLIAM
grant@primal.net
npub1saxm...u5fv
Bitcoin, Ten31
Fiat money and governmental intervention is about short term gain, long term pain
Citadel21
Bitcoin And Psychedelics — Citadel21
Math is power. In math we can find truth and freedom.
There will always be bad takes out there, don’t trust the “experts”
I’m bullish
there are more important things to do today than reading about openai drama
What were you discussing at Thanksgiving when the bull began its run?
Guys, it’s finally over. Time to pack it up and try something else.
Ten31 Timestamp 817,329
Markets decisively reversed course from mid-October woes this week, as the latest CPI reading, which came in slightly below consensus expectations, ignited a short squeeze that sent stock indices back near YTD highs while dampening bond yields on the expectation that macro data now support an end to Fed rate hikes. Worsening retail sales data, consistent growth in continuing jobless claims, and ongoing declines in federal tax receipts also seemed to support this thesis, and investors are now pricing in Fed rate cuts as early as the first half of next year. It remains to be seen how long the perverse “bad news is good news” trade can last given substantial and growing underlying market stressors including the tenuous commercial real estate backdrop (highlighted in increasingly frequent data points like the chart above).
The S&P wasn’t the only metric that saw a large upward impulse this week. Bitcoin network mempools were as busy as they’ve been since this spring’s BRC-20 craze, with fees for high priority transactions pushing above 300 sats per virtual byte (roughly $16 for an average-size transaction) for the first time since May, pushing total transaction fees per block to over 3 bitcoin (~half the block subsidy) while backlogged unconfirmed transactions spiked above 300,000 (off of ~20,000 a few weeks ago). As we highlighted during this spring’s parabolic move in transaction fees, this activity represents bitcoin working exactly as designed, and should offer consolation to any observers worried about bitcoin’s long-term “security budget” – if the bitcoin network can command transaction fees of this magnitude on the basis of relatively trivial price increases and NFT gambling, we struggle to see how it will not sustain much higher fees as bitcoin becomes the global reserve asset and a neutral means of settlement for trillions of dollars of highly sensitive institutional and sovereign transactions worldwide. That same dynamic also highlights the importance and long-term economic value of the many companies in the Ten31 portfolio that are building tools and applications to navigate, manage, and benefit from this upward fee pressure.
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Ten31 Timestamp 817,329
Markets decisively reversed course from mid-October woes this week, as the latest CPI reading, which came in slightly below consensus expectations,...
Don’t ever assume you are right curve or left curve. You should fear you are middle curve and strive to be left curve.
Reading with my kids. FYI @Will Cole
In case you haven’t seen enough of this picture
it's a bear market, be your own lawyer rather than pay legal fees
There was a lot of anticipation for the Coinbase direct listing in 2021. The day it launched was the actual top, followed by a 54% near term decline and 76% ultimate decline.
There was a lot of anticipation for bitcoin futures to be launched on the CME in 2017. The day it launched was the actual top, followed by an 84% drawdown
If the ETF drops this week, they’ll wait til after RHR to announce it