View quoted note → We really don’t. We need humility. This cycle is likely going to be painful for a lot of nocoiners.

My personal goal this cycle is to really internalize the “stay humble” part of “stay humble, stacks sats” this cycle. No dancing on graves for me. Cc: @ODELL

Holy shit. In the time it took me to pee and wash my hands.

@preston: if I send you 250,000 sats, can you tell your X followers you’ll zap something like 5,000 or 10,000 sats to any #Nostr newbies who download a client and connect a lighting wallet (and then do it)? @primal being an obvious option. (My follower count on X is crud. So, it won’t amount to much if I do it myself.)

I’ll be honest. I think the odds of success for #Nostr are a lot less than #Bitcoin at this current stage. Maybe that’s just a function of how long both have been released. But I see grand possibilities for both and hope to see them both succeed beyond our wildest dreams.

View quoted note → An easy to use non-custodial lightning wallet is the dream. Is the @primal Wallet custodial? Of course. But it’s primarily going to be used for zapping. So don’t keep large amounts of funds on it which will be the case for the vast majority of people using it.

Anyone know how I add things to my feed? I want to add #bookstr.

View quoted note → Being able to buy sats via Apple Pay is brilliant. The markup isn’t worth it for normal purchases but it’s going to be extremely useful onboarding someone to Bitcoin who is primarily on Nostr for the open source media platform.

In addition, if MSTR/@Michael Saylor hang onto the stack into the future, there’s a very high likelihood that other firms and/or their owners end up *needing* Bitcoin because they don’t yet own any. If that happens, MSTR gets to buy whole companies or large amounts of equity of other companies at great valuations *in Bitcoin terms* because he’s the only guy on the block w/ enough bitcoin to make these purchases. If this happens, this is the beginning of MSTR becoming the new Berkshire which would make Saylor the new Buffett and that’s a role he’d play really well. My guess is that others such as @preston & @less also see this as a very plausible long term outcome for MSTR/Saylor. View quoted note →

No surprise, $MSTR issued more stock to do it. (See below.) This was the right move as the stock has been trading at a high premium above its #bitcoin holdings, higher than the operating company is worth. ($MSTR should trade at a premium above its bitcoin holdings as hr operating company also has value, the question is how much.) I believe @Michael Saylor is laser eye focused on one metric: *sats per share.* He’ll do anything that doesn’t threaten the stack to increase it. IMO, he’s a brilliant capital allocator. This is why I had my mom buy some MSTR shares back when the stock was trading at the price of the bitcoin plus $8 for the operating company. It’s was a steal. Since then both Bitcoin and the MSTR premium have soared. Now, if only Saylor can enter into a tiny loan he uses to buy bitcoin. Then when Bitcoin goes down & every lazy person who can’t be bothered to understand the loan agreement thinks MSTR is going to default pushes the stock to a large discount, he *buys back* shares and demonstrate to Wall Street what real capital allocation looks like. When Bitcoin tanked, and as a result MSTR tanked because lazy people thought MSTR was at risk of defaulting on the Silvergate Loan, I moved my GBTC into MSTR & netted a bunch of sats. I’ve since moved back into GBTC, then OBTC, and then back into GBTC again netting me a bunch more sats. I’m waiting for the MSTR premium to come back down to move out of GBTC into MSTR which is, all things being equal, the better play. (No fee, an operating company that will keep generating free cash flow to stack more sats, and one of the best capital allocators in the business.) My guess is the divergence between the GBTC discount and the MSTR premium closes when a Bitcoin spot etf gets approved/launched. So that’s what I’m keeping my laser eyed focus on. View quoted note →

I guess it’s “the free market” when you like it and “blackmail” when you don’t.

Thanks for informing me his sentence for financial crimes will run concurrently to his murder sentence of life in prison without parole. I couldn’t have deduced that otherwise.

Pics of Charlie Munger from a 1947-1948 Harvard Law Year Book, a year before he graduated. He was involved in Legal Aid. He's pictured with a client in the last photo. (My grandfather was at Harvard Law at the same time and when I got into law school my grandmother gave me his old year book.)