After great feedback on Bitcoin is Fire Friendly, I've launched a newsletter: FIRE BTC. Each week, I'll share ideas, strategies & techniques for pursuing financial independence & how bitcoin can accelerate your FIRE journey. I hope you'll check it out! 👇 firebtc.substack.com Here is a link to Bitcoin is Fire Friendly, in case you haven't seen it 👇 https://treysellers.com/bitcoin-fire/

Almost all of bitcon's price discovery has happened in the last 10 years, and it's already one of the most valuable assets in the world.

Almost all of bitcon's price discovery has happened in the last 10 years, and it's already one of the most valuable assets in the world.

GM ☕ My echo chamber says JD Vance was the victor last night. What is your echo chamber saying?

Pretty muted selloff considering WWIII just escalated...

TFW the $58k gang starts hunting again...

Sentiment right now be like

Uptober is coming any minute now, I can feel it! Staying humble and stacking for sanity......

Coming soon! Inaugural issue, "Why Bitcoin is Stupid", hits Thursday. 👇 firebtc.substack.com

If we pump it, they will come.

2y yields higher this morning ahead of the Fed rate decision. Does that mean the market is anticipating 25 bps instead of 50 bps? 🧐🤔

My theory is that Vitalik regrets the dogshit he created and has been working over the last few years to sink it. View quoted note →

ETH is down 55% from last cycle highs

$58k gang in shambles 🫠 View quoted note →

$58k gang remains undefeated

I hope Trump isn't using a brain wallet for his bitcoin.

Fall break at the best beach in 'Murica

When speaking about bitcoin's return profile vs. other assets, a lot of people use the term "cost of capital" when I think they really mean "hurdle rate". Cost of capital describes the interest rate you pay to borrow a financial asset, generally to fund other positions. It's normally used in the context of an arbitrage between two different rates. For instance, an investor may borrow short-term and lend long-term to take advantage of a difference in yields across an interest rate curve. A business may borrow operating capital using a line of credit (LOC) from a bank, which is being invested in revenue-driving activities that are used in part to pay interest on the borrowed capital. The rate paid on borrowed money is the cost of capital, and an investor aims to produce higher returns than this cost in order to produce a profit. While the cost of capital may be a factor in determining an investor's hurdle rate, these are not the same things. A hurdle rate is the baseline rate of return required by a particular capital allocator to make an investment profitable and/or worthwhile. If an investor is borrowing money to make an investment, then his cost of capital is the starting point for his hurdle rate. However, it is not the only factor. A hurdle rate may also take into account other fees and operating expenses. It also takes an assessment of risk into account. A riskier investment implies a higher hurdle rate to compensate for the higher probability that an investment sours. A hurdle rate can also be defined by establishing a benchmark for comparing a specific investment vs an index. For instance, when investing in the stock market, the S&P 500 is often used to define the hurdle rate, or at least as a starting point for one. Buying a particular company's stock may only make sense if it can meaningfully outperform the index. Otherwise, you might as well buy the index and go to the beach. And if another investment can't match the returns of the index, much less beat it, you're missing out on opportunity. What we're really talking about is not the "cost of capital", but the "opportunity cost of capital" deployed to inferior assets. When talking about bitcoin's return profile, I believe "hurdle rate" is the more appropriate term. When thinking about long duration assets, bitcoin's returns should be used as the hurdle rate to determine if any other allocation opportunities make sense. If you can't beat bitcoin's return over a 4+ year period, why bother? Just stack sats and chill. 😎 Thank you for coming to my TED talk!

How will you feel if the chop-solidation lasts another year?

A different framing