The last time the S&P 500 was up this high #Bitcoin  was $59,000

They (The Schiff) master social media: engagement instead of truth. People fall for it like flies on a windshield in the summer. He doesn’t try to be right, just to make you overreact and engage. His tweet is ridiculous but don’t be that fly. Move along

really not interested in X‘s next moves or worldcoin or any number of new scams that will bubble up and collapse over the next cycle.

don’t lend legitimacy by interest to these platforms. the signal is #Bitcoin & #Nostr.

Influencers & plebs stuck in outrage/obsession loops will have to learn at their own pace but we’re here building when they’re ready at whatever scale.

freedom tech is stronger.

sold all equities today. It was a „what the fuck am I doing?“ moment.

found myself calculating the gains in #Bitcoin terms but that is delusional until it’s realized in cold storage. Innumerable ways that value could have been wiped out.

got lucky, quit while ahead, feels good. rest easy knowing that value will be self custodied for the long haul and I won’t be a victim of my own risk management or disenfranchised by others.

stay humble, stack sats 🤙

I want to move Bitcoin’s collective knowledge to Nostr

Who can help me make this happen?

This is why I’ve always said a spot #bitcoin #ETF is a double-edged sword. Pick up any ETF prospectus and you’ll see that market-makers are lawfully permitted to sell more units than they hold in the underlying asset to back them—to facilitate market liquidity, supposedly. That’s just a form of naked shorting—but it’s legal for ETF market-makers. There will be other “paper bitcoin” games played too, once WallSt joins the bitcoin game en masse & prime brokers start allowing collateral substitution, unbacked leverage, et al. These are all just other forms of the same “paper bitcoin” games played by the now-defunct crypto exchanges & lenders in the last bull market.

That said, to quote Trace Mayer, bitcoin is the apex predator of finance—bc eventually everyone playing those “paper bitcoin” games will fail due to insolvency. When that happens, bitcoin could go “no-offer” temporarily (ie, when there’s literally no one selling on-chain bitcoins amid a run on all the insolvent counterparties). No one knows when that will happen, but I believe someday it will.

I’ve been trying to warn leveraged players about this for years, mostly to deaf ears. People who came from the leveraged parts of WallSt (incl SBF) bring with them their risk models, which they think they can apply to bitcoin as a new asset class. But their risk models don’t work for bitcoin—bc there’s no lender of last resort for bitcoin (🙏🙏🙏).

That said, such leveraged players will unfortunately keep wreaking havoc until they learn that lesson the hard way…