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⁃ recent gargantuan increases in money supply are still having powerful effects

⁃ interest rate rises may be ineffective, and may even have significant inflationary effects

Unsurprisingly, these obvious points are not even mentioned by the FT in their latest article analysing inflation.

You said 52 on Twitter.

Does that mean Nostriches live a year longer?

I feel your pain.

Just think of the extra sats you might buy if you can avoid spending it all.

I’d be interested to see what you’ve based your numbers on.

Could that number be achieved even if all global financial assets were sold for Bitcoin, and all the money in the world moved into it?

Proof of walk.

The UK Parliament’s Treasury Committee is wrong to conflate Bitcoin and ‘crypto’. Here’s why for #[0]​

https://www.bitcoinpolicy.uk/post/bpuk-s-response-house-of-commons-treasury-committee-s-regulating-crypto-report-summary

Monster report incoming on Bitcoin vs the legacy payments industry from #[0]​ at #[1]​

https://river.com/learn/files/river-payments-report.pdf?ref=blog.river.com

Presumably a very short article which just says:

“Bitcoin fixes this”

I’ve got an electric drum kit and an Egyptian drum (which might be more practical).

I can hardly play either of them, so there’s a wee bit of time pressure to get competent.

Are early 2020s US markets more or less volatile than in 1920s Weimar Germany?

In the run up to the 1923 peak insanity of Germany’s notorious hyperinflation, its financial markets were (unsurprisingly) tumultuous.

This is chronicled in Adam Fergusson’s 1975 book, ‘When Money Dies’.

To illustrate the face-peeling volatility, Chapter 5 gives three examples of share prices in 1920, how they exploded in 1921 and then cratered in 1922.

The first example is a car maker, the Daimler Motors Corporation (later Mercedes-Benz):

1921 pump 170%

1922 drawdown 63%

How does this compare with today’s biggest US car-making company, Tesla?

2021 pump 1350%

2022 drawdown 75%

Observation: 2020s Tesla is more volatile than early 1920s Daimler.

Is Tesla just a rank outlier? No.

Facebook

2021 pump 180%

2022 drawdown 77%

Observation: 2020s Facebook is more volatile than early 1920s Daimler.

Netflix

2019-2021 pump 160%

2022 drawdown 76%

Observation: 2020s Netflix is just as volatile as early 1920s Daimler.

It’s often said that history may not repeat, but it often rhymes.

Looking at stock volatility 100 years on, what can Weimar Germany tell us about today’s America?

Yeah, ‘revolution’ sounds like a no-no.

A bit of ‘peaceful adoption’ might go down better.

Entertaining and informative.

Freddie has an unusual background and some original takes on Bitcoin advocacy.

Listen to the end to find out what Bitcoin Policy UK is all about.

Not only is this track a comment the state of play today. This is a great album.

Bitcoin is non-government money

(From ‘Bitcoin is’, a series to help people understand Bitcoin)

Many people think that money has to be issued by the government. But this is not the case, and it never has been.

First, consider currency. In London, the pound is money, the euro is money in Paris, and Bitcoin is money in El Salvador: all of these are legal tender, endorsed by the respective national governments.

But money can also be whatever currency people agree is money without the government’s say so. The US dollar remains money in Cuba even though the government says it isn’t legal tender, and Bitcoin is widely accepted on the Isle of Man without the government there saying anything much about it at all.

The same goes for banknotes. They are of course often issued by governments via their central banks. But notes have historically been issued by private banks as well. In some places they still are, such as Scotland, where Virgin Money subsidiary Clydesdale Bank (amongst others) still issues sterling banknotes, and Northern Ireland, where (amongst others) Danish multinational Danske Bank does the same.

And what about ledger money, which makes up most money in circulation today? The world over, this is mainly not issued by governments at all, but is instead created by non-government banks such as Banco Santander and Wells Fargo when they make loans. In the UK for example, retail banks such as HSBC and Lloyd’s create around 80% of the money in the economy in this way.

So while some money is government money, most money is not. Yet people the world over still agree it is money.

Similarly, Bitcoin is not government money, yet people all over the world agree it is money.

Bitcoin is non-government money.

Please share to help people understand Bitcoin

https://www.bitcoms.xyz/bitcoin-is/bitcoin-is-non-government-money