I have instructed my people to buy lots of bitcoin if we go to the 80’s.

2 quick points though.

- I have no people

- I am also out of money

It’s easier for early adopters to ignore the price because accrued gains provide a psychological cushion (“I already made a good decision, I’ll ride it out”). For new adopters, there is a temptation to check the price constantly to validate their decision (“What if I made a bad choice? Should I get out before more damage is done?”).

It is very difficult psychologically to buy, hold, and ride out the price swings from the outset. Many believe they can and convince themselves they will, but following through is easier said than done.

Want to know how humans eventually fractionalize something over time?

25 years ago I worked as a shift manager at a fast food company. We kept a safe float of 4,650. This remained that way for some time.

Then sometime later the safe float became 4,400. I left that job shortly after but that was the last figure I remember it being.

A couple of years after this I caught up with some people for drinks, Only to hear the safe float was now at 3,850. One of the OG's who was there from the beginning who had also left before me, piped up with surprise that the float amount should be 5,000. As that was what it was when he started.

Shortly after this, there was an audit by owners looking to sell the business. Each of the current managers were investigated about where was the missing money from the float. What they were able to ascertain is there wasn't any direct theft that they could be attributed to the current management. Rather it was a series of crisises over a number of years that necessitated borrowing from the safe float to prop up maybe a bank deposit here or there. I bet there was always the intention to pay that back at some point. Just that point never arrived

The point of this is, it was normalized from the beginning. I've only ever known the safe to be 4,650, then later 4,400. I never even thought it was ever 5,000

Over a long enough time horizon, without audits and checks in place, is what will happen to your #Bitcoin if left with a custodian.

We are also seeing over an even longer time horizon it now happening with gold, and to a worse extent some government departments that are about to be exposed. We will call it theft, they will call it how it's always been done...

Reverse Repo has ~$71B left until it is fully drained. QT continues unabated.

The question that remains is whether this will cause a September 2019-like overnight rate spasm that forces the Fed to step in with extraordinary measures or whether the structural changes they've made over the last 5+ years will work. If the reverse repo market drains without any rate spasms, QT will move its focus to bank balance sheets.

Something to pay attention to.

if you recently purchased a nostr address from nostrplebs.com but did not set a password due to an error, please contact me to have your password reset. i know some of you did already. thanks 😉 the issue has been resolved.

If a > 1 Billion hack doesn't bankrupt you, you are way too big and/or there must be something fishy ongoing ?

It was John Nash

Sure there’s levels to knowing. Have you pondered much around the idea that it takes a certain IQ to comprehend the game theory and tech and monetary aspects of Bitcoin and that maybe adoption is more limited by total # of smart people?

I think this trend is countered by the fact that smart people can earn more and plow more value into Bitcoin over time.

I fear that most people don’t know and will never know (unless really really smart people can dumb it down much much more)

Who would you be if you did all the things you should be doing?

they say 4 to 8 yrs. I say, i’m scared.

Fuck you, dave boy! Another honest member of bitcoin’s marketing department.

Wokeness isn’t dead until we have a number 1 hit comedy movie in theaters.

Hollywood literally stopped making comedies for 12 fucking years

#Bitcoin solo-mined blocks over the years. 🔨

Everything under control. #ByBit

On point 💯

OPENSATS SHIPPING OVER A MILLION DOLLARS WORTH OF BITCOIN EVERY MONTH TO OPEN SOURCE CONTRIBUTORS.

I THINK WE CAN GO BIGGER.