Extreme first world problem: when you own multiple homes and every time you move between them Netflix makes you jump through a bunch of hoops because it thinks you're sharing the account.

The day after Reddit locks my account for the second time, they send me an email offering me IPO shares for being an OG user. Talk about mixed signals!

I worry that most of us won't be able to handle $500k BTC.

Why did I start CryptoCloaks?

Escape the corporate rate race.

Build what I'm passionate about.

Have time to build a family.

Have time to enjoy my family.

Stack Bitcoin for my family.

Become ungovernable.

Retire and enjoy life.

Design freely and open source it all in the future.

Bitcoin makes this possible. I'm thankful to be here while the time is needed.

🤘

What’s a better term for the MSNBC/Fox/NYT/whatever companies: “corporate media” or “legacy media”?

The Fed's Bank Term Funding Program (BTFP), the facility that they introduced after the March 2023 banking crisis, now offers lower borrowing rates than the Fed pays in interest on reserve balances.

So, banks are arbitraging this by borrowing from the facility (i.e. from the Fed) at one interest rate, and then depositing that borrowed money with the Fed to earn a higher interest rate, and thus are earning that risk-free spread. They're arbitraging the Fed.

What was the response?

Gotta love the people moralizing on how other people should behave as if Bitcoin is a centralized system.

There are friends and enemies, incentives and consequences. Let's just say these haven't played out yet.

Helping to correct what I was a part of and learned. It’s not about Twitter. It’s about the corporate incentives.

A company can’t own the protocol, platform, and interface all in one. The protocol layer must be free.

How to deal with smart people that don't know about Bitcoin

It can be intimidating to talk to someone that's smart that spouts nonsense about Bitcoin. Arguing with them is going to be difficult because they likely have flawed economic thinking that is at the core of their beliefs.

If you're arguing with a socialist, for example, they're likely to have some form of class struggle or oppressor/oppressed paradigms that guide all their thinking. If you're arguing with a mainstream economist, they're likely to view centralized monetary control as a good thing. If you're arguing with a gold bug, they're likely to deny the value of digital things.

It's a pretty heavy lift to argue with these people, because, most likely, they haven't studied Bitcoin in any depth. But if you want engagement, start with their assumptions about the current system. Do they know how it works? Do they understand that all money comes from loans? Do they get that inflation destroys savings and that it's a stealth taxation? At the very least, this should get them on a field that's a little more neutral and fact based. But it's also possible that they may understand all these things and still be against Bitcoin. What then?

You can move from there to whether freedom, particularly property rights are a good thing. Even the most ardent socialists don't like having property taken away from them. And really, this is a moral issue that's very intuitive. Usually, you can make headway that property rights, especially over savings is a good thing.

Finally, you can move to Bitcoin. Do they understand that it's decentralized? That it's digital and that digital things can have value? This is where you need to avoid the stupid economics of the mainstream, who like talking about velocity and unemployment and so on. Those are all irrelevant to the fact that Bitcoin is good money.

We need more creative uses for waste heat.