Thanks for letting me know.

The Liz Truss mini budget panic was said to be caused by pension fund managers calling the BoE asking for intervention as they faced bankruptcy.

This causality is debated, however it’s interesting to unravel the nature of the pension predicament.

It wasn’t all pension funds as modern schemes should be fully funded (aside rehypothecation practices). The problem is the existing stock of Defined Benefit schemes which pay a fixed amount per year like an annuity. They invest their money in long term government bonds under a practice called Liability Driven Investment (LDI). DB funds don’t know how much they are on the hook to pay, as that depends on how long members live for, so they run statistical models, and invest ‘optimally’ to have enough value at any point in the future to pay obligations. When BoE started selling back its stock of bonds acquired via ‘Quantitative Easing’ in a process dubbed ‘Quantitative Tightening’ they devalued the market for the bonds the pension funds hold dangerously threatening their solvency.

As DBs have ended the stock of them falls every day as, sadly, members of course eventually die.

DB was unsustainable but there isn’t much stock of it left so actually as time goes by the pension industry is less precarious.

Oscar this is NOTHING to with Bitcoin!

True, but saving in a capped supply asset will give you a wicked pension. X

In celebration of Michael Saylor telling us holding our own belongings makes us the paranoid fringe, I started mining again today.

Oh, good point! I had configured an LNaddress ages ago in Damus but can’t see that now. Maybe they changed the model and that is only visible in other clients now?

$69,420 crew back in control

Thanks. Done. But still no zaps log. Any other ideas?

Why don’t my zaps show up here? I don’t know who is playing fairy godmother.

😃 THAT’S THE ANSWER!

Okay, hooking it up to my full node directly then. No solo pool pretend mining for me.

Thanks @TheSoloMiningCo for the nicely packaged and manufactured hardware.

BIG DAY FOR ME.

I received my first ever zap ⚡️ which is ♾️% more than I earned on Twitter.

I booted up my first bitaxe. These are the first time current(ish) generation chips have been available in small form factor for years.

Shall I run it solo in lottery mode or contributing work to a pool?

re-basement*

Signals a bit too high on nostr, needs more noise. Who shall I follow?

Failure to respond to this post by midnight will result in a fine of £60, reduced to £45 if paid before midnight.

At a bitcoin conference

Guess what the currency is here

Cigarettes

So funny

(New laws in Netherlands make cigs scarce as hell)

Fiat is designed to gradually debase to stimulate work.

Bitcoin is designed to gradually re-base to stimulate leisure.

{No, debasement doesn't mean filing in your basement with gravel, and rebasement doesn't mean digging it out again - that's not leisure time}

Typo!

Fiat is designed to gradually debase to stimulate work.

Bitcoin is designed to gradually re-base to stimulate leisure.

{No, debasement doesn't mean filing in your basement with gravel, and debasement doesn't mean digging it out again - that's not leisure time}

Careers fair:

I want to make a lot of money

Get into banking

I want to store my new money somewhere

Put it in a bank

How much will that cost me?

Nothing

What?

Yes, banks dont charge to safeguard your money

So how did I make all that money in banking?

You printed it

NEXT!

OMG I’ve just realised there’s poo in the pool.

😂

Right? The commercial opportunity and tax from these goods is enormous. Not to mention the chnace for people to use less alcohol as their only mood medicine.