FASBs fair value rule that goes into effect on 12/31 of this year will cause the biggest rugging and devaluation of the financial system since 2007/2008 and will likely make the GFC look benign.

Why is this?

Because there is no requirement for any company to prove that they can move the coins in their treasury.

Therefore if Coimbase loses coins - and doesn’t tell anybody (which they won’t) then Bitcoin will continue to accumulate and appreciate until they can no longer keep the Ponzi alive. By that time one can only imagine what the write-down will be across the balance sheets of every company in the US. It could be many trillions by the time it’s caught.

There is a simple solution. FASB can require that a company proves it can move its keys in order to declare the value on its balance sheet.

At a minimum, they get a signed statement from their custodian “certifying” that the coins can be moved - or they can be compelled to provide a digital signature.

Adding this requirement will not only remove the risk of a trillion dollar write-down of a central custodian- but it will cause massive innovation in the custody space for institutions. It would incentivize the roads to be built and would also incentivize more companies to hold Bitcoin in their treasury.

TLDR - there’s no requirement for any company to prove that can move the Bitcoin in their treasury - in order to claim the USD value on their balance sheet - this opens the door to trillions of $$ of write downs if we discover this after hyperbitcoinization.

100%. Now do it in terms of time.

Spend 4 years of your life in a college or instead apprentice in a trade while studying what you want online on your own time.

Measure your “returns” by who you will become.

Most people would consider you a loser for doing this and as a parent most would consider me a moron.

The truth is that the difference between winning and losing is likely determined by whether or not the individual stacked Bitcoin along the way.

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This subject is too loaded for this platform but I’ll leave a few bytes to chew on:

1. The unfunded pension liability in the US is over $200T which puts us over 600% - IF AND ONLY IF you believe the assumptions

2. Don’t believe the assumptions. I’m an actuary and used to set these assumptions. I quit pensions because of how corrupt this process was and I didn’t want to be part of the implosion with my signature on any of it.

Example: Most of the big state plans claim they are well funded because they assume discount rates equal to the expected return of the assets.

So even when rates are at local maximums like they are now, they are far below the 7 or 8% the big state plans like CALPERS are using - this makes the liabilities look a lot lighter than they actually are. The 200T might be 400T just if we use a more realistic discount rate for the future claims.

Here’s a little essay I wrote after the BoE bailout to try and explain some of this

https://risk-fundamentals.ghost.io/pensions-finally-come-of-age/

This right here is why data can be co-opted but information cannot.

Information is what you know to be true.

Data is just digital matter so unrefined that you could never determine if it’s true or false even if God himself gave you the answer.

Only an individual can KNOW and whatever act they do to transform data into information - that’s their proprietary production process and no government can co-opt all of that. They can only disrupt it.

As much as I cannot stand people discussing Bitcioin in terms of returns (Vomit) - it burns me even more when people describe those terms using bastardized language - either preying on peoples lack of rigor with that language or lacking that rigor themselves.

I’m coming to correct people who are misusing the word “asymmetric” with regard to returns. Asymmetric doesn’t merely mean that one side doesn’t match the other. There are already several words for that: unequal, itreflexive, greater than, less than, etc.

Symmetry and asymmetry have specific meanings with regard to what they are saying about a relationship. To say 2 sets are asymmetric is to say that one direction says absolutely nothing about the other direction.

A hash is asymmetric. Its power is in its absoluteness and rigor. It’s not describing a relationship between two worlds - it uses asymmetry to impose a ruthless fact and to either disabuse people of the notion that there can be any relation in the other direction or challenge them to disprove that notion.

The blurring lines between cryptography and finance already do damage to our society - we would be wise to be careful with the language we use to limit the damage.

Anyone here on Nostr want help with code review or any part of a project - hit me up.

Only communists consume themselves with what other people are worth. Cut the shit and get to work on providing your own value.

Data can be co-opted.

Information can not.

It takes a life to learn to be information sovereign in a world of co-opted data.

Nostr doesn’t fix this. Neither does Bitcoin. They may be helpers.

Learning and studying mathematics is the solution and the reason isn’t obvious.

It’s along the lines of Plato’s proberb that one must conquer themselves before trying to conquer the world.

Mathematics enables one to conquer themselves. This makes you an individual that is very difficult to conquer by others. It makes you strong and powerful resilient. It also build your trust in yourself.

Your sovereignty is limited by the trust you are capable of having in yourself. Very few things build that trust, w.r.t. your mind and thoughts like studying math.

Removing your ability to do this is how governments conquer you. Making education compulsory and making math excruciatingly painful has successfully deterred nearly 8 billion people from pursuing sovereignty.

Once you regain your mind through the study of math, you can begin to learn to distinguish information from mere data, and fight the war against power on your own terms.

Considering money is fake - it makes sense that they’d have some ability to project real power to suggest it’s not.

It’s gonna change. The monopoly on money is breaking down. Just with BRICS but obviously with Bitcoin as well - it’s gonna break down hard.

I have been drinking Otis' coffee for nearly 6 months.

Most coffee stinks. Tha's just a fact. Otis' coffee is actually good. I've hunted for the best coffees in the world for years.

I would vouch for the quality with every unit of my reputational capital. He also packs well, has sent as much as 20 bags to me, is always prompt. and is an all around good pleb.

Paying in Bitcoin is a really big plus. I cancelled my Blue Bottle subscription after starting my relationship with Otis.

If you're a coffee person - you should get in touch with Otis about his coffee.

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I travelled a little over an hour to a meet up last night. Only the organizer and one other person was there. You might think that’s lame but it was a great hang and a lot of ground was covered.

In order to build a good meetup you gotta show up and make a good hang no matter if 1 person or 20 come.

I credit the organizer for showing up and maintaining an interesting convo with me for 3.5 hours.

This is the way.

Throughout my career as an actuary, my crusade has primarily been about the definition of “real money”

My colleagues unanimously think that “real money” is what the regulatory capital models allow them to say they have in their holding companies.

I have argued for years that P/L and cash are real money and that their paper mark-to-model results are bullshit.

Let’s not even get into the fact that cash in dollars isn’t real money - but that’s there as well.

Bottom line - insurance companies and pensions are standing on absolute shams of actuarial opinion. They are backed by assumptions and when they are lucky enough to realize them - they are exposed to the perpetual bleed of fiat currency.

Nonexistent problem? There’s your issue right there.

To me he’s a nonexistent person - not worth the space in our heads

It doesn’t get more basic than zaps. It’s a basic unit for value. It was really my initial draw to Nostr - not that anyone can make a living off of zaps - but that I could give V4V - that is such a tremendous feature.

I see that. The fact that workarounds can be deployed so easily is inspiring.

Wow - that’s pretty amazing

GM Nostr.

I’d like to explore how I can use Nostr to teach math.

I feel like I can host problem sets here, as well as study groups.

I don’t need the best UX - just the functionality and the immortality of the material on my server.

Big fan of Joey. We’re like brothers who somehow still never met.

I was really committed to Nostr last year but after Damus removed the zaps - the experience changed for me. I love to zap ppl with one touch.

I tried Primal but honestly I think it’s over-engineered.

I’ll work my way back here.