GM.

I'm bullish on bitcoin, and I think a lot of people overthink it.

One of my favorite metrics is the market value vs realized value ratio. The realized value is basically just the on-chain cost basis. The value of UTXOs at the dollar price during which they last moved between wallets, which often means the time people pulled them from exchanges or deposited them to exchanges.

A relatively small amount of marginal buying can push up the market value by a lot. Like how if you buy one house on a street, it can boost the estimated price of all houses on that street even though only one of them traded hands. But when market value becomes stretched relative to cost basis, it means that part of the market value is kind of illusory. We don't *really* know what houses on that street are worth if only one of them traded hands recently and thus liquidity was low. Over time, as more houses on that street trade hands and we have more price points, the estimated value of the street becomes more real. The same thing for bitcoin; as more bitcoin trades hands at certain levels, it starts to make that level "real" compared to how real we should consider it when it just touches a certain level for a little while with limited volume.

Right now, bitcoin is at an all-time high in its realized price, i.e. cost basis.

Back when bitcoin was poking over $60k in April 2021, the cost basis for the network was only about $350 billion. Now, at the same market price, the cost basis approaches $650 billion, or more than twice as high. The marginal bitcoin has traded hands and moved between wallets at much higher prices than years ago, even though the market price is about the same. In other words, these levels have been truly liquid and been consummated by the market more than they were back in 2021, and thus the price is more robust at this level than back then.

The launch of the spot ETFs pulled forward some excitement this year, and so we've been in this big consolidation since March. But even in that time period from March to the present, the on-chain cost basis increased from like $520 billion to $640 billion, and so price discovery and progress is being made despite the ongoing price chop.

As the network builds a bigger and more solid base like it has been doing, it can set the stage for the next major breakout. The network looks healthy to me.

Bring back the left that was against The All Powerful State

Gm freedom maxis 👋

Curious, do they think that starlink is fake satellite internet also, and/or that the rockets that take those up and land back on their landing sites is all fake as well? 🤔

I don’t quite see the point of such an elaborate faking and doing it over and over again thinking they wouldn’t get caught.

I've tried pretty much every form of milk over the years for my protein smoothies and eventually settled on Silk Cashew milk for the following reasons:

1. 0 cholesterol

2. 0 sugar

3. 0 carbs

4. No seed oils (many plant based milks have them)

5. No lecithin emulsifiers (also common in plant based milks)

Running a routing lightning node should be a lot easier.

Id love to tackle this problem some day.

Is there a way to download only the audio from the 300 videos on my YouTube channel, and do it all at once?

Do you know if they store the connections between your aliases and your main account somewhere readable by them?

I’ve been using Hushed for a couple of years

The Democratic Party is as unrecognizable as the Republican Party became post Trump

Now it’s a super scary virus that can only be defeated with mail in ballots.

#quotes

New EU Vaccine Passport Raises Concerns Over Data Privacy and Control

Starting September 1, 2024, Germany will launch a pilot for the new EU Vaccine Passport as part of a broader initiative called "European Vaccination Beyond Covid-19" (Euvabeco). This initiative, set to roll out across the European Union by 2026, will not only document vaccinations but also integrate personal health data, effectively placing citizens' private information at the fingertips of state and institutional powers.

The EU claims this project will empower citizens, but the reality suggests otherwise. Under the guise of public health, the European Union is trampling on individual freedoms, further tightening its grip on the personal lives of its citizens. This move, aligned with the World Economic Forum's broader agenda, leaves little room for dissent. Any semblance of opposition is muted, as most political forces either comply or turn a blind eye, leaving the path wide open for a future of total surveillance and control.

Despite this radical shift toward centralized authority, public consultation was minimal and controlled, highlighting the EU’s disregard for genuine democratic engagement. The quiet rollout of this program signals a disturbing trend—one where personal freedom is sacrificed on the altar of "public good" with little to no resistance.

As Europe heads down this path of digital health tyranny, the erosion of privacy and autonomy becomes inevitable. The window to resist this overreach is closing fast, and without a significant pushback, the infrastructure of total control will soon be fully operational.

#EU #VaccinePassport #PrivacyInCrisis #TotalControl #DavosAgenda

eCash isn't looking like the answer to Bitcoin scaling.

Back to lightning.

Self-custody should be your top priority.