The human urge is to corral collateral and then print.
We saw it with gold
We saw it with oil
We see it with Treasuries
We’re seeing it with Bitcoin, but we’ll call it Digital Credit for the sake of making it feel different.
A new generation of gold bugs is born.
https://kanemcgukin.substack.com/p/how-to-make-a-bitcoin-mint-print
The tariff comments seem to be misplaced.
It’s not about Tariffs. They are secondary to the important point. It’s about access.
China has effectively threatened to do what the US did when cutting Russia off from SWIFT.
Except there are other ways to make money transfers and there aren’t many other ways to ship goods.
The power is in the supply chains, as I noted in 2021 when kicking off my SubStack: https://kanemcgukin.substack.com/p/current-personal-thesis-and-reflections
Enjoyed sitting down with nostr:nprofile1qqstn8du5qvy5vkw2kgyevn8kghyxjpre9l5rrekmt6a9hlsm4a4cfcpz4mhxue69uhk2er9dchxummnw3ezumrpdejqz9rhwden5te0wfjkccte9ejxzmt4wvhxjmcrn7r84 for EP64 to explore the rise of Bitcoin-backed notes.
We discuss what happens when Bitcoin becomes collateral, SPVs, private credit, and why declining volatility helps set the stage for a true Bitcoin yield curve.
🔗 🎧 to listen👇
Apple Podcasts: https://podcasts.apple.com/us/podcast/navigating-bitcoins-noise/id1583424361
YouTube: https://youtu.be/jJlUNUp0ALk
In 1913, bankers promised “decentralization.” What we got was the Fed and the death of gold as sound money.
Today, Bitcoin faces the same ghost in Core vs. Knots.
First principles are non-negotiable.
New essay 👉Bitcoin Faces Its 1913 Moment.
https://kanemcgukin.substack.com/p/bitcoin-faces-its-1913-moment
The Yuan peg and allowance of floating gold prices through a global network of exchanges is the 4D chess move.
It allows for control of global liquidity without facing Triffin’s Dilemma.
Options: checkmate or come to the bargaining table.
The Network Wars Are Here… Railroads won the Civil War. The cloud and the arrival of Monetary Tech Stacks will decide the next one.
History has proven, the empire that controls noise will control the future.
Network Power: How Networks Build Empires, Break Nations, and Shape Order 👉 https://open.substack.com/pub/kanemcgukin/p/network-power-how-networks-build
Last week, the White House cited nostr:nprofile1qqs9r4l3kumdr9v054h3z05z5fuc0gav5ncwd53hl28ux6wvzcyvtsqpz3mhxue69uhhyetvv9ujuerpd46hxtnfduq3samnwvaz7tmjv4kxz7fwwdhx7un59eek7cmfv9kqlfvp9u & @Bitcoin Policy Institute / nostr:npub1978t0ppn7wc4akp8knsjhqyed3d776xptn7qvkuaf3nrj4qu32vqg28wxa.
🎙️ I enjoyed chatting with Matthew shortly after on:
⚔️ The battle for global monetary power
💥 Bitcoin/Stablecoins - America’s new Monetary Tech Stack
🕸️ Narrative warfare
🎙️ https://podcasts.apple.com/us/podcast/navigating-bitcoins-noise/id1583424361
Fiat-🧠 & high time preference are back in play.
The Bitcoin Treasury 🫧:
✅Equity-funded BTC flywheels.
🏁Securitized hype.
💸mNAV mania.
BTC is sound money. BTC-TCs are a risk wrapper, a speculative attack.
The Bitcoin Treasury Bubble: Reflexivity, Metrics, & the Coming Unwind
👇 Read + Download: 🔗 https://open.substack.com/pub/kanemcgukin/p/the-bitcoin-treasury-bubble-reflexivity
And they can’t even pay people back that had funds stolen on their platform. SMH.🤦♂️
🚨 unpopular opinion 🚨
We are still early in Bitcoin not bc of the technological innovation around currency.
But more bc of the low levels of credit relative to the underlying collateral asset.
The early shift to credit & lending in bitcoin is what is in the early innings.
I missed this one, but the entire idea of The 4th Turning cycle is laid out in Isaiah 23:15-18.
Tariffs are back in the headlines. There are loud opinions on both sides.
While not a silver bullet, they shaped America’s when used wisely and hurt when used poorly.
There are two sides to every coin: the truth usually lies in the middle.
Substack: Tariffs Built America - Can They Save it? 🔗 👇
https://open.substack.com/pub/kanemcgukin/p/tariffs-built-americacan-they-save
I enjoyed talking Bitcoin and liquidity with Matthew Mežinskis.
In this episode, we dig into:
📈Power law vs. exponential growth
⏳Why time is Bitcoin’s biggest edge
🪙How Bitcoin could solve what SDRs couldn’t
📺: https://youtu.be/BkNtf-c-ZPM
🎙️: https://podcasts.apple.com/us/podcast/navigating-bitcoins-noise/id1583424361
If Amazon and JP Morgan had a baby it would look like Coinbase.
Core infrastructure being rebuilt in real time.
🧡Bitcoin = TCP/IP
🪙COIN = AMZN + JPM
🚆Stables/USDT/CRCL = JSON
How lightning compares to early internet architecture as it began to scale.
The #Bitcoin Conference was good as usual, but different this year.
Welcome to The Monetary Tech Stack.
Notes and takeaways 👇
https://open.substack.com/pub/kanemcgukin/p/debt-leverage-and-fiat-come-to-bitcoin
1000% agree. I was feeling exactly the same, but wasn’t sure others were willing to admit it.
Moving out of the dorm room moments have been inflection points in history. If Bitcoin has sold its soul to the devil, it was all for naught. Just another Central Bank liquidity tool and the fastest fintech, not racehorse.
Hopefully, it does its thing. Remains a shadowy coder and continues to orange pill the very ones trying to co-opt its power.
Enjoyed chatting #Bitcoin and financial warfare with nostr:nprofile1qqsq8dvnau7e2ypt2j7l7amjsyc60saal6gq0v9e9ntuft22qqsaufgpp4mhxue69uhkummn9ekx7mqprpmhxue69uhhyetvv9ujuumwdae8gtnnda3kjctvzawmv9 / @TheBitcoinLayer
https://x.com/kanemcgukin/status/1926055310956880194
