Avatar
Kane McGukin
8cbda4ca1b48a2e6a40da6191efb0e4c7e782d18a1889fffa420e1d29068acd3
#Bitcoin + Monetary Innovation. My opinions are my own and not financial advice. Navigating Bitcoin’s Noise 🎙️http://apple.co/3wFbiiq

Enjoyed another #Bitcoin  monthly update with nostr:npub1m6y9qq06c74trgs60ya320pgmhz6099grra5lw04akyuxvcz7lvq9ue2p9

https://podcasts.apple.com/us/podcast/navigating-bitcoins-noise/id1583424361?i=1000630820765

In episode 50, we discussed the recent FASB accounting change where #btc  and other digital assets should be accounted for at fair market value.

Thinking further, this plays well into #Bitcoin. Though the biggest challenges will be for US and developed nation citizens bc credit is the binge drug of choice.

The use of bitcoin, lightning and other forms of Bitcoin Standard (nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak) require users to come off the “credit standard”.

That’s a tall ask because it means a major lifestyle shift. A major shift in choice for which most have 25-50years of rooted experiences and behaviors that are all credit based. nostr:note1cvu42flgux0jxdru597dzrfqnll5vj6qd35qdelxd9vq0s8y7eesxvnkss

The biggest headline no one blinked at and why it matters.

$1T in credit card debt becomes and issue when the switch flip.

https://www.reuters.com/world/us/us-household-debt-largely-unchanged-q2-credit-card-balances-jump-ny-fed-says-2023-08-08/

When asking how we got here, this is a good reference. There’s plenty of other supporting evidence.

Claims aren’t needed any longer because the reshaping happened.

Book: 4th Turning is Here

Replying to Avatar Lyn Alden

Avoiding posting on Twitter at the moment. I’m just watching there. There’s enough overnight-expert Middle East hot takes and emotions are running high. The violence and scenes are terrible, and my heart goes out to all victims involved and those who will be caught up in it going forward.

I’ll instead post a few things in my lane here as it relates to global finance and todays actions relating to things I’ve already been covering but that now obviously have updates. Helps me get my thoughts together for what will eventually be my next client report.

-Actions like this show the difficulty of multinational currency agreements. Saudi Arabia and Iran have been having more peaceful relations lately as China brought them together (“enemy of my enemy is my pragmatic financial friend”, and so forth). They are both set to join BRICS+ in January 2024.

-But, Saudi Arabia has also been working with the US and Israel on normalizing relations with Israel, in exchange for US arms deals and such. Saudi Arabia was also making promises to raise oil output to alleviate oil prices if they grow too quickly, which the US wants.

-So this attack (w/ Iranian involvement and public support) puts Saudi Arabia in a weird place. Lots of division and competing goals within BRICS+. Has all sorts of implications for Saudi/Israeli relations, Saudi/US relations, and what happens in the coming weeks will affect how those go.

-Egypt and Ethiopia are also joining BRICS+ in January 2024 and they have had a multi year ongoing feud regarding the Grand Renaissance dam on the Nile.

-China and India are well known as not being on good terms. Border disputes and all that.

-Building trade and currency and military agreements between so many different cultures is a bigger challenge than doing so between US and West Europe.

If everyone is fighting, no one is winning.

“By justice a king gives a country stability, but one who is greedy for bribes tears it down.” Proverbs 29:4

Hmmm… imagine that!

The most direct answer?

Network effects… though that’s changing.

We’re also still in the pay to play part of the cycle. To play with criminals, you have to use their form of currency.

Until these two things change the unit of denomination and MoE won’t change.

In due time…

File this under: You feel like you can trust Elon on Monday. By Friday, you know you can’t.

Ironically, it’s Monday.

What China knows about TikTok that we carelessly overlook.

Own the kids, own the future. Proverbs.

69% of all SDRs were printed in 2021 without a care in the world.

This is how the dollar hegemony stays in play as other fiats continue to collapse into dollars and stablecoins.

https://x.com/kanemcgukin/status/1707578134734803221?s=46&t=BCZ86Q6VE35kiDHSK1Vf6w

No fun! But part of the learning curve. PoW 😅

This trade is shades of

🟢 $LUNA/yield farming

🟡 $GME

🔴 GBTC carry trade

Graphic and text snips 👇

https://x.com/peruvian_bull/status/1707117148374536510?s=46&t=BCZ86Q6VE35kiDHSK1Vf6w

The economy functions because of leveraged consumers - $1T credit card debt.

And markets function because of leveraged hedge funds and institutions.

Woa…

https://www-ft-com.ezp.lib.cam.ac.uk/content/a8348e2a-a90f-474c-baa6-8c2eb0e263c2