What am I missing here?

IF it’s true (and it is true) that there are and will be capital controls, then all the dollars, euros and other fiat currencies that “you have” in “your bank account” are just exposure to dollars, euros and other fiat currencies. You need a permission to use them. And the dollars, euros and other fiat currencies that you have in your pocket (cash) are yours to use without a permission. Right…?

And if you own financial instruments, then those financial instruments are exposure to your local fiat currency. So, if you own Strategy, Metaplanet or another Bitcoin treasury company and you want to sell those to buy Bitcoin, then you will get some fiat currency exposure. And if your local capital controllers allow it, you can find a way to use the fiat currency to buy Bitcoin.

So, shouldn’t we quit saying that people, who invest in these Bitcoin treasury companies, have exposure to Bitcoin? Shouldn’t we just say that they have exposure to their local fiat currencies?

What do you think npub1f4q60j7fklm7sjzdz4ye42g5r3elnguuxajuch2kx8apulfkx0xqf2a37d, npub1s05p3ha7en49dv8429tkk07nnfa9pcwczkf5x5qrdraqshxdje9sq6eyhe, npub1klkk3vrzme455yh9rl2jshq7rc8dpegj3ndf82c3ks2sk40dxt7qulx3vt, npub1jt97tpsul3fp8hvf7zn0vzzysmu9umcrel4hpgflg4vnsytyxwuqt8la9y? All feedback is very welcome! I don’t care if you are a Bitcoiner, no-coiner, shitcoiner, blockchain enthusiast, or a fiat maxi. Or I do care… but I still want to hear what you think about this topic.

If the logic is correct, then I think that it would be important that Bitcoin podcasters -- npub16le69k9hwapnjfhz89wnzkvf96z8n6r34qqwgq0sglas3tgh7v4sp9ffxj, npub1rxysxnjkhrmqd3ey73dp9n5y5yvyzcs64acc9g0k2epcpwwyya4spvhnp8, npub1hghnjjpnvkz8t6gkszuf37d7puwc2qtxc65rnklqsngzv6kkug9qhhfyz2, npub1d9dgsq34nx3e9t6yd4l9zvfcw7vxzmv5xesffyaa3dr780hm5k6qcg6h5w, npub1r8mtwq33nnvxh6rzs4h25agp7czth4yndcqxayvvecfek2js6wyqpcwp63, npub1dg6es53r3hys9tk3n7aldgz4lx4ly8qu4zg468zwyl6smuhjjrvsnhsguz etc. – educate their audiences about the difference. Naturally everybody is free to do whatever they want to. But words matter.

Nowadays you hear people saying things, such as “When companies in the SP500 own Bitcoin, people who own SP500 have exposure to Bitcoin, whether they like it or not.” To me this does not sound like winning. Bitcoin will win, but not like that.

npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle, you are a person with many Bitcoin-related businesses, an important podcast, and you are often talking in the mainstream media about money. I would love to hear what you think about this topic.

#asknostr #microstrategy #strategy #Metaplanet #Bitcoin #BTC #USD #EURO #digitaleuro #sats #SP500 #paperbitcoin #paperbitcoinsummer

Off the top of my mind, a non comprehensive list of incredible Bitcoiners (not in order of preference):

Mike Peterson. (This. Guy. Is. A. Legend. Why he is not on Nostr?)

npub1s05p3ha7en49dv8429tkk07nnfa9pcwczkf5x5qrdraqshxdje9sq6eyhe (Please never get tired of repeating The Message. It must be heard and understood.)

Knut Svanholm ( npub1jt97tpsul3fp8hvf7zn0vzzysmu9umcrel4hpgflg4vnsytyxwuqt8la9y is from Scandinavia. Scandinavia is a totally institutionalized part of the world. To grow up there and become a freedom fighter is like growing up in North Korea and secrectly watching Tuttle Twins.)

Max Hillebrand (I have learned a lot about privacy from npub1klkk3vrzme455yh9rl2jshq7rc8dpegj3ndf82c3ks2sk40dxt7qulx3vt . I used to be one of the people who just walks naked in his own apartment with open curtains, but nowadays I don’t. Nowadays I respect my and other people’s right to privacy. Vielen danke, Max!)

Jack Dorsey (sometimes npub1sg6plzptd64u62a878hep2kev88swjh3tw00gjsfl8f237lmu63q0uf63m hangs out with Jay-Z and confuses me with his weirdo stuff ‘lightning has failed’, ‘guys, lets start calling sats bitcoins, mkay?’, BUT it’s hard to deny the fact that The Jack has done a lot for Bitcoin and Nostr.)

npub1f4q60j7fklm7sjzdz4ye42g5r3elnguuxajuch2kx8apulfkx0xqf2a37d (wants to keep it real. Full of energy. Difficult not to like this person.)

Joe Nakamoto (here is ANOTHER guy who really wants to keep it real. Fucking love this guy! It broke my heart when I saw that Joe was getting a big depressed or sad. If there is ONE guy who we need happy in the Bitcoin media space, it’s npub1lr2zzf989mvf393y0tv39ara6a4vddkd6y87z784up9vl6ks6j3qtudl6a . When you were a bit depressed or sad Joe, my zaps were not working so I had to encourage you with just word. Zaps speak louder than words. I just zapped you.)

Lee Vaisanen (Bitcoin Jungle is probably among the best places on this planet. And Lee is the main architect of that place. If you wanted to have a perfect neighbor, it would probably be Lee. The guy just oozes good energy. )

npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx (‘stay humble and stack sats’, ‘sats speak louder than words’, ‘Bitcoin is my stablecoin’ … everyone knows these sayings, but not everyone appreciates the fact that he giggles a lot. Life is supposed to be fun.)

Marty (Super aggressive stance against porn is. If I found my son watching porn, I would love npub1guh5grefa7vkay4ps6udxg8lrqxg2kgr3qh9n4gduxut64nfxq0q9y6hjy to have a talk with him. Or if my son caught me watching porn, I would love him to report me to Marty. It’s hard to find a tech entrepreneur with an Amish attitude, but once you find it, you are never going to let go. Marty, I love you in a non-homosexual way.)

Math-you Kratt-er (I believe that he is very sincere, and that is just great! I loved it when npub1s33sw6y2p8kpz2t8avz5feu2n6yvfr6swykrnm2frletd7spnt5qew252p was telling us about his private talks with his priest. We want more! We want more!)

Ben (Don’t trust, verify, right? Well, npub1s33sw6y2p8kpz2t8avz5feu2n6yvfr6swykrnm2frletd7spnt5qew252p is questioning everything. Not sure if the verifying part is ALWAYS correct (might be… not sure) but the ‘don’t trust’ part is definitely there. I would love to see his flat earth series, but I am just too busy with my own life and I don’t really care if the earth is flat or not. And his stuff convinced me to change my mind of one things that I used to believe.)

This note was inspired by my previous note. I will add people in the “comment section”. Please, add your favorite Bitcoiners here. Let’s make this a great list. You can add here anyone, even Michael Saylor, Larry Fink or Jamie Dimon if he starts to identify as a Bitcoiner.

AH!!!!! npub1dergggklka99wwrs92yz8wdjs952h2ux2ha2ed598ngwu9w7a6fsh9xzpc

… I love Gigi (in a Nostr / brotherly way, Marty). I think that Gigi is an incredible person. And I think that he mentioned somewhere once (correct me if I am wrong?) that he used to work on the side of creating digital IDs.... So, I think that not only "the enemy of my enemy is my friend" BUT "my current enemy can be my future friend".

#Bitcoin #BTC #Bitcoiners

Finished reading "Praxeology" by nostr:nprofile1qqsf9jl9scw0c5snmkylpfhkppzgd7z7dupul6ms5yl52kfcz9jr8wqpz3mhxue69uhk2mmnw3skwunpd5hxxmmd9uq36amnwvaz7tmwdaehgu3dxqcju7tpdd5ksmmwdejjucm0d5hszymhwden5te0wp6hyurvv4cxzeewv4ej74773v7 that Knut kindly signed for me in Lugano. It's a book about the foundations of bitcoin as Austrian economics, natural law etc. but without mentioned bitcoin directly. For the latter you can only find hints as the twenty-one chapters, the orange disk on the cover picture etc. You have to do the work yourself and you will find the orange future on your own.

You can subscribe to our episodes now if you'd like to support us, with ad-free episodes one day early!

We also forward 21% of our value for value to our guest, because we couldn't do it without them.

After 18 months of frustration, followed by inspiration, then frustration again, finally giving way to surrender, inspiration, complete fulfilment, and joy, the first physical proof of July 18 is here. 🥹

11 days to go before release 👀

I’ve been very surprised how people like nostr:npub1s05p3ha7en49dv8429tkk07nnfa9pcwczkf5x5qrdraqshxdje9sq6eyhe nostr:npub1jt97tpsul3fp8hvf7zn0vzzysmu9umcrel4hpgflg4vnsytyxwuqt8la9y and others I have massive respect for have quickly started running knots. Probably the first time I’ve disagreed with key influencers. I can’t wrap my head around the idea of needing to censor to keep something censorship resistant. It literally goes against all the game theory talk.

I also have a hard time understanding who these knots maintainers are, it just seems like a small group or Luke himself. What exactly is their end game?

# BOOK LAUNCH!

# The Praxeology of Privacy

v0.1.0 Now Available

I'm excited to announce the publication of **"The Praxeology of Privacy: Economic Logic in Cypherpunk Implementation"** - a complete manuscript bridging Austrian economics with cypherpunk cryptography.

## What Is This Book?

This work proves that **privacy isn't just a preference—it's an economic necessity**. Through rigorous praxeological analysis, it demonstrates that privacy is logically required for rational economic action, property rights, and voluntary exchange.

### The Core Argument

I develop a **Three-Axiom Framework** showing how:

- **Privacy enables economic calculation** (building on Mises)

- **Privacy protects rational discourse** (extending Hoppe)

- **Privacy provides resistance tools** (following Voskuil)

The result? A systematic proof that surveillance systems create the same calculation problems as socialist planning, while cryptographic tools restore the conditions necessary for free markets.

## Why This Matters

For too long, privacy advocates have relied on moral arguments while economists have ignored cryptographic innovation. This book bridges that gap, showing that:

- **Cypherpunks** gain rigorous economic foundations for their tools

- **Austrian economists** discover how cryptography solves fundamental problems

- **Everyone** learns why privacy is essential for human flourishing

## What's Inside

~70,000 words across 21 chapters covering:

- Economic logic of digital signatures and zero-knowledge proofs

- How surveillance destroys market discovery processes

- Cryptographic property rights and enforcement mechanisms

- Practical framework for building parallel economies

- Original theoretical contributions to both traditions

## Download Now

**Complete manuscript available in multiple formats:**

- Light/Dark PDFs for reading

- Summary collection for overview

- Text-to-speech optimized version

- Individual chapters + full archive

👉 **Download here:** towardsliberty.com/pop

## The Best Part

This work is **100% public domain**. Copy it, share it, sell it, modify it—whatever helps spread these ideas.

## Next Steps

- **Researchers**: I welcome feedback, critique, and collaboration

- **Educators**: Use this material in courses and discussions

- **Practitioners**: Apply the framework to evaluate privacy technologies

- **Publishers**: Contact me about formal publication opportunities

I would love to get some serious review before we print the first batch, so please reach out with critique and improvement proposals.

This represents a couple years of research connecting two intellectual traditions that desperately needed each other. I believe it's the first systematic praxeological analysis of cryptography—and hopefully not the last.

**What do you think? Does this framework resonate with your understanding of privacy and economics? Do I make any logical flaws?**