I just realized that EDX, this new institutional exchange, will now solve some of the reasons why the previous spot ETFs were rejected.
I remember that the SEC’s reason for denying previous ETFs was that there wasn’t a “trusted” pricing mechanism.
https://watcher.guru/news/citadel-fidelity-charles-schwab-launch-crypto-exchange-edx-markets
https://blockworks.co/news/sec-rejects-vanecks-proposed-spot-bitcoin-etf 
The last three bull cycles had lower highs. I’m starting to think that this bull cycle won’t follow that trend and may surprise us with a greater price increase than people are anticipating.
Why?
We’ve had a long bear market. This means that a greater percentage of coins were shaken from weak hands into strong hands. This should reduce supply when liquidity returns.
A lot of coins have left exchanges and are now in cold storage.
Liquidity could flood back in next year if the Fed needs to bailout banks or the economy if a recession occurs.
The US govt is now in a debt trap and can’t pay its interest and entitlement payments out of revenues. This means greater fiscal deficits and more money printing.
Blackrock and Fidelity filing for ETFs indicate that institutions could be big buyers this cycle.
China and Russia may be positive factors. Hong Kong now promoting bitcoin. Russia now mining bitcoin.
Lower supply and higher demand. It seems the stars may be aligning. 🤷♂️
Been visiting some zoos recently and that had me thinking about gender expression. It seems to me that gender expression is the marketing package that we use to prove to the opposite sex that we will be a suitable mate.
In the animal kingdom, these displays might be a special vocal call, an intricate dance, construction of an elaborate nest, delivery of food to prove hunting prowess, or winning contests to achieve alpha status.
Humans have our own set of gender expressions that stereotypically attract members of the opposite sex. These behaviors have evolved over millions of years to help us get picked as mating partners. Essentially, we look and behave this way because that’s what the other person wants. It’s our marketing packaging.
I suspect that humans are the only species where some willingly become “gender non-conforming”. Likely any animal who didn’t sing, dance, deliver food, or make an effort to be chosen wouldn’t have offspring and would soon become an evolutionary dead-end.
I suspect that people who become “gender non-conforming” are probably just lazy. They might think they’re unattractive and don’t want to invest in themselves - eat healthy, exercise, develop intellectually, work hard, etc. They would rather pretend that they’re “special” and don’t need to play the game.
A hamburger, and an “appetizing non-conforming” hamburger. 
This could be the start of free vs govt bitcoin. If I were a malicious bureaucrat, this is what I’d do:
- authorize banks to custody bitcoin (this includes BlackRock’s ETF), to pull bitcoin into the regulated financial system
- force holders to register their xpub key (they might do this under the FBAR regs), so they can see all transactions
- tell holders that they must either transfer their bitcoin to a registered custodian or to a registered wallet, under severe penalty
- block transfers to unregistered accounts
Probably most people would comply and then those people will be trapped.
A few of us would be free and able to transact internationally. Those in the US with only one passport will be more at risk.
#[0], just finished your podcast with Mark Moss. Really enjoyed it.
What do you think about Balaji’s idea that the states can authorize state banks to accept bitcoin (full custody!) and create a state bitcoin exchange that can share liquidity with other state exchanges? For example, bitcoin.wyo.gov.
It would be amazing to see that happen. A peaceful opt-out for states who want to protect their citizens from the inevitable impoverishment of the upcoming monetary debasement.
Fauci destroyed public health.
People now know that if you give them complete immunity, they don’t waste money on safety trials.
Incentives matter. Bitcoiners know. 
Welcome back! Post a quick summary of what you’re seeing with liquidity over the next few months.
Do you believe the Fed is trying to kill the Fed Put? 🙏
Couldn’t even find any info on it with a quick web search. 🤷♂️
I dream of the day that we can have an open source AI just rewrite the full iOS code in rust.
Web apps are great but you lose access to some important iOS features and the user experience is degraded. I would like to see more web apps for self-sovereign use cases, but i worry that those won’t scale to mainstream. For example, adding a web app to your homescreen would be difficult for most normies to discover.
I guess Apple allows people like us to opt out of the App Store with web apps knowing that the experience will be worse and most people won’t use it.
💯
Apple is fickle and might eventually backtrack. Also buys time for workarounds and more decentralized UI options like a web app.
I suspect that they’ll still work, just with degraded performance. Like with overclocking CPUs. They get too hot and they get more unstable with more errors.
I keep thinking about how we’re still so far from perfect self-custody. It seems like the biggest issue holding bitcoin back.
What’s wrong?
Hardware wallets. These things look like bitcoin devices. Having one in your possession makes you a target when you travel and cross borders. To reasonably use a multisig setup, you’re essentially trapped in specific jurisdiction.
Keys. People are legitimately terrified of losing them. And how are you going to get them to your heirs without doxing yourself to a custodian?
Custodians. You lose privacy. Plus you have the risk of getting rugged.