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Multiflation™ • Choice, Not Chance
Replying to Avatar Susie Violet

Bitcoin on the balance sheet can be a superpower, or a potential slow motion disaster.

The difference isn't the price of bitcoin, it's the model. Some companies build disciplined, transparent treasury models that will stand the test of time. Others will chase hype, relying on leverage and share dilution while mistaking noise for signal. Many sit somewhere in between, combining elements of both approaches.

This recent FT piece on Bitcoin treasury companies makes some fair points but misses the real nuance. It opens with a nod to Charles Ponzi and blurs Bitcoin with the broader crypto world (quelle surprise), overlooking Bitcoin’s fundamentally different monetary principles. This framing leads to shallow conclusions, lumping disciplined treasury strategies together with speculative frenzy.

Look at what Strategy, formerly MicroStrategy, has become. Once a software firm, it now exists primarily to accumulate Bitcoin. That "infinite money glitch", issuing equity for Bitcoin, works for them because they are disciplined and capital rich.

Swapping soft money for hard money is an obvious move for any company. It's a rational move in a free market, but in my view, businesses built solely around holding bitcoin, without a solid underlying business, are far from ideal.

Beyond Strategy, some companies build a narrative around Bitcoin, raise significant capital, and drive aggressive marketing to ride the wave of rapidly rising valuations. They may claim a profitable history, and sometimes that is true, but much of the growth comes from momentum rather than proven fundamentals.

This model can work if execution matches ambition and risk is managed well. When the underlying business is not the core driver and Bitcoin is the main attraction, the lack of discipline, resources, or long term credibility leaves these companies speculative and highly exposed to shifts in market confidence.

There will be companies that get it right, solving real problems with a strong risk framework. In a space surrounded by so much hype, it is up to investors and observers to do their own due diligence to understand which strategies are built to last.

The media often misses this distinction. Money alone doesn't equal sustainability.

Bitcoin on the balance sheet can be transformative when it is done with substance and discipline. When it is just noise, it risks collapsing under its own weight and dragging the conversation with it.

And while the FCA continues to force many of us in the UK into proxies, I must admit that watching MicroStrategy's performance has been incredible. It saved my portfolio.

Some companies will stand the test of time because they are solving real problems with sustainable models. Others will fade when the hype dries up. It will be interesting to see how this plays out in the next bear market. Investors will need to do their homework, as not all bitcoin treasury companies are the same.

But hey, at least the FT is starting to notice what's going on. We can't expect them to make a complete 180 turn on Bitcoin overnight.

Read the full article here:

https://www.ft.com/content/478ea5bc-ea18-44f7-9da1-602ebe283fca

Written from a pro btc point if view. https://bewaterltd.com/p/bitcoin-treasurycos-lessons-from

Navigating #Multiflation. Why CPI conceals the real economic damage, and what to do about it in your portfolio: the Five Archetypes framework.

https://bewaterltd.com/p/navigating-multiflation

We've been writing a series comparing BTC treasuries to 1920s investment trusts leading up to '29 crash. https://bewaterltd.com/p/bitcoin-treasury-companies

#BitcoinTreasuries like $MSTR: monetary attack dogs, or leveraged pyramid scheme like the "investment trusts" leading up to the #1929crash? #Multiflation #bitcoin #btc

https://bewaterltd.com/p/bitcoin-treasury-companies

Amp it up to 11. People are beginning to integrate neurolinguistic programming and other persuasion techniques as well.

IMF? The one started by communist spy Harry Dexter White? Pretty sure that's unamerican

Replying to Avatar Erik Cason

The Ontological Violence of Fiat Systems

“The money is dead, but it still kills.”

There is a violence that cuts deeper than war, more subtle than theft, more persistent than empire. It is the violence of the fiat order—not just a system of currency, but an entire metaphysics, a mode of being, an ontological regime. Fiat is not merely paper made legal by decree; it is the very medium by which reality is priced, categorized, and consumed. It is the decree that creates the real.

Fiat money—born of nothing, backed by force—asserts itself as a god over man and matter. It carries no inherent value; rather, it projects a hallucinatory sovereignty by command. That command is the root of its violence: it does not persuade, it declares. It does not emerge from mutual relation or discovery—it is imposed. Thus the fiat system does not just distort markets; it distorts the world, it disfigures being itself.

This is the first wound: value severed from truth.

Where once gold or goods bore weight from the labor of bodies and the consent of communities, fiat emerges ex nihilo through the alchemical ritual of central banking. It is the creation of “something” from nothing—and it demands your everything in return. Not simply your productivity, but your time, your attention, your belief. Fiat makes a mockery of consent: taxation without choice, inflation without representation, debt as inheritance.

Each dollar printed is not neutral—it is a claim on the future, a theft pre-authorized. The child yet unborn already owes. The citizen who resists already bleeds. The world that cannot speak—forests, oceans, silence—already burns.

This is the second wound: time enslaved to abstraction.

Fiat temporalizes existence into linear obligation. It turns the eternal now into a ledger. It reconfigures human life not as presence, but as yield. One’s worth becomes measurable by one’s ability to serve the machine—one’s capacity to extract more from less, forever. And when the curve flattens, when the returns diminish, when the body breaks, you are discarded, discredited, and replaced. Fiat does not believe in humans. It believes in motion, leverage, liquidity. It believes in infinite growth, even on a finite planet.

We are taught to forget the origin of value. It is not labor. It is not gold. It is not decree. It is being. The true source of value is presence, relation, trust. Fiat systems wage war against all three. It replaces presence with digital metrics, relation with contract, and trust with enforcement. It offers no sacredness, only security; no mystery, only models. It is not just unjust—it is ontologically incorrect.

This is the third wound: the commodification of the soul.

Fiat systems induce schizophrenia in the human psyche. We become split between what we know is real and what we are told is valuable. We love what we cannot afford. We sell what we cannot live without. We perform ourselves for survival. The “free market” becomes not a space of liberation, but of performance—an eternal audition for worthiness before the tribunal of capital.

Meanwhile, the masters of fiat—central bankers, economists, institutional asset managers—float above the groundless ground. Their words move mountains, their spreadsheets define famines. They do not produce; they decree. The fiat priesthood lives outside consequence, but their rituals govern all. And the rest—us—become the meat, the kindling, the fuel. We burn for their warmth.

Every empire built on fiat collapses. Not because of corruption, but because it forgets the real. Fiat systems depend on a shared hallucination—faith not in God, not in law, but in liquidity. And when the hallucination fails, when the velocity slows, when the feedback loop breaks—the center cannot hold.

But long before the collapse of the system, comes the collapse of the soul.

This is the final wound: reality becomes simulation.

In the fiat world, nothing is itself. Everything is collateral, everything is speculation, everything is downstream of price. Truth is no longer unveiled; it is marketed. Beauty is no longer beheld; it is tokenized. Love is no longer encountered; it is purchased, or worse, invested in. The world is not known—it is consumed.

And thus, what fiat destroys is not just economics, but ontology. Fiat does not merely impoverish your wallet. It impoverishes your being. It says: nothing is sacred. Everything is for sale.

But there is a resistance. A remembering. A remnant.

The refusal to participate in this ontological lie is the first act of sovereignty. To say no. To exit. To return to the real. To seek systems where value arises from reality, not decree. Where truth does not need enforcement. Where relation is sacred. Where time is not enslaved. Where love is not priced. Where being is enough.

That is the new task before us: to dethrone the hallucination of fiat and restore value to its rightful place—in the presence of the real.

We've also been extending Cantor's work on fiat and hyperreality here (and updating it for fiat ai and algorithms): https://bewaterltd.com/p/table-of-contents

Replying to Avatar Erik Cason

The Ontological Violence of Fiat Systems

“The money is dead, but it still kills.”

There is a violence that cuts deeper than war, more subtle than theft, more persistent than empire. It is the violence of the fiat order—not just a system of currency, but an entire metaphysics, a mode of being, an ontological regime. Fiat is not merely paper made legal by decree; it is the very medium by which reality is priced, categorized, and consumed. It is the decree that creates the real.

Fiat money—born of nothing, backed by force—asserts itself as a god over man and matter. It carries no inherent value; rather, it projects a hallucinatory sovereignty by command. That command is the root of its violence: it does not persuade, it declares. It does not emerge from mutual relation or discovery—it is imposed. Thus the fiat system does not just distort markets; it distorts the world, it disfigures being itself.

This is the first wound: value severed from truth.

Where once gold or goods bore weight from the labor of bodies and the consent of communities, fiat emerges ex nihilo through the alchemical ritual of central banking. It is the creation of “something” from nothing—and it demands your everything in return. Not simply your productivity, but your time, your attention, your belief. Fiat makes a mockery of consent: taxation without choice, inflation without representation, debt as inheritance.

Each dollar printed is not neutral—it is a claim on the future, a theft pre-authorized. The child yet unborn already owes. The citizen who resists already bleeds. The world that cannot speak—forests, oceans, silence—already burns.

This is the second wound: time enslaved to abstraction.

Fiat temporalizes existence into linear obligation. It turns the eternal now into a ledger. It reconfigures human life not as presence, but as yield. One’s worth becomes measurable by one’s ability to serve the machine—one’s capacity to extract more from less, forever. And when the curve flattens, when the returns diminish, when the body breaks, you are discarded, discredited, and replaced. Fiat does not believe in humans. It believes in motion, leverage, liquidity. It believes in infinite growth, even on a finite planet.

We are taught to forget the origin of value. It is not labor. It is not gold. It is not decree. It is being. The true source of value is presence, relation, trust. Fiat systems wage war against all three. It replaces presence with digital metrics, relation with contract, and trust with enforcement. It offers no sacredness, only security; no mystery, only models. It is not just unjust—it is ontologically incorrect.

This is the third wound: the commodification of the soul.

Fiat systems induce schizophrenia in the human psyche. We become split between what we know is real and what we are told is valuable. We love what we cannot afford. We sell what we cannot live without. We perform ourselves for survival. The “free market” becomes not a space of liberation, but of performance—an eternal audition for worthiness before the tribunal of capital.

Meanwhile, the masters of fiat—central bankers, economists, institutional asset managers—float above the groundless ground. Their words move mountains, their spreadsheets define famines. They do not produce; they decree. The fiat priesthood lives outside consequence, but their rituals govern all. And the rest—us—become the meat, the kindling, the fuel. We burn for their warmth.

Every empire built on fiat collapses. Not because of corruption, but because it forgets the real. Fiat systems depend on a shared hallucination—faith not in God, not in law, but in liquidity. And when the hallucination fails, when the velocity slows, when the feedback loop breaks—the center cannot hold.

But long before the collapse of the system, comes the collapse of the soul.

This is the final wound: reality becomes simulation.

In the fiat world, nothing is itself. Everything is collateral, everything is speculation, everything is downstream of price. Truth is no longer unveiled; it is marketed. Beauty is no longer beheld; it is tokenized. Love is no longer encountered; it is purchased, or worse, invested in. The world is not known—it is consumed.

And thus, what fiat destroys is not just economics, but ontology. Fiat does not merely impoverish your wallet. It impoverishes your being. It says: nothing is sacred. Everything is for sale.

But there is a resistance. A remembering. A remnant.

The refusal to participate in this ontological lie is the first act of sovereignty. To say no. To exit. To return to the real. To seek systems where value arises from reality, not decree. Where truth does not need enforcement. Where relation is sacred. Where time is not enslaved. Where love is not priced. Where being is enough.

That is the new task before us: to dethrone the hallucination of fiat and restore value to its rightful place—in the presence of the real.

If you havent read Paul Cantor on this yet it's worth a read. https://cdn.mises.org/rae7_1_1_2.pdf

Yet this entire AI and Big Data revolution ultimately rests on a foundation of quicksand. As companies and governments worldwide join tech giants and AI startups in the race to capture, store, and process ever-larger quantities of data, we fear that they all overlook the most fundamental question: what if we are degrading the most important information required for a functional society—including that which is required for further AI development itself? And what if this corruption is being accelerated by the ways in which we are deploying algorithms and AI into the economy and markets—as replacements for, rather than complements to, human judgment—even as financial markets surge to unprecedented heights, feeding off the very distortions that threaten to undermine their success?

https://bewaterltd.com/p/the-price-of-everything-and-value

"Like central bank manipulation of interest rates—indeed, in conjunction with it—the replacement of human economic judgment by algos corrupts the flow of information that markets need to function effectively."

https://bewaterltd.com/p/silicon-sorcery-codes-captive-markets