The internet remains undefeated 😂👌

“In hyperinflation, a kilo of potatoes was worth, to some, more than the family silver; a side of pork more than the grand piano. A prostitute in the family was better than an infant corpse; theft was preferable to starvation; warmth was finer than honour, clothing more essential than democracy, food more needed than freedom.”

― Adam Fergusson, When Money Dies

Holy shit! Bitcoin audible turns 5 years old tomorrow

BREAKING: Gov to plug in the cheat codes to the funny money machine.

Tending fire + watching the night sky = bliss

Working on his resume.

Bitcoin is the actionable Occupy Wall Street.

Just when you think the case for Bitcoin and Nostr can’t get any stronger…

#Bitcoin is highly traceable.

Fuck Twitter, this is the content:

"No, we should not bail out the investors, owners, bankers, OR the depositors! Do you think the value and the resources needed to cover a multi billion dollar insolvency comes out of nowhere?

This is the most dangerously stupid & cartoonish idea ever. YOU ARE STEALING FROM THE POOR, from everyone's standard of living, from the middle class who did *not* make a mistake. And it's not some esoteric, abstract theft either. It's real resources with real costs.

People have this crazy idea that prices just go up and this is natural and there's nothing we can do. You know what actually causes these prices to infinitely rise? The endless creation of debts, printing money, bailouts, ceaseless overconsumption, manipulation of financial markets via politics, and the constant propping up of investments and institutions that **consume more than they produce.** In short, THIS.

That's exactly what this is. The reason the gap for the poor keeps getting larger is because of THIS behavior, because of THIS mentality. Because of THIS response. When you say "oh think about the everyday depositors" you do so at the expense of those who saw their rent go up ANOTHER 20% this year. Who saw the price of food go up, who saw their wages stagnate, who *already* lost their job. They are the ones paying for your mistakes.

I am so, so sorry for the people caught up in this shitstorm, and I wish everything that it hadn't happened, but this will NEVER stop if we keep pretending there are no consequences and we dump the costs onto people who had no involvement whatsoever.

It's not make believe, you cannot wish it away. YOU are making people poor to pay for your mistakes. There is no free lunch. This is the apex of selfishness, that you would want others to pay the price in endlessly high living costs, in wages that constantly fall in value, in prices that never cease to skyrocket, that you would watch them struggle, watch them feel like life is meaningless & that they can never get ahead because everything will always get more expensive without ever stopping & why even try? Why produce? Why earn when it all gets taken anyway, when it never amounts to any genuine progress? Why not just dive head first into the political debt & consumption machine and just beg for a bailout when it goes wrong like everyone else?

I feel for those who will suffer from this. More than you probably believe. But I feel even more for those who are stuck in endless poverty, who never even have a chance, and when there is even a ghost of hint of prices being corrected, of the overconsumption being punished... they get kicked in the gut all over again to bail out Silicon Valley.

This lie can go on for decades, but eventually you run out of producers, eventually you get into a series of cascading debt bubbles and banking crises, eventually you find yourself in a place where the central bank doesn't respond to economic conditions, they actively and permanently manipulate everything about it. Because we purposefully engineered systemic fragility and corruption and let the real workers bail it out and prop it up over, & over, & over again. Today it might just seem like a depositor to a bank, or just a few investors, or one important bank, but the end of that road is the total destruction of our entire economic foundation.

You wonder why it feels like the world is falling apart? Why it feels like nothing is safe? Why it feels like we aren't making progress anymore? Why it feels like the US is a pathetic shadow of its former self? This is why.

Maybe you don't realize this is the truth of it, & you are not to blame for this. It is purposefully hidden by the politicians, corporate interests, & liars who profit most from it. It is understandable that you didn't know. But in hearing this, you *can* be faulted for ignoring something that you know is true, just because you wish it wasn't.

I wish there was a magic wand, but it doesn't exist."

BAILOUT: Let’s ask people who have LESS than $250K in bank accounts to bail out those with MORE than $250K in bank accounts.

What a great system we have here.

NPCs and sovereign individuals exist on a spectrum.

I believe the vast majority of NPCs can be awakened to become sovereign individuals, if only they experience the right trigger.

True, there are some NPCs whose pineal glands are so calcified that they are incapable of doing anything but what the herd does.

Still, once Bitcoiners awaken a substantial intransigent minority, say 10% of the population, the tipping point will be reached, and the NPC herd will follow.

Tick tock. #Bitcoin

🤔

I don’t wanna get too ahead of myself but we may be about to see a major public reckoning on what on earth banks even are and what they are supposed to do.

SVB didn’t go down due to “the tech bubble” or really anything to do with “banking Silicon Valley” being a bad idea. if anything, it’s a great idea! Their deposits went up ~2.5x in 2 years because there was a shit load of cash that needed to be banked! (debate separately to what extent that was a ZIRP phenomenon. I’m not saying this was good in the grand scheme of things. just that, in context, it was good business).

the problem is what to put the money in. most nocoiners seem to think that their deposits just sit there “as money,” and although I’m sure they don’t imagine notes in a vault, exactly, to a large extent that was true for SVB: they held treasuries - the “risk free” asset lmfao - which is as close to cash as you can get in a liquid security.

the conundrum here is that there literally is no such thing as “liquid dollars” - there is only credit. all dollar assets are somebody else’s debt. for all intents and purposes, treasuries *are dollars*. the idea of “keeping it in cash” at the relevant magnitudes is literally nonsensical. what would it even mean? deposit it at *another bank*? that hardly solves the problem!

the further you tug at this thread, the more you realise that dollars can only really be defined as vacuous promises by the US government to … one day give you slightly more dollars?!? that realisation is now getting aired in public.

I think the first consequence as this starts to sink in will be a massive preference for shorter term debt that can just be rolled over and over and over because the lesson of SVB is the duration sensitivity is absolutely not worth it. you can literally evaporate hundreds of billions of dollars by getting that just a little wrong even though you didn’t have much of a choice (“RISK FREE ASSET” LOLOLOLOLOLOL) this is yet another example of fiat driving up time preference and corrupting the information signals necessary to coordinate long-term capital investment. but oh well, the currency is collapsing so we have bigger fish to fry than the yield of long-dated bonds 😂

but the juicy bit is that we may be on the cusp of this reasoning, and the insanity of fractional reserve and central banking, finally being aired in public as people try to make sense of all this.

or maybe not, I dunno. maybe I’m naive. but I’m also bullish 🤙

"Its okay to hug again! 🌎❤🤗"

-Norwegian government

Never forget what they did.