If everyone were to rush to bitcoin tomorrow in some mass exodus from fiat, literally everything would break, including bitcoin. Literally everything. We'd probably end up nuking ourselves into oblivion in the midst of the chaos.
People have a poor appreciation for path dependence in complex systems.
The bipartisan deal to raise the US debt ceiling, averting a global credit crisis.
I think assuming bitcoin has already won, hyperbitcoinization is inevitable, and it's only a waiting game until it happens, is borderline religious fanaticism, if I'm being honest. There's hard work ahead. That's going to be apparent in the coming months and years.
Yeah, I mean, Bitcoin has more or less regressed into trading like a risk asset for the past 2-3 months. It's a serious narrative violation to say that, but the charts and correlations don't lie.
I'm probably in the minority of bitcoiners who thought a U.S. default would be negative in the short-to-medium term for the bitcoin price. I privately predicted this to some people. I also predicted BTCUSD would likely jump somewhat if a deal was reached. Dollar liquidity really matters to bitcoin today, whether that fits into people's political and ideological narratives or not.
I know the argument is going to be that BTC is rising after the debt-ceiling deal because the deal represents debasement. But this isn't the real reason. The reason is risk premiums are falling. We're going to see equities markets surge, too.
Really worried about this new trend in extra-mempool dealing by miners. Had a few arguments with people about it. I think we could be seeing the emergence of some perverse incentives that could be problematic. But I sincerely hope I'm wrong.
The old Twitter actually did fight a lot more of these takedown requests in court. So there's that.
Going to read Jacques Derrida today and try not to go insane. (I hate post-structuralism, but I’m going to force myself to understand it more)
That's probably not quite true. The human brain's storage capacity is probably measurable in petabytes. But the way our brain's store and retrieve information is probably far less efficient. So it might be more accurate to say that AI models could surpass human intelligence with less storage capacity than the human brain, because of advantages in stable storage and recall.
I've been binging through Wisdom of Crowds and Sam Harris' Making Sense. Both subscription podcasts. Also both filled with stuff I disagree with. But I love intellectual heterodoxy.
I love podcasts.
I try hard to inject non-bitcoin content into Nostrland. But it feels like a lonely endeavor sometimes!