Do you understand Standard of Contract AKA Standard of Value AKA Standard for Deferred Payment? On par with Store of Value and Medium of Exchange, not the same as *Measure* of Value (reflective vs projective), and most people have never heard of it.
I like Turo, but they take 40% fees so Turo over Nostr will be much better.
Turo, despite the fact that there is typically about a 40% fee. Welded-in GPS trackers, and drones with small missiles would suffice to cheaply prevent theft. Car insurance companies will make insurance specifically tailored to Nostr Turo-first vehicles. This will be done p2p over Nostr and the fees will plummet.
Where is the bitcoiner who refuses to wait to pursue truth and beauty in great physical engineering works? Oh, the opportunity cost of building is too high? Maybe that is a psyop attack on culture, or maybe you just don't really want it.
The greatest bitcoin meme video ever made, by the OG Bitcoin Meme artist, #[0] . Hard to believe this is already a classic, just from 2020.
https://video.twimg.com/ext_tw_video/1308139419631792129/pu/vid/1280x720/0r3LPOYrRWzjSmu7.mp4
Overly US-centric thinking is a surefire way to fail to understand bitcoin and nostr adoption.
#[0]
It do be facts
The DON (Defense Over Nostr) of a new era
Welcome, to the OASIS: Other Awesome Stuff Is Services
Say ~100k bitcoin held by working class, spending 50% per year, so 50k moving. ~8m are >1k, so 1% per year spending + spent investment is 80k coins moving. ~10m held by 1-1000ers, 2%/yr is 200k coins per year. ~330k bitcoin GDP/yr. With $100T GDP/yr that gets you $300m per bitcoin.
Investment and spending would need to be 10x higher (3m btc/yr) to get down to $30m. Do you really think someone with 10k bitcoin will be spending 1k bitcoin per year?
Why can you not take the everything divided by 21m? -- because you could actually buy everything for a lot less than 21m. You would buy everything for 5m and find you sell at 3m. Rekt. Economic FLUX is the only sensible framework and non-linearity of exit liquidity makes thinking of totals nonsensical.
Remember how much Silicon Valley was crying and begging for daddy government when they thought their ponzi scheme was over? Well we're still going to see them crushed soon because Nostr clients will obsolete so much more than social media. They are so fucked. 😈
Fun fact: SVB stands for Silicon Valley Bitches 😂🖕🤡
My reaction after we witness the first bank to crumble since Bitcoin's launch
Going to end up not going to Nostrica. I hope whoever was on waitlist and got my ticket enjoys it. 💜
Operation Chokepoint 2.0 squeezing price up 😏
Good question #[0]
Silicon Valley Bank, which was largely backed by VCs, invested in VC funds alongsides pensions, university endowments, and CCP, Saudi, et al shadow money. Then those funds invested in startups, requiring them to deposit to SVB. Another VC comes in and invests in startup at a higher valuation, creating paper gains for the VC. The VC takes paper gains to SVB, which makes a personal loan to them collateralized by their partner interest in the fund.
At the same time, founders would also take out personal loans, all of which is basically a mix of money printing and customer deposits. Presumably these loans were held as deposits on SVB in personal accounts until drawn, giving them more capital from which they could keep making loans. After marking up the startups, they needed someone to dump their bags on, so they went to Wall Street, which was happy to hock their shit because they got large bonuses and fees based on transaction volume.
They would then find money managers that suffer from principal agent problem to buy up assets with other people's money who don't understand the risks being taken, probably including some of the same pension funds and endowments from before that only allocate a tiny percentage to venture capital. Most of these startups then fell 80-90%, especially the SPAC ones. See the trick was they put real physical products in lousy businesses and said "see, it's not Theranos, the widget is real," but real widgets do not make good businesses.
Meanwhile, SVB needs more money to through lavish parties and pay their woke staff so they YOLO into risky plays to chase more yield. Suddenly, the ponzi money printing scheme slows down and the VCs stop deploying capital, meaning no more new depositors to pull loans from. This might have been a small percentage of balance sheet overall, but actually, the bank typically does not need all their cash on hand since it's fractionally reserved. So you can't say the $7b was insignificant.
In the end these depositors getting their bailout are largely also getting loaned money, which is literally money printer dollars being reprinted for them. Everyone on payroll was getting paid no matter what because payroll is a liability that has pretty high seniority if a company is not bankrupt and equity holders simply would have been diluted. It was a total lie. Zero impact on employees, most of whom are highly skilled. The best they could get to push on Twitter was what could come off as a caricature of a fake startup with an ex-McKinsey charlatan. The fake tech industry actually slows down tech, especially if you have to operate in its vicinity, and no one can escape its effects, for instance on an labor pricing. People who don't understand this and fall for the "muh innovation" narratives are tech-illiterate fake bitcoiner Keyensians.
Did I get some things wrong in this? Maybe, but for every thing I got wrong, there's almost certainly something 3 times worse that I missed. You ever heard of quantum tunneling? Well I do that with the truth. I can find the truth even with some amount of error rate, which is what you have to do with Bitcoin too. You can feel it in your bones that Bitcoin is literally true, then you go back and fill in the details of how it works and adjust and subtle misconceptions.
🖕🖕Fuck Silicon Valley🖕🖕
Fuck the VINOs: "venture" "capitalists" in name only that want to sound important when drinking win.
Fuck the fake founders that are affinity scamming real engineers with economically junk products.
Long live real technologists that build the things that actually matter despite Silicon Valley commie liberty LARPers and limousine liberals slowing the world down.
You can break down the real tech, by what makes it onto my list. Most startups don't make the cut.
This is all the stuff that actually matters.
For my billion bits followers in particular, if I have any, this image alone probably is more valuable to understanding what actually moves the needle for civilization than any of the more verbose things I have written. Its significance cannot be overstated!
I am getting reports that #Spreadgate is back, which is where people who didn't read my article or pay attention to my warnings last time are once again overpaying for bitcoin on RFQ brokerages like Swan. 🤦♂️ Zaps for every reply with screenshots of price disparities >2% on btc/usd.
https://bitcoinmagazine.com/markets/ftx-collapse-cause-huge-bitcoin-price-spike
You sure are, what do you think I am, some sort of bigot? #respect all people who identify as elephants.