My Rose.

My Jacob. 😊

My friend literally just asked me if I lost my bitcoins because of SVB

Bitch SVB lost their money because of my bitcoins

the free market roars back

Pretty sure the various stable coins are all disconnected from reality since many aren’t being traded over the weekend and that has distorted the various markets.

But I’m looking forward to someone who has been watching this closely do a deep dive to explain to us all exactly what happened.

Don’t panic.. They are focused on “trying” to meet their needs…

What needs? The right to remove your life savings from a bank you thought you could trust?

👀 🍿

Tbh it’s still early. Almost all of them are bitcoiners, some are shitcoiners. Most normal people don’t really know or use this. Even when they do try it out, it’s kinda hard for new users to find real content from all the spams in global. Sometimes I try to seek them out from the spams, so that they aren’t frustrated and leave.

As of right now I don’t think there’s any client in Chinese AppStore. I think snort might be blocked and maybe that’s it. I don’t know but I guess most things are still usable there.

Many of the Chinese bitcoiners I follow are very well-read, writing nice content. They’re definitely more hardcore, and ahead of the most. Also probably less shitposting and more serious talk about Bitcoin, macro or tech.

I’m never surprised to learn that the morons who are convinced you can start a business without thinking about how it will make money, are bad with money.

Selling bitcoin is a fallacy in itself. Stop thinking about selling, start thinking about spending.

The emphasis of money as a method of payment is a fiat disease.

The fiat system puts a lot of emphasis on monetary velocity, which is a fancy way of saying how much we collectively trade. In a sense, this is an understandable metric. If trades benefit both parties, then more trades mean that more parties are satisfied and more goods are created and exchanged and we have a better economy, right?

In a normal free market economy, yes. But once you make that the metric that you aim at, it becomes worthless. You get boondoggles that count as "trades" when they don't benefit anyone. Malinvestment gets conflated with trades that do benefit everyone. Hence, the Keynesian mistake is to think the metric more important than the underlying thing that it's trying to measure, which is each person's subjective benefit.

Sadly, the Keynesian mentality is pervasive in a fiat money economy and instead of thinking about wealth generation, they merely think of monetary movement. The thing is money should only move when there's a good reason to, as in there's a good or service that's worth the money. If not, moving because of inflationary pressures, for example, is much more likely to lead to malinvestment.

Yet the idea persists that the thing you need more than anything is more trading with a particular currency for prosperity. I believe that's what's driven the Roger Vers of the world to emphasize the payment aspect above everything else. It's a Keynesian deceit.

The incentives will take care of themselves in time, don't be so concerned people aren't "spending" their sats on things. Merchants haven't caught up yet and until they do, we won't see massive uptake on Bitcoin as a method of payment.

Until then, provide value and stack.

Not shading a tear for him and even less for any "bank". But he is totally right on this.

How much fiat do you think Balaji is down?

Wasn’t a cyber attack already determined?