Alright there are fighter jets flying around Toronto this morning.

Guess I'm fully awake now.

Japan, definitely a dark horse to follow El Sal next

Yeh look at Japan. They been basically in a depression for the last 30 years because of poor demographics. You now have millions of Japanese graduates unemployed living with their parents. A trend that is growing in the west.

Sir, please. Just place your order. There is a line forming.

what was the most influential book in your life?

#asknostr

Pump the token you printed from thin air with only a billion of derivative open interest; create tens of billions of value.

It's relatively easy too, you have proprietary info on the only liquid spot and derivatives market it trades on at the time. Futures collateralized with stablecoins and the token itself, pump it.

+4,000% in one year. $100+ billion in market cap. Your share, a mirage worth nearly $50b, materializes a mere four years after the ICO. A treasure and a trap, you enable your users to collateralize against it. Encourage this, and of course encourage them to also keep buying, this thing won't simply just support itself.

How do you capitalize? Well, first off, do NOT sell anything, that'd be too risky, as there are no natural buyers in size, you are the market. Instead, think of other ways to leverage your near immortal levels of newfound wealth, where you won't damage the exchange rate. Your own platform enables this, of course.

Access to billions of dollars of fiat flows, an international banking network, and a stablecoin issued in your name—which you even manage to rehypothecate by the billion—gives you plenty of tools at your disposal.

Your biggest competitor, who attempted to mirror your model, goes down in flames, their bluff called, with the world watching. A win at first, you shortly realize the move backfires. Regulators start circling, a precedent has been set.

Fiat rails and banking relationships get cut. Your stablecoin is ordered to wind down, and jurisdiction by jurisdiction your platform is ordered to cease. Volatility and volumes dwindle, further thinning the air.

Depleted of fiat, with most of your wealth tied to a 'Hotel California' asset that you can never sell hanging above multi-year support, you do and say anything to keep the confidence game alive.

Got ninja-launched into a virtual networking breakout room this morning.

Someone said:

“I think we need to rebrand the industry. Bitcoin has a negative connotation. Crypto has a somewhat negative connotation.”

…then proceeded to repeatedly say bitcoin is vaporware and that they’re only interested in tokens backed by real assets.

They’re building a “TREIT” (tokenized real estate investment trust), which is a portfolio of tokenized real estate deals. Their goal is to launch a toke for the portfolio, essentially “a token of tokens”.

…now what in the world could have given crypto its ‘somewhat negative connotation’?

The process of sats transferring from hands that will part with them to psychopaths like us is slower than i originally expected, but that’s the cool thing about absolute scarcity - sooner or later sellers will have nothing left to sell, and we’ll have all the sats 😁

Some “hodlers” will take cuckbucks at 100k or 500k or 1M, the process continues, it’s a game of chicken

I personally will never sell a single sat ever again. I will just buy things with their fatty purchasing power someday

Whoever tries to paint this as an L for El Salvador is leaning towards a communistic attitude.

If anything, this marks a great win for the economic potential available to the people who (want to) live there.

They’ve known they’ve been getting pillaged for decades though. That’s why France originally started returning their dollars and repatriating their gold back in the 60s… which in part led to the Nixon Shock.

So decades they’ve known how the system operates, and yet, despite their strong commodity positioning, they’re still operating with the treasury security being their dominant FX reserve.

My question to you is why?

When you properly answer that question, it will help you understand why it’s unlikely that this “BRICS+” flavor of the month stuff is unlikely to materialize into anything substantial.

Bitcoin will find it’s way into central bank reserves. As will an ever increasing amount of gold. But other sovereign debt will not disrupt the dollar.

They’ve known they’ve been getting pillaged for decades though. That’s why France originally started returning their dollars and repatriating their gold back in the 60s… which in part led to the Nixon Shock.

So decades they’ve known how the system operates, and yet, despite their strong commodity positioning, they’re still operating with the treasury security being their dominant FX reserve.

My question to you is why?

When you properly answer that question, it will help you understand why it’s unlikely that this “BRICS+” flavor of the month stuff is unlikely to materialize into anything substantial.

Bitcoin will find it’s way into central bank reserves. As will an ever increasing amount of gold. But other sovereign debt will not disrupt the dollar.

Egypt is one of the handful of countries joining BRICS next year.

Friends and family here who don’t normally talk about finance are talking about it a lot. They see it as a pathway to escape the yoke of the dollar and American imperialism. They ask if this could mean the downfall of the dollar, and so forth.

I’ve been writing about long term de-dollarization for the past 3-4 years, and of course Russia’s invasion of Ukraine and the subsequent freezing of Russian reserves accelerated it around the margins. I touch on de-dollarization in Broken Money too, in the “Heavy is the Head That Wears the Crown” chapter.

But like most things, people got overly excited by this process. Popular gold analysts were calling for a gold-backed BRICS currency announcement here in August, which of course never came.

Some major BRICS countries don’t even really like each other, like India and China. This will be a stepwise piece by piece process of closer financial and trade integration. Over time, countries can swap currencies rather than go through dollar rails.

It’s an important geopolitical process, but beware of people hyping it up too much or making something out of it that it is not.

That is well within the realm of possibility, given all we know about ETH and how tight the creator is with regulators.

Have you ever wondered how countries with such vast natural resources can be so relatively poor? The reason BRICS ain’t shit isn’t because they don’t have resources. It’s because their governance structures are dysfunctional garbage.

Nobody in their right mind invests in Brazilian debt, Indian Debt, Chinese debt, etc.

Despite the trend going downward, there’s a reason that United States debt is the collateral for the global banking system. It’s going to take more than what these countries are capable of, and when push comes to shove, their currencies will break down before the US’ because ultimately the United States has enough farmland and enough fossil fuel deposits to be fully self reliant. The same can’t be said for any of the BRICS countries outside of Russia.

Govt: “it’s a cyberattack! We need CBDCs”

Public: “Wut?” Wouldn’t a cyber attack mean we need less cyber and more paper?

as i often have trouble falling asleep, people have been recommending me to take a melatonin pill half an hour before going to bed.

what are you’re experiences with it and is there anything i should be worried about?

Thanks! Very interesting quote

Wonder what he would make of Satoshi and the cypherpunks and their very expedient rule

Even echoes all the wrangling over bitcoin consensus presently--and hyperbitcoinization hasn't even set in yet!

“Can there not be a government in which majorities do not virtually decide right and wrong, but conscience?- in which majorities decide only those questions to which the rule of expediency is applicable? Must the citizen ever for a moment, or in the least degree, resign his conscience to the legislation? Why has every man a conscience, then? I think that we should be men first, and subjects afterwardl”

BRICS+ has been saying they’re gonna make a currency since the GFC man. I’ll believe it when I see it. You have to run open capital accounts to have a reserve currency and China has repeatedly shown they’re unwilling to do this.

The BRICS currency may be useful in terms of settlement but foreigners will never save in it. Gold will provide the net settlement layer to the BRICS currency as opposed to a swift-like system, so people would rather just hold gold reserves.

BRICS at this point is nothing more than a buzzword