Does anyone else just get super bullish every time you make an on-chain transaction? I love looking up the transaction on mempool.space and finding my specific transfer, watching it get confirmed, then afterwards finding it on my HWW with my own node. Just so cool. Smash bought my biggest stack in a while as a result, and don’t even care about the price.

“Saying the quiet part out loud now” — Great recent rip, @jack mallers. The Overton window has seriously shifted. Two other examples worthy of inclusion that weren’t mentioned on the pod: Jamie Dimon: “you are going to see a crack in the bond market, OK…it is going to happen.” This one has been pretty widely reported in recent days. A less-reported one from Paul Ryan: “We could see a day where…we find out that the 25 primary dealers just filled 50% of the book because the auction was otherwise going to fail and we put a gun to their head and said ‘Buy it all.’” That’s a pretty shocking admission of where we’re headed.

Bought a Solo Satoshi after the recent @RABBIT HOLE RECAP where @Marty Bent discussed the quantum observer effect vis-a-vis the exposed parts on the equipment (which could explain why so many solo miners have found blocks relative to their hash). I was familiar with the observer effect but had not heard this theory for the miner before. Such a cool idea, and I look forward to long hours of staring at my home miner 😂😂😂 I have an Apollo home miner and love it (funds my Nostr zaps), but it’s covered and wouldn’t benefit from the observer effect.

@Jeff Booth Jeff, really enjoyed your recent talk on Bitcoin Matrix. Can you expand on what you said regarding Quantum risk? I interpreted your response as you’re not concerned, because the network is trying to address it now ahead of time. Anything else you can share? Thanks!

So on BitBonds: On recent @RABBIT HOLE RECAP, @Marty Bent gave the example of rolling $2T in debt and funding with $2T of BitBonds instead. 90% proceeds go to cash and 10% gets invested in BTC, with the issuer and holder splitting the BTC after the term ends in 10 years. Makes a lot of sense, but in this example what about the $200B of leftover debt that still needs to be refinanced? I think there’s a “use of proceeds” problem here. This BitBond would make a lot more sense for NEW debt funding deficits. But not refinancing existing debt that needs to be rolled over, unless they are selling other assets to make up the difference. Cc: @ODELL

When do we actually think Uptober or just NGU happens at this point? If Trump wins? He seems more interested in his own coin. When the Fed starts printing? They seem more likely to keep rates at a “neutral” 3-3.5%. And if they do print, it’s going to be liquidity for banks this time, not financing USG stimmy checks in the mail. When the world decides government spending is out of control and bonds are a fool’s investment? The past 6 months would indicate the world wants gold. I’m a huge perma-Bull. But I have this growing feeling that this cycle might look more like a choppy crab walk up the price ladder until there’s some other external event that clearly points to bitcoin. There are a lot of people accumulating and not selling; we need a real demand-side spark.

Guess we’re all voting for RFK!