“He who rejects instruction hates himself, but he who gives heed to reproofs loves his soul.” #Proverbs 15:37

“He who oppresses the poor reproaches his maker, but he who honors him has mercy on the needy.” 14:31

@Josh Hendrickson is chair of the economics department at Ole Miss. We can only hope that policy makers take Dr. Hendrickson’s words to heart. View quoted note →

“A man who begins to give aid heartily is better than he who only promises and leads another to hope.” 13:13

“There are those who wound with a sword as they speak, But the tongues of the wise heal.” 12:31

Bitcoin Atlantis sounds amazing. I’m not a developer but I really want to encourage all those working to preserve and strengthen Bitcoin: you’re actually restoring hope for millions (soon billions) of us. I just gave to @OpenSats for the first time. What can you do? View quoted note →

Well played, @Swan Bitcoin, well played.

How devaluation starts: April 18 will be the 25th anniversary of the current Swiss constitution’s adoption. With that ratification, the #franc became fully fiat. Yesterday, 58.2% of Swiss voted to add a 13th monthly federal pension payment, while a second initiative to raise the retirement age and begin tying it to life expectancy failed, garnering only 25.3% of votes. Unless the #Swiss either raise taxes or cut other spending, the supply of franc will have to rise. Budgets must always balance: if not in nominal terms, then in real terms.

Of course Reuters quotes Holly Bender of the Sierra Club and Elizabeth Warren but why not @Daniel Batten? Is this #journalism? https://www.reuters.com/legal/crypto-miner-lawsuit-sets-back-us-effort-track-booming-power-use-2024-02-28/

@Scott Wolfe That’s a great observation. I can only offer my perspective, so for what it’s worth: while coopting, centralizing, and corrupting by those who have outsized influence are forces worth fighting, the government’s explicit power to coerce is a much bigger threat. In my sense - and in only my sense - many progressives seem to want to use government power to satisfy their passions for justice, and believe that having a simple majority of a voting populace on their side somehow absolves them of the moral evil of coercion. However, I see coercion as the fundamentally dehumanizing social force. Private charity is alive and well; I want to affirm my progressive friends’ senses of justice and work with them where I can to bring about better outcomes for people, but without resorting to control.

Watch this ASAP and for the love of all things holy, stop buying shit made in communist countries. Western demand for cheap goods has helped fund the dehumanization of millions. https://www.beyondutopiadoc.com

There are two political choices: 1) the sovereign individual 2) might makes right Individuals can choose to subject themselves to groups and moral codes. The #uniparty chooses 2.

I sent this to a friend I’ve been trying to orange pill since the lows following the FTX debacle. He was lamenting not buying when I told him about BTC at $17k in late November 2022. “Don’t sweat missing $17k. There is a monetary (inflation) premium baked into the prices of gold, stocks, and real estate which is distinct from their intrinsic values. In time Bitcoin can capture that inflation premium. And that premium is apart from any value associated with its current and future utility as a medium of exchange. Let’s say the inflation premium is ~$50T globally. For context, the global value of all debt is ~$400T. Bitcoin’s current market capitalization is $840B. That suggests 59x upside on the inflation premium alone, or $2.5M per BTC. I’m assuming that the timeframe to realize this price is 15-20 years, but the $2.5M is in today’s $US, not inflated future dollars. Stocks and real estate won’t crash as a result, but their valuations will be constrained to the cash flows from their businesses & rents, respectively. Gold’s intrinsic value is consumer, industrial, and apocalyptic but it’s much more purely priced as an inflation hedge than either stocks or real estate.”

Reminder that @less ‘s 40k by the halving px forecast ain’t wrong yet. Use the opportunity to keep stacking - it’s a gift.

Quote of the year nominee from Secretary Yellen’s Senate testimony: [Senator Ron Johnson: "You are going to drive the debt to $50 trillion."] 👉🏻 Yellen: "Yes, but what I believe is the single most important metric for judging the fiscal stance of the country is real net interest as a share of GDP."