Good morning and good luck, it’s a jungle out there

Latest Ten31 Timestamp ———————————— Legacy markets got some much-needed relief this week as benchmark government bond yields fell precipitously, the Fed maintained its rate-hiking “pause,” and softer updates on some key macro indicators gave investors reason to believe the worldwide central bank tightening cycle may be close to over. However, lost in the shuffle for many in the stonk casino was the latest quarterly report from the Treasury Department’s Borrowing Advisory Committee, which – surprisingly for a government agency – said the quiet part out loud by explicitly calling out declining organic demand for US Treasuries as institutions and nations around the world reckon with charts like the one above. Growing fault lines were apparent overseas too, as the Bank of Japan softened its yield curve control policy for the third time in under a year while the Japanese government passed a $110 billion stimulus bill to *checks notes* fight inflation. Finally, Swiss regulators and lenders met to discuss new capital controls that might be (read: probably will be) necessary to respond to bank runs in the future. It was an especially appropriate week, then, for the 15th anniversary of Satoshi Nakamoto’s publication of the bitcoin whitepaper, a zero-to-one moment for humanity and the foundation of a solution to the pitfalls of fiat currency. We fully expect the excesses and fragilities of late-stage fiat to compound further over the coming decade, but Satoshi’s innovation and the developers and entrepreneurs that continue building on it every day give us confidence that – in the words of Ten31 Managing Partner @Marty Bent – we’re going to win.

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Legacy markets got some much-needed relief this week as benchmark government bond yields fell precipitously, the Fed maintained its rate-hiking “...

This was my last post on twitter. Never posting on there again

Same shit, just different day. Always the same playbook, no matter what subject they know nothing about.

The AI Cantillon Effect One of the many reasons open source AI is critical

Opportunity costs have been mispriced for decades. Bitcoin will reset how people think about opportunity costs (driving them significantly up). All resources (time, energy, capital) will be much more efficiently utilized in the future as a result.

View quoted note → Woah… 👀

word count of the bitcoin whitepaper relative to other texts:

View quoted note → I love my family, too

Director of Global Macro at Fidelity still doesn’t understand bitcoin (or money). We are still so early. Bitcoin does not “aspire” to be anything… that statement doesn’t make any sense. Bitcoin is not a “hedge” against monetary basement. Bitcoin is the *solution* to monetary debasement. History has proven it is a certainty all fiat currencies will be debased over time. One may use a hedge for protection against a *potential* financial loss, but when monetary debasement is a certainty the only solution is bitcoin.

RIP Bobby Knight. One of the greatest.

Bitcoin is NGU (Number Go Up) technology Fiat is WGU (Wars Go Up) technology

“The main congressional supporter for the FBI proposal is Senate Judiciary Chair Joe Biden”

10-31 is a good date

Clear head, cold body, can’t lose 🧊🛀

Despite ostensibly strong macro indicators through the week – including a GDP print well above expectations, core PCE in line with consensus, and a W/W retreat in US Treasury yields – equities traded poorly, with the S&P entering a 10%+ correction for the first time since October 2022. Meanwhile, bitcoin put up another strong showing, gaining another ~15% after last week’s +10% move (which also coincided with a broad selloff in traditional markets). While it’s far too early to call a “bitcoin decoupling,” we’re once again encouraged by bitcoin’s ongoing resilience in the face of heightened anxiety among investors, particularly coming off a year of very public meltdowns and fraud revelations in the adjacent “crypto” space. Even more importantly, this week exhibited a continued robust pace of innovation from the companies in our portfolio, including exciting new releases from Cathedra, Mutiny, and Coinkite. All Ten31 portfolio companies have remained obsessively focused on iterating and developing regardless of macro noise and bitcoin’s price action, and we expect this to pay significant dividends into bitcoin’s next bull cycle. 

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Despite ostensibly strong macro indicators through the week – including a GDP print well above expectations, core PCE in line with consensus, and...

SaaS is dying, on-prem is reviving.