The DON (Defense Over Nostr) of a new era Welcome, to the OASIS: Other Awesome Stuff Is Services

Say ~100k bitcoin held by working class, spending 50% per year, so 50k moving. ~8m are >1k, so 1% per year spending + spent investment is 80k coins moving. ~10m held by 1-1000ers, 2%/yr is 200k coins per year. ~330k bitcoin GDP/yr. With $100T GDP/yr that gets you $300m per bitcoin. Investment and spending would need to be 10x higher (3m btc/yr) to get down to $30m. Do you really think someone with 10k bitcoin will be spending 1k bitcoin per year? Why can you not take the everything divided by 21m? -- because you could actually buy everything for a lot less than 21m. You would buy everything for 5m and find you sell at 3m. Rekt. Economic FLUX is the only sensible framework and non-linearity of exit liquidity makes thinking of totals nonsensical.

Remember how much Silicon Valley was crying and begging for daddy government when they thought their ponzi scheme was over? Well we're still going to see them crushed soon because Nostr clients will obsolete so much more than social media. They are so fucked. 😈

Fun fact: SVB stands for Silicon Valley Bitches 😂🖕🤡

My reaction after we witness the first bank to crumble since Bitcoin's launch

Going to end up not going to Nostrica. I hope whoever was on waitlist and got my ticket enjoys it. 💜

Operation Chokepoint 2.0 squeezing price up 😏

Good question #[0]

Silicon Valley Bank, which was largely backed by VCs, invested in VC funds alongsides pensions, university endowments, and CCP, Saudi, et al shadow money. Then those funds invested in startups, requiring them to deposit to SVB. Another VC comes in and invests in startup at a higher valuation, creating paper gains for the VC. The VC takes paper gains to SVB, which makes a personal loan to them collateralized by their partner interest in the fund. At the same time, founders would also take out personal loans, all of which is basically a mix of money printing and customer deposits. Presumably these loans were held as deposits on SVB in personal accounts until drawn, giving them more capital from which they could keep making loans. After marking up the startups, they needed someone to dump their bags on, so they went to Wall Street, which was happy to hock their shit because they got large bonuses and fees based on transaction volume. They would then find money managers that suffer from principal agent problem to buy up assets with other people's money who don't understand the risks being taken, probably including some of the same pension funds and endowments from before that only allocate a tiny percentage to venture capital. Most of these startups then fell 80-90%, especially the SPAC ones. See the trick was they put real physical products in lousy businesses and said "see, it's not Theranos, the widget is real," but real widgets do not make good businesses. Meanwhile, SVB needs more money to through lavish parties and pay their woke staff so they YOLO into risky plays to chase more yield. Suddenly, the ponzi money printing scheme slows down and the VCs stop deploying capital, meaning no more new depositors to pull loans from. This might have been a small percentage of balance sheet overall, but actually, the bank typically does not need all their cash on hand since it's fractionally reserved. So you can't say the $7b was insignificant. In the end these depositors getting their bailout are largely also getting loaned money, which is literally money printer dollars being reprinted for them. Everyone on payroll was getting paid no matter what because payroll is a liability that has pretty high seniority if a company is not bankrupt and equity holders simply would have been diluted. It was a total lie. Zero impact on employees, most of whom are highly skilled. The best they could get to push on Twitter was what could come off as a caricature of a fake startup with an ex-McKinsey charlatan. The fake tech industry actually slows down tech, especially if you have to operate in its vicinity, and no one can escape its effects, for instance on an labor pricing. People who don't understand this and fall for the "muh innovation" narratives are tech-illiterate fake bitcoiner Keyensians. Did I get some things wrong in this? Maybe, but for every thing I got wrong, there's almost certainly something 3 times worse that I missed. You ever heard of quantum tunneling? Well I do that with the truth. I can find the truth even with some amount of error rate, which is what you have to do with Bitcoin too. You can feel it in your bones that Bitcoin is literally true, then you go back and fill in the details of how it works and adjust and subtle misconceptions. 🖕🖕Fuck Silicon Valley🖕🖕 Fuck the VINOs: "venture" "capitalists" in name only that want to sound important when drinking win. Fuck the fake founders that are affinity scamming real engineers with economically junk products. Long live real technologists that build the things that actually matter despite Silicon Valley commie liberty LARPers and limousine liberals slowing the world down. You can break down the real tech, by what makes it onto my list. Most startups don't make the cut. This is all the stuff that actually matters.

Civilization Metrics

Civilization Metrics

Foundational, hard metrics on the output and capabilities of human civilization

For my billion bits followers in particular, if I have any, this image alone probably is more valuable to understanding what actually moves the needle for civilization than any of the more verbose things I have written. Its significance cannot be overstated!

I am getting reports that #Spreadgate is back, which is where people who didn't read my article or pay attention to my warnings last time are once again overpaying for bitcoin on RFQ brokerages like Swan. 🤦‍♂️ Zaps for every reply with screenshots of price disparities >2% on btc/usd.

Bitcoin Magazine

How The FTX Collapse Spiked Fees On Popular Bitcoin Exchanges

The collapse of an industry titan exposes how various bitcoin brokerages could experience massive differences in the cost of bitcoin.

Which way, Western man? 🤔

Would you rather fight 21 swans, or 1 ostrich? 🤔

😂

HOW CAN AnYoNe PosSiBLY MAnagE MoRE THAN $250k? HOW CaN YOU know iT iS eaSY iF yOU HAVe nEvER MaNAgEd $100MM??? Many people are playing investor or founder who clearly have no business doing so. Get a job, bums! 🤡

"daily high quality pubkeys writing events". Up above 12k after dipping to 8-9k after initial Damus release pump. This, and nostr skeptics/bears turning bullish are the two metrics I pay attention to.

I added a few more of the lowest cost paid relays and disconnected from all free relays. Has anyone else been running on only paid relays and how has that been going?

The "accelerationist" bitcoiner take seems a bit strange imo... maybe I am overly biased, but I'd argue Silicon Valley is particularly bad. Bitcoin does not fix everything day 1 so PATH MATTERS, a lot. Plus, real world productivuty growth means you actually can keep kicking can down road. Few.

Turns out the people who wanted to be viewed as opposing the Limousine Liberals were really just LARPing Libertarians