I GUESS THERE IS NONE. TIGHT View quoted note →

What’s the defense against a nation state actor spamming the UTXO set?

Bitcoin is the best litmus test for general intelligence. No other area of expertise is even close.

I wonder how many people know that the *credit risk* for the $2T of mortgage backed securities owned by the Federal Reserve is backstopped by Fannie, Freddie, and Ginnie - AKA the taxpayers. View quoted note →

“Epstein wasn’t that smart” smells like a psyop. I keep seeing it. Could be a way for poors to cope with his wealth. Could also be awfully convenient for some: “Epstein wasn’t that smart; therefore, he couldn’t have run a (child) sex trafficking and blackmail ring.”

Babe wake up. The Rothschilds are so back. View quoted note →

I have to apologize (personally to @MAHDOOD ) for oversimplifying how mortgage backed security (MBS) “ownership” works. In light of the realization that I oversimplified, I decided to do a deep dive and write a research paper on the US mortgage market and how the US government intervenes in it. TLDR: My main point still stands: government intervention in the ~$13.1T US single family mortgage market is extreme and worth taking note of. ~70.61% ($9.3T) of the mortgage market carries a government-linked, credit-risk guarantee, AKA taxpayers. The Federal Reserve also owns roughly ~15% (~$2T) of the market, whose credit risk is backed by taxpayers (and included in the ~70.61% ($9.3T)). I probably won’t post the whole research paper anywhere, but this high level summary below should give some understanding of how the market works. Questions and corrections welcome. After mortgages are originated, there are two types of entities: owners and guarantors. In the approximately ~$13.1 trillion U.S. single family mortgage market, the typical owner of a mortgage-backed security earns the interest payments and bears interest-rate risk, prepayment/extension risk, and liquidity risk — meaning the asset’s value fluctuates as rates move or borrowers refinance. (Private label MBS and unsecuritized whole loans, ~29% of mortgages (~$3.87T), bear those three risks PLUS credit risk. AKA a free market) The guarantor, by contrast, bears the credit risk — the risk that borrowers default and liquidation does not fully repay principal. ~70.61% ($9.3T) of the mortgage market carries a government-linked, credit-risk guarantee: roughly 50% via Fannie Mae and Freddie Mac (implicit) and about 21% via Ginnie Mae (explicit). The Federal Reserve also owns roughly ~15% ($2T) of the total market. While the Fed holds the interest-rate, prepayment/extension, and liquidity risks on those securities, it does not bear the borrower credit risk. That credit risk is insured by the issuing agencies — either Ginnie Mae (explicit full faith and credit of the U.S. Treasury) or Fannie Mae and Freddie Mac (implicit Treasury backstop through conservatorship). In simple terms, owners absorb market volatility, while the guarantors absorb borrower default losses. 29% remains outside federal credit protection through private-label securities and bank-held whole loans.

I tried listening to Dalio’s latest piece and only lasted 15 minutes. It was too cringe. Every few sentences there was something so banal that he tried to make profound. Thinkboi word salad. Giving himself layups. I found myself constantly saying “that’s a reach.” “Says who?” “Press X to doubt.” I’ve long said that Ray’s cognition isn’t what it used to be and he needs to retire. The fact that he *still* doesn’t get Bitcoin, even though Ray’s earlier work helped a lot us see Bitcoin 🙋‍♂️, is further proof that he needs to quit the game. View quoted note →

GM Execute Fauci. Get him up on a platform in the town square and give me the axe.

Super based https://fountain.fm/episode/bGvZ7hHPL871q7PVqc89

NGU as part of our thesis is in the absolute gutter right now. Nobody gives a shit about freedom money. If they do, they’re clearly buying gold and silver instead. Payments? “My card works flawlessly every time, why would I ever switch?” Stablecoins are being shoved down everyone’s throats. Nobody gives a shit or has time to care about the properties of money and credit. “Ludwig von who? Menger? Sounds fake and gay. I’m yoloing into more Palantir and Elon stonks because they get unlimited military funding now.” They won’t care until they have to, until rule of law starts breaking down in the west, US states secede, assets start getting seized in size, and inflation becomes too farcical to even pretend to ignore. I’m not selling for any fake fiat assets. Maybe in a few decades when the demonetization is over and equities holders are suicidal with PE’s in the low single digits. For now, hodling Bitcoin isn’t and doesn’t have to be a “trade” - no, hodling is a moral imperative to starve the State, which will ultimately usher in a more humane and fair world than governments have made before.

A lot of this for the next year or whatever of bear crab. Apparently the people are still retarded.

Why is this cut off? What kind of lightning wallets work with Predyx? #asknostr

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Checkmate, Bastiat View quoted note →