So so true.

Wow. No Words Wasted. 🎯 “Being an enemy of a technology is a fairly dumb way to waste your time, because you’re not in charge of whether a technology is adopted at any meaningful scale.” Natalie Smolenski

#[0]​ Hi Preston - loved your conversation with Kevin Kelly - one of the most interesting podcasts I’ve heard this year and everyone should check that out. I’m interested especially given his comments on time preference and decentralisation - what does he make of Bitcoin?

Seeing a lot of hate on here for ordinals, given the current mempool. I have no love for ordinals, but the market will decide if they have any value, and it’s a long long road. At absolute worst, see them as a type of denial of service attack on the mempool, that causes transaction fees to rise - for now at least. Could that ever be a meaningful attack? I doubt it. Tick tick, next block. Chomp, chomp, chomp…

I “waste” my time on Nostr as I choose to spend about the same time and money I would spend on Twitter blue, but - there are no ads - my money goes directly to others hosting or creating content rather than servicing a huge amount of debt - no algorithms - I see exactly who I follow - the rate of change and experimentation on here is dizzying It’s an ongoing choice for everyone of course. Time will tell if it increasingly appeals to others View quoted note →

D̶o̶n̶'̶t̶ ̶t̶e̶l̶l̶ ̶m̶e̶ ̶w̶h̶a̶t̶ ̶y̶o̶u̶ ̶t̶h̶i̶n̶k̶,̶ ̶s̶h̶o̶w̶ ̶m̶e̶ ̶w̶h̶a̶t̶'̶s̶ ̶i̶n̶ ̶y̶o̶u̶r̶ ̶p̶o̶r̶t̶f̶o̶l̶i̶o̶ ̶ Don't like my post, zap it. YES #[0]​!! View quoted note →

Some back of the envelope maths given MSTR back at all square on bitcoin purchases right now. Theoretically, sitting on 140,000 btc they could clear debts of 2.2bn and still be sat on approx 67,000 btc, debt free. Value of this btc is approx 2bn. Market cap of company today is approx 3.2bn. Let’s say then 1.2bn of that is for the company itself - of the current share price of $330, that would suggest 1.2/3.2*330 = 124 share price in that respect, if no btc. MSTR share price in July 2020 prior to bitcoin buying almost exactly at that level… plenty of holes in these figures no doubt, but right now, at this price, he’s winning.

Not particularly seen this view put out there, but in my opinion it would be pretty logical from Elon Musks point of view to use Doge as a form of twitter native currency. Why? Twitter could just act as a type of custodial solution, facilitating a huge number of transfers of token amounts between users at no cost. He would have little interest in it being any more useful for users except in that internal ecosystem - see his attitude towards substack links etc. Secondly, it continues his lukewarm attitude towards Bitcoin, for whatever reason he holds it.

Often when I buy a small amount of bitcoin it crosses my mind that the person on the other side of the trade may well have bought it at $100 bitcoin. Then I remind myself of a couple of things- 1. Anyone buying at $100 bitcoin might well in turn have bought it from another party who got it at $1, or less 2. If the seller to me wants that same amount of bitcoin back, they’ll have to buy it at todays prices, or mine it.

Snap thoughts on MSTR paying off Silvergate loan. Terms for interest were (I think) 30 day SOFR plus 3.7%, so currently about 8.3% pa. Was due in March 2025 so still had two years left. So looks like they are saving not just the 22% on the final redemption but also the remaining interest payments of ~16.6% over the period. Depends on your opportunity cost for that money of course, but they've taken some risk off the table. Next redemption of the remaining debt not due until Dec 25 now (see prev article below)

Bitcoin Magazine

What’s Next For Bold Bitcoin-Buyer MicroStrategy?

After a year of borrowing and buying, what’s the outlook for the bitcoin bulls at MicroStrategy?

It always bemuses me when the likes of Stephen Diehl dismiss Bitcoin in economic terms by alluding to the failed era of the gold standard, and implying that gold failed at being money. Gold was $35 per ounce 50 years ago, and approx $1,900 now. Perhaps on this rather important criteria it's done pretty well at being money?

It’s just dawned on me why Nostr is such a positive experience (even right now, with so much likely more to improve) - On Twitter, all of the costs were generally hidden - the advertising, the promoted content and accounts, the algorithmic feed to keep you scrolling.. On Nostr this is now all accruing to the user. There’s still a cost to using it, but it will be defined and known.