Adam Livingston

The Bitcoin Wizard. None of this is financial advice. I implore you to do your own research and consult with a professional.

[Bitcoin For Corporations @BitcoinForCorps]

ON THE BFC STREAM ☀️ FRIDAY, AUGUST 7TH 📺

⏰ Coffee, contemplation, and #Bitcoin. ☕

ROLLING TODAY:
9a: BITCOIN IS YOUR REVENGE - WHY WE NEED BITCOIN MORE THAN EVER featuring @AdamBLiv
10:24a: The Bitcoin Revolution Is Happening NOW (But Backwards) | Nolan Bauerle w/ @mdisruptors & @1markmoss

AND DON’T MISS:
11:40a: The Rich Don't 'Avoid' Taxes. They Get the IRS to Fund Their Assets with @1markmoss

All times Eastern. All things Bitcoin. 👇

https://t.co/4uNr7py2yG

[True North Clips @Truenorthclips]

Strip away everything and look at what your money actually is.

Some bank reserves. Which is just a ledger entry at the Federal Reserve.

Plus a pile of credit instruments.

Doesn't matter if you are in the US or anywhere else on the planet.

Your money is a ledger entry backed by credit instruments.

$STRC & $SATA are just more transparent honest versions of what the entire monetary system already is.

Except this one is backed by $BTC.
@BitcoinForCorps

[Saturn Foundation @saturn_credit]

Season 1 has now concluded.

Final allocations of Gravity Points will be published this week on the Saturn front-end under Portfolio, Leaderboard Season 1.

Full details below.

[Adam Livingston @AdamBLiv]

https://t.co/txHRNCsFi3

[Firefish @firefish_io]

This looks like a Bitcoin wipeout. The data underneath tells a different story.

Bitcoin is down nearly 50% from its all-time high. Yet realized cap, which estimates the aggregate cost basis of coins across the network, is down just 5.6%.

That divergence matters.

@AdamBLiv explains why this may not be a typical Bitcoin bear market.

https://t.co/urWZwrSaFu

[Galaxy Mind @GalaxyMind]

Last night, I shipped a full Super Mario-style Bitcoin game.

Today, I added The Bitcoin Wizard himself, @AdamBLiv to help our hero Saylor along his way to defeat the final boss, Shifty Schiff and his army of bears! (Unlocks on level 15)

[Bit Paine ⚡️ @BitPaine]

What’s really weird to me about the $MSTR blow up FUD is that it’s as transparently and verifiably false as any of the other FUD that gets amplified at $BTC bear market bottoms - energy use, transaction throughput, quantum risk - but many of the same people that would call these out as obvious attempts to shake out weak hands at the bottom are going full tilt on $MSTR FUD.

MSTR is designed to amplify Bitcoin volatility. To the upside and the downside. You either believe in it or you don’t. And if you don’t nobody is making you invest in the stock or its prefs. If you do you are opting into a roller coaster and you better position size, try to buy as low as you can, and be ready to ride it both ways.

But it’s not at any imminent risk of insolvency, and if BTC went low enough for that to happen, BTC has kind of already failed as an investable asset.

You’re talking 20,000s or lower on a sustained basis before there’s any real insolvency issues.

I’m sorry to say, but if we retrace to 2017-levels - post LUNA/3AC blow-up levels - and THEN MSTR blows up and dumps 850,000 BTC nobody is touching this asset for a decade.

You can say goodbye to any serious Wall Street exposure. People will forever see it as too toxic to build anything on and the monetization phase is done. Narrative fully cooked.

There are people who are relentless bitcoin cheerleaders who seem to want Saylor to fail like he’s some kind of anti Bitcoin force that needs to be disposed of, despite the fact that he’s been the most relentless, vocal, and transparent Bitcoin advocate for 6 years, and has done more for wall st and corporate adoption that anyone else by a wide margin. He’s the one who actually tried to build something on Bitcoin and integrate it into global finance - something more than just talking about how great it is on a podcast.

$MSTR is constructed in such a way that in order for him to fail, it would require so much capital destruction that everything you want Bitcoin to be will be dead for a decade - if not forever. Forget about everything else in crypto, which would be beyond cooked.

Like oh great, enjoy your unstoppable freedom money that lost 90% of its value. What the fuck are you going to buy with it?

If you’re amplifying FUD and cheerleading for Saylor to fail, you’re cheerleading for Bitcoin to fail, and I don’t consider you an ally.

[Bobby Tierney @chcbearsfan]

Saylor was asked how to measure whether a deal is accretive. His answer is to calculate satoshis per share, net basis, attributable to common shareholders, after subtracting the liabilities.

That calculation has had a name since January and https://t.co/kQGryfDhYQ publishes it weekly

In the same conversation 'for you to understand whether the company's accreting or diluting, you have to understand all of the tangible assets, the cash, all of the liabilities.'

All of the liabilities, net of cash. That is the entire CEBE methodology in one sentence

He also pushed back on netting preferred, calling it mezzanine capital rather than a balance sheet liability. Fair framing from the issuer's seat. From the common shareholder's seat, the liquidation preference stands ahead of you in every outcome that matters, whatever the balance sheet calls it. CEBE is measured from the common seat. Both views are correct. They answer different question

Another interesting line surfaced, 'there's still a lot of room for debate about what is the right way to value a hybrid credit instrument like STRC.'

Agreed. More on that soon

[Michael Saylor @saylor]

@TNorth Interesting discussion of Digital Capital, Digital Equity, Digital Credit, and Digital Money with some excellent insights by @PunterJeff and @AdamBLiv.

[True North @TNorth]

STRC is a CREDIT instrument.

The question is "How much EXCESS Risk (price volatility), and EXCESS return (yield) does a holder take on compared to Cash, and other fixed income securities?"

We did the math for you:
$STRC and $SATA carry a similar "slope" of excess risk / return as $JNK, $PXG, and $HYG (other high yield alternatives); HOWEVER, with substantially higher income.

Digital Credit is an entirely new ballpark of securities, and the instruments are less than a year old.

The world is still learning how to interact, price, and quantify these instruments.

There are ZERO historical examples to pull from.

STRC is the fastest growing, most successful, most liquid preferred equity in history. There is no precedent, not a surprise the market is bewildered.

Let the math and game theory be your North star.

[True North @TNorth]

Strategy Sells Bitcoin, so what? | Ep. 69 https://t.co/bcpIgOgEBD

[The Surpassing of Gold @BTCgoldshift]

Hands-down the most underrated bitcoin channel on earth
Where else can you get so many belly laughs while inoculating your brain against financial stupidity?
Capital truth humour 101 with @AdamBLiv

https://t.co/LIh9hxxkv9

[Cory 🦢 Real Bitcoin @ Swan.com @CorySwan]

"As my wife and I have gained wealth, the complexity of our financial landscape has grown beyond my ability to document and adequately keep track of for her. Vigil is the tool I wanted to build for myself! I especially love the simulation that will let me find the gaps and gives her such peace of mind."
- https://t.co/q79sqIY0BC client

[James Lavish @jameslavish]

Good morning,

If you are selling MSTR today because of what @saylor said on the call last night, you either have no idea what you owned or you simply do not understand capital markets.

Have a great day.

[Ragnar @RoaringRagnar]

Remember the Strategy FUD in 2022?

„Saylor about to get liquidated any day now.“ „It‘s a house of cards.“ etc. etc.

Metaplanet is living through their Strategy 2022 moment right now.

Once they get through it, today‘s whiners will turn into superfans.

Bookmark it.

[Swan @Swan]

Potential quantum computing threats to Bitcoin aren't just sci-fi anymore.

Google's latest warning takes it from theory to reality, but Bitcoin's story is one of adaptation and resilience.

Find out how in the latest episode of On Time with Adam Livingston. 🧠

[Firefish @firefish_io]

For decades the playbook was simple:
Work.
Save in fiat.
Sell your assets when life sends you the bill.

Bitcoin changes the game.

Hold the asset that can’t be printed.
Borrow the one that can.

@AdamBLiv explains 👇

[Cory 🦢 Real Bitcoin @ Swan.com @CorySwan]

The Most Bullish Bitcoin Metric Nobody's Talking About https://t.co/58Mk8znG4w

[Eric Trump @EricTrump]

Let me make this very clear: Big Banks (think JPMorgan Chase, Bank of America, Wells Fargo, etc.) are lobbying overtime to block Americans from getting higher yields on their savings—while trying to block any rewards or perks from being given to customers.

These banks, and others, pay rock-bottom rates on standard savings (often 0.01%–0.05% APY), even as the Fed pays them 4% or more. This massive spread fuels record profits, with almost none passed back to their customers / everyday depositors.

Today, the banks are desperately targeting crypto/stablecoins, where platforms plan to offer 4–5%+ yields or rewards. The ABA and other lobbyists are spending millions trying to ban or restrict those yields via bills like the Clarity Act, crying “fairness” and using words like "stability"—when it's really about protecting their low-rate monopoly and preventing deposit flight. This is anti-retail, anti-consumer, and straight-up anti-American.

Next time you see a big bank dropping billions on a shiny new Midtown Manhattan HQ, you know exactly where that money comes from: the non-existent interest rate they “pay” you!

Fortunately, the big banks are losing this fight as customers wake up to the games…

@worldlibertyfi

[Swan @Swan]

“Realized cap behaves like a step function of adoption.”

Price is volatile.
Adoption isn’t.

Even after a ~50% drawdown, Bitcoin’s realized cap barely moved.

New episode of On Time with @AdamBLiv explains the metric that actually tracks real capital entering Bitcoin 👇