John Makan

Sound money. Bitcoin critic. Austrian economist who actually read Menger, Mises and Hayek.

Author of The Bitcoin Gambit on Substack.

[John Makan @BitcoinGambit]

Bitcoin is to money what Beyond Meat is to meat.

[John Makan @BitcoinGambit]

@BigpictureBTC What then? A sovereign asset that nobody else wants, that's what.

I explain in detail what this means for the US in my book.

[John Makan @BitcoinGambit]

@TicTocTick Thought about it deeply some years ago.

Rationalized OK

[Luke Gromen @LukeGromen]

@MartinSkold2 Yup...i'll buy 30y USTs at 3.5% yields all day long at $20,000 gold, b/c then the USD will be priced properly in gold terms.

[John Makan @BitcoinGambit]

@USronaldcarter Price too high for utility provided. Market says NO to that.

[John Makan @BitcoinGambit]

@KingKong9888 @Sorenthek @themarketsniper any truth gents?

[Emini tic @TicTocTick]

I found out last night why gold is selling off.

Modi of India is selling gold .

He’s sold $12 billion.

It doesn’t matter . Rupee is getting crushed to 120 (now 92).

Once these fools stop, gold will rip to 7000.

$gld $gc

[John Makan @BitcoinGambit]

A footnote from Chapter 6:

Bitcoin is marketed as an absolutely scarce finite money, but when challenged on elasticity Bitcoiners argue that it has an infinite supply via infinite divisibility.

How convenient to present either finite or infinite as the occasion demands.

The “infinite divisibility” defence fails on two grounds. First, divisibility and elasticity address entirely different economic problems. Elasticity allows for the increase of the overall quantity of money whereas divisibility merely breaks the same quantity into smaller pieces.

Second, infinite divisibility is a theoretical argument unachievable in practice. Bitcoin is divisible to eight decimal places, the smallest unit being one satoshi (0.00000001 BTC). That floor is hard-coded into the protocol. Any extension of divisibility requires a full consensus change, a hard fork, carrying with it all the risks of network splits, miner defection, and other technical and governance risks. One hard fork buys one finite increment of additional decimal places, nothing more.

For the “infinite” in “infinite divisibility” to be achieved, an infinite sequence of hard forks would be required, subjecting the network to risk each time, and on an infinite sequence the network fails. Furthermore, if we are raising theoretical arguments, gold is divisible to the atomic level. A single ounce contains 8.67 x 10²³ gold atoms, roughly 867 septillion approaching Avogadro’s number.

[Deso @DesoGames]

#Tether watch update!

$946M. If @Arkham's tracking is still correct, Abraxas Capital Management has now lost $1.6B+ worth of AUM, or 64%; nearly 2/3rds of their fund. In <2 months.

And $3B+ or 75%+ since the April 2025 peak.

CC @bitfinexed @jg_nuke @ParrotCapital @Cryptadamist

[John Makan @BitcoinGambit]

@BryanBSolstin Intent does not equal reality.

Bitcoin is not money or digital gold.

The public is right and you are wrong so put down the Bitcoin cult propaganda and learn the truth, I give it away for free on my substack.

[John Makan @BitcoinGambit]

I have said it often. Anyone making the digital gold comparison is a fool or a liar, and probably both.

Reminder, Satoshi was first to make the demonstrably false comparison, among many other misdirections.

Covered in detail in The Bitcoin Gambit.

[Matthew @GoodTexture]

gold has no vulnerabilities. repeating the phrase "digital gold" is a marker of a failed IQ test

[John Makan @BitcoinGambit]

@Summy_Summm @GoodTexture And you think that a computer software + exchange pricing and ramps, with all the tech and regulatory grace to allow these to work, is unstoppable?

[John Makan @BitcoinGambit]

@AdamSimecka Not even close.

[John Makan @BitcoinGambit]

@KevinWSHPod Lol, he understands financial engineering but he knows nothing about money.

Either that or he is lying about it all to support his financial engineering 🤔 I'll let you decide that one.

[47fucb4r8curb4fc8f8r4bfic8r @47fucb4r8c69323]

How to understand money and why Bitcoin is stupid and Bitcoiners are stupiders.

Think of this. You're charging your cell phone. You need to do this to use it.

The power plant producing power is one node. Your phone is another node. The electrical wire connects the two and transmits power.

The electric wire is currency. The power is money. And what's valuable is the phone and the power plant, not the wire or the power. They are necessary for the activation of the use of both nodes, but it isn't sufficient for value. It's not really value at all, but a facilitation of the creation of value (power plant creates valuable power, I create valuable shitposts).

So in this sense if Bitcoin is the wire or the power, it has no real value unless it's connected to two nodes. And so it requires the nodes to recognize its ability to be a conduit.

If they recognize it, they can use it and will want to use it at the lowest possible cost. Hence currency is best when it is printed on cheap paper and minted with cheap metals--hard money is inefficient (hence why we abandoned it) because it's not a low cost conductor of value.

This is why among other reasons BTC is a failure. The more BTC goes up in value, and the more its price fluctuates, the less good it is as money. And its volatility demonstrates its failure, which is unsurprising given its depreciating structure.

It's a bad idea. It won't endure. (And "endure" here is measured in centuries, the appropriate time frame to measure institutional facts like money.)

[John Makan @BitcoinGambit]

Sir, you are one of the few who understand it. I have got so frustrated by the lies and falsehoods from the Bitcoin cult I have written a book demolishing all of their lies. You might like it, but it sounds like you are probably already aware of what it contains.

First 6 chapters I give away for free

I see you have a small account like me. Most who speak out about Bitcoin are unable to grow their account, funny that.

[Peter Schiff @PeterSchiff]

When I spoke at that conference, Bitcoin was trading near $110,000. I said the conference likely represented the peak of the mania. A blow-off top. So far, it looks like I was right. Attendees who followed my advice and sold their Bitcoin are certainly glad that they did.

[John Makan @BitcoinGambit]

@Tu_Quoque_4_U Yes, but so would everything including gold! Too many factors to predict imo, timeframe of collapse and wider geopolitical movements being most important factors.

[John Makan @BitcoinGambit]

Disappointed that I am only finding Green's paper now! He is correct, I have been working on developing the arguments fully for over a year now in book format.

Bitcoin is not money and never can be.

Find out the the reasons why, what it really is, how a mass delusion has been stoked, and more importantly who it serves, in The Bitcoin Gambit.

https://t.co/3pk7Im4XWt

[Michael Green @profplum99]

You could actually read the piece of course… https://t.co/tM28S6dZxa

[John Makan @BitcoinGambit]

@FinancialPhys @bishop_intel If you think Bitcoin is sound money, then you need to think again.

Could it work as a medium of exchange in a small community? Yes, but so can many other items.

That does not make the items money, a matter that can only be assessed at national or supranational economy scale.

[Jason Ai. Williams @GoingParabolic]

man a lot (not all) people are losing their minds over btc, this is the most negative sentiment I have ever seen.

further to go imo until there is puking in public.

[Layah Heilpern @LayahHeilpern]

Michael Saylor's Strategy just sold even more bitcoin.

His whole brand was "we never sell."

It's not even the selling itself that's hurting the price, its what it means for sentiment...

The biggest Bitcoin bull is selling to fund preferred dividends...