Cameron Davis

#BTC Don’t trust, verify. Festina lente.

[Julian Assange @ImJulianAssange]

Well this didn't age well

[Secretary Kennedy @SecKennedy]

Sheryl Gay Stolberg gets it wrong again. Repeatedly describing these documents as Dr. Fauci’s “private diaries” is inaccurate and misleading.

These were not personal journals. They were government records created on a government computer by a federal employee during one of the most consequential public health emergencies in history.

Under federal law, these documents belong to the American people.

Precision matters. Stolberg’s mischaracterization has predictably fueled outrage among Democrats, who have denounced @SenRandPaul's release of Dr. Fauci’s “private diaries.”

[homans top guy @passcoderonald]

Once your leader gets black bagged by delta force the whole international law thing seems a bit silly

[Jota. @jota_snchez]

En 1979, un presentador de TV le preguntó a Milton Friedman si no le daba vergüenza defender un sistema basado en la codicia.

La respuesta se estudia hasta hoy:

«—Cuando ves la mala distribución de la riqueza, tan pocos que tienen tanto y tantos que no tienen nada… ¿nunca has dudado del capitalismo, de si la codicia es una buena idea?

—Primero dime: ¿conoces alguna sociedad que NO funcione con codicia? ¿Crees que Rusia no funciona con codicia? ¿Que China no?

¿Y qué es la codicia? Ninguno de nosotros es codicioso, claro. El codicioso siempre es el otro.

Los grandes logros de la civilización no salieron de despachos del gobierno. Einstein no construyó su teoría por orden de un burócrata. Ford no revolucionó el automóvil así.

Los únicos casos en la historia en los que las masas escaparon de la pobreza son aquellos donde hubo capitalismo y libre comercio.

—Pero parece premiar la habilidad de manipular el sistema, no la virtud.

—¿Y qué premia la virtud? ¿Crees que un comisario comunista premia la virtud? ¿Un Hitler? ¿Crees que los presidentes americanos eligen sus cargos por virtud… o por peso político?

Dime: ¿dónde están esos ángeles que van a organizar la sociedad por nosotros?

Yo ni siquiera confío en ti para hacerlo.»

[Adam Curry - curryirc.com @adamcurry]

No Agenda Episode 1888 - "In The Mourning" https://t.co/2zAVDgFG3o

[Adopting Bitcoin Cape Town @abcptza]

RIP @THErealDVORAK

[Isi Breen @isaiah_bb]

“So how much money could be out there in your Jesus Christ swaps and derivatives right now?”

“Mmm. A billion dollars.”

“What? How much bigger is the market of Rapture Derivatives than Second Coming trades?!”

“About 20 times.”

[Luke Gromen @LukeGromen]

In 1963 (2nd to last year US quarters were made of silver) US min. wage was $1.25, or 5 silver quarters.

Today, the melt value of 1963 silver quarters is ~$7, so those 5 silver quarters are worth $35...yet min. wage is only $7.25.

This is why the red line below went < blue line after US went off the gold standard in 1971.

The US govt did the rigging, @SenSanders, & has continued to do it. As my friend @LawrenceLepard says, "fix the money, fix the world." Let's watch.

[Hunter Horsley @HHorsley]

The world operates on standards —
Volume: Liters
Length: Meters
Temperature: Celsius
Energy: Joules, kWh
Cybersecurity - ISO 27001 / SOC 2
Connectivity: Bluetooth
Web: HTTP, SSL
etc etc

No one country or company can change these standards. 1 Liter is always 1000 mL.

Yet, for money, we do not have global standards.

Rather, we have over 170 metrics (currencies) for gauging how much money one has and prices of things. The US Dollar is the most widely used of course, but a single country, the US, can make changes as it sees fit.

The proposition of Bitcoin is to change this.

A single metric for money.

There will still be other currencies. But instead of constantly fluctuating ratios of USD to Japanese Yen, USD to Euro, USD to Indian Rupee —

In the future you can just quote them all in term of how much BTC (or satoshi's) they are worth: a Bitcoin standard.

The arc of progress is global standards. Money should be no different.

When you zoom out, Bitcoin feels inevitable.

[Pierre Rochard @BitcoinPierre]

Bitcoin never changes its monetary policy in response to political pressure.

[Bitstein @bitstein]

@LynAldenContact I like bitcoin because it lets me miss every Fed speech.

[Saifedean Ammous @saifedean]

No, you did not miss the bitcoin train.

We are just getting started.

Just because bitcoin went up a lot does not mean it cannot go up a lot more. On the contrary, the more it goes up, the more it demonstrates product-market fit, the more likely it is to go up.

Bitcoin is different from stocks, bonds, and commodities because it has a much, much larger addressable market. Let's compare:

Apple's total addressable market is 8 billion people who can own an iphone and laptop. A lot of them already do, and a lot of them are too poor, so there's just not much more room for growth. Maybe Apple can increase by 5x, or 10x, but it would need to introduce new products that are wildly popular to do so, which is very difficult. Ultimately, an Apple stock is a claim on cashflow, and it is priced based on expectations of Apple cashflow, and it is not easy to continue to increase cashflow once you're a trillion dollar company.

But bitcoin is money, and its total addressable market is all of the planet's cash balances, which currently include something in the range of $100 Trillion in physical government cash and checking and saving bank accounts, plus ~$120 Trillion in government bonds, ~$22 Trillion in gold, and arguably, a chunk of the world's real estate and stock markets, which people are holding to beat inflation, and not to take risk in search of return. All in all, bitcoin's Total Addressable Market is in the range of $200-300 Trillion, which is about 100 times larger than what it is now. All of these assets are trash compared to bitcoin, and there is no reason for anyone intelligent to hold a significant position in them. Everything held in these assets has lost ~90% of its value against bitcoin in the last 5 years, and will likely keep losing another 90% every few years. The only things maintaining significant demand for these assets at this point are their holders' old age, intelligence deficiency, and susceptibility to government propaganda. They can continue to hold these assets as they decline, making them poorer, or they can shift to bitcoin and start getting richer. Either way, and regardless of what they do, the world's wealth is going to end up in the hard money, and not in the obsolete moneys of the twentieth century.

Bitcoin has no cashflow to price it. Most nocoiners think this makes it a ponzi, but that is only because they have never experienced real money, and only have as a frame of reference the hot potato trash fiat money which everyone smart tries to exchange for hard assets as soon as they can. They are incapable of understanding people demanding to hold money for its own sake, for its ability to hold value, and not for cashflow. This is how gold became the money of the world without generating any cash flow, and this is why bitcoin, which is infinitely better money than gold, is going to continue to monetize and grow.

Nonetheless, bitcoin's demand is highly variable, and with leverage, it will likely continue to be significantly volatile for the foreseeable future, so always keep in mind that it could decline significantly, and manage your position accordingly.

[James Lavish @jameslavish]

Translated: The Government must sell an infinite number of bonds and are changing risk rules to allow banks to buy as many Treasuries as they need them to.

[Vijay Boyapati @real_vijay]

Don't like war? Remember central banking was created specifically to help fund war.

Bitcoin fixes this.

[BULLBITCOIN.COM @BULLBITCOIN_]

If you recognize this image you deserve financial freedom

[Julius Ruechel @JuliusRuechel]

Your periodic reminder that a cow cannot add a single atom of carbon to the atmosphere that wasn't previously removed from the atmosphere by a plant.

So, cows cannot increase atmospheric CO2, they merely recycle CO2. It's not a new source of carbon.

And without cows, bacteria would, over time, rot plant fibers and return the exact same amount of carbon to the atmosphere.

But grazing cows help grass sod fix carbon in the soil, thus increasing soil fertility over time.

The climate crusade is built on scientific fraud.

And many of the proposed solutions, like reducing cows, are directly causing much of the soil degradation and forest fires (because of ungrazed fuel in the forests), which activists and dishonest scientists then blame on "climate change".

[Cameron Davis @CLDBTC]

@tysonjfisher Where’s the $MSTR or even better just Bitcoin?

[Teddy - PolyBackTest.com @Bitcoin_Teddy]

Send this to your normie friends and say nothing.

[Stack Hodler @stackhodler]

The Japanese Yen has retraced an entire year's worth of price action in just 26 days.

Don't let the headlines distract you.

This isn't about any one asset crashing.

This is about the entire global monetary system once again buckling under the weight of its own BS.

This is about the Bank of Japan pretending they can raise rates without blowing everything up in the process.

The US was already running crisis-level budget deficits...

What happens when portfolio values tank and capital gain tax revenues dry up as a result?

The US deficit goes ballistic and credit markets ultimately seize up as the Federal government floods the market with bonds to pay for deficits.

I've been saying it for years on here: The outcome is binary.

And the Central Planners will soon reach their next decision point:

Great Depression 2 or Great Debasement.

Either they let things fall apart, or they print to hold it together.

My bias is towards the Great Debasement, but a portfolio prepared for either scenario will help you watch today's volatility dispassionately.

My portfolio remains overweight Swiss Francs, BTC, Gold, and crucially, no debt/leverage.

Bitcoin: The best asset to hold through the Great Debasement. Finite bearer money without counter-party risk. It has vastly outperformed every other major asset since the Covid plunge in March 2020 kicked off the last major panic-printing.

Cash: Gains value in the less-likely deflationary scenario and allows you to buy assets that over-leveraged traders sell in a fire sale. It also helps you remain calm during volatility knowing your fiat liabilities (e.g. living expenses) are covered.

Gold: A nice boring physical asset to park some wealth in. Low volatility compared to BTC and equities. Vastly outperforms cash and bonds. And its physical quality provides a different kind of peace of mind (gold holders understand this).

No debt / leverage: Being debt free means never becoming a forced seller. If the monetary authorities lead us down the deflation path (unlikely, but possible) most people with debt will be forced to sell assets (including homes) to cover their obligations. That's a situation you never want to be in. In that situation you want to be the one with cash buying assets for pennies on the dollar.

The only other piece of the portfolio is a calm and rational mind to weather the volatility.

Days like today should not come as a surprise.

You cannot hide from volatility in the 2020's.

If the carnage in Japanese markets spills over into US markets, we could be looking at the next March 2020 moment as traders scramble for liquidity by selling whatever assets they hold.

People thought the world was ending in March 2020.

But that was actually just the beginning of a massive bull run.

While many panicked, some of us backed up the truck and bought BTC hand over fist that month and forever changed the trajectory of our families lives in the process.

Will history repeat this time?

If so, we could be closer to the beginning of the next cycle than the end.

All eyes will be on the central planners to see how they react to the carnage.

In the meantime, stay solvent, remain rational, and remember what you own.

And as always, enjoy summer ✌️☀️

[Saifedean Ammous @saifedean]

It's nice that politicians are pandering to bitcoiners, but promises are cheap. There is a major insurmountable obstacle to the US govt buying bitcoin: The US govt does NOT own or control the US Federal Reserve, which is a cartel of private banks. The US President can't just tell this cartel what to do with their reserves. The US dollar is the sacred cow of this cartel, and it's how they rob the entire planet. They're not about to give up this racket because some politician made a promise whose implications he doesn't understand. They're not going to buy a million bitcoins, because a commitment to purchase bitcoin will just encourage everyone to dump their dollars and buy bitcoin, and destroy the value of the dollar and their ability to rob the world with it. If you think they managed to build this century-old cartel while being stupid enough to fall for this or powerless enough to stop it, you're going to be disappointed to find out they're actually just evil.

But can't the US government buy bitcoin itself, without the Fed? With whose money exactly? The US government is fiscally irresponsible and its biggest expense is debt servicing. There are good reasons your irresponsible debt slave friends never get bitcoin and keep laughing at you when you bring it up. Irresponsible high time preference people and institutions don't understand the concept of long term savings. More importantly, the US government needs the Fed to buy its debt and keep its Treasury ponzi going. Buying bitcoin in spite of the Fed's opposition is a full-on declaration of war by the US government against the Fed and the fiat dollar, and that's just not something that Trump, or Kennedy, is up for. Trump has repeatedly praised the Fed. Kennedy wants to implement some ridiculous low interest rate subsidized home lending scheme only possible with the Fed creating cheap money. These men are not Andrew Jackson, nor are they even trying to be him.

The real enemy of bitcoin, and humanity, is the Fed. The US government is just its tool, and politicians are interchangeable actors that haven't mattered in decades. You're not going to destroy the Fed by promising to vote for one actor over another. Your only chance of destroying it is for bitcoin to grow larger than the dollar and Treasury bonds, and for dollar users to continue to get impoverished into oblivion while bitcoiners thrive with their superior technology. I humbly suggest you not waste time and sats on the politics circus, and work hard to stack sats instead.