Bertrand Darnault

Building 1st-class tools for secondhand ♻️ xHulu video platform engineering lead 📺 #Bitcoin realist & stablecoin maxi 🪙 Waterman of many planing surfaces 🌊

[Bertrand Darnault @DarnBert]

@patio11 Does the EM use case require few (stable)coins because balances/savings held would be minimal?

In other words, would you see a high number of transactions on top of a relatively low supply base?

I'd love to see data around this...

[Bertrand Darnault @DarnBert]

@brockm @patio11 covers the nuances around this topic very well on https://t.co/xqahnNrrIi.

These two posts are especially relevant:

https://t.co/TN5hm4nLFd

https://t.co/BZlw3acZqq

[Bertrand Darnault @DarnBert]

@nicolasburtey Where are you seeing evidence of this?

Gold was a broadly accepted MoE. Bitcoin continues to remain a niche MoE, even as a replacement to poor MoEs/fiats.

Gold's elastic supply made it a suitable base layer for an MoE. The same can't be said of Bitcoin and its inelastic supply.

[Bertrand Darnault @DarnBert]

@ZeMariaMacedo @ethena @Delphi_Ventures Another question Re: negative funding is how holders of USDe will behave. Ethena assumes they'll redeem USDe without charging them negative interest.

The reserve fund creates moral hazard. Many users will compose USDe on defi for yield and perceive it as stable collateral.

[Bertrand Darnault @DarnBert]

@ZeMariaMacedo @ethena @Delphi_Ventures Isn't it true in any scenario where the funding rate is negative long enough to:

1) Cause the supply to shrink
2) Start depleting the reserve

(regardless of the market cap/size that USDe previously reached)

[Bertrand Darnault @DarnBert]

@nicolasburtey Check out recent tweets and Medium posts by @brockm for insights into why some Bitcoiners may prefer monarchies.

Here are two relevant ones:

https://t.co/GwD4otfURQ

https://t.co/Fk6WtsukVn

[Mike Brock🇺🇸 @brockm]

@mhartl I have more thoughts here, in this incomplete essay, that acknowledges some of the contributions of Austrians — that are now part of mainstream economics https://t.co/Alo7nWngqh

[Bertrand Darnault @DarnBert]

@BitcoinBombadil @brockm As for the odds of Bitcoin being adopted as money, I highly recommend reading "Better Money" by @lawrencehwhite1

[Bertrand Darnault @DarnBert]

@BitcoinBombadil @brockm And here's a helpful read on the subject:
https://t.co/TLCbZum9XZ

[Bertrand Darnault @DarnBert]

@brockm @Gh4nder If Bitcoin IOUs are needed for it to be used as money, all users will be paying for "political risk insurance" without receiving it. In addition to paying for "stability insurance" due to Bitcoin's inelastic supply. These costs seem prohibitive to its broad adoption as money.

[Bertrand Darnault @DarnBert]

@brockm Absolutely, that's what I meant by "salary or _ideals_". I wouldn't be surprised if it's often a combination of both, explaining the level of pushback and denial...

[Bertrand Darnault @DarnBert]

@brockm Re: fiat, I'd love to see more discussions on "upgrades" like NGDP targeting. From people like Lyn Alden who look at this from a control systems perspective. And from proponents of rule-based systems, one of the core tenants of crypto.

[Bertrand Darnault @DarnBert]

@brockm "It is difficult to get a man to understand something, when his salary depends on his not understanding it." (Upton Sinclair)

Whether salary or ideals, there's a clear dismissal of market drivers+evidence. Ex: the lack of demand for BTC in El Salvador.

[Bertrand Darnault @DarnBert]

@brockm Agreed. Good perspective on this topic:
https://t.co/TLCbZum9XZ

[Bertrand Darnault @DarnBert]

@TimmerFidelity Great threads and base case model for valuing Bitcoin.

Can a case be made that BTC will mostly replace monetary gold, as its S2F surpasses it? Similar to gold over silver.

Where would you place BTC in the S-curve vs. gold+silver? Seems like a key part of its exponential growth.

[Bertrand Darnault @DarnBert]

@sarahtavel @sarahtavel USD stablecoins are liquid, digital and way more stable than both pesos and BTC.

As a result, they dominate crypto asset adoption in Argentina and everywhere else.

Here's a chart from @chainalysis on USDT vs BTC purchased on CEXs in Argentina.

[Bertrand Darnault @DarnBert]

@artemis__xyz @solana @artemis__xyz @httpsageyd I noticed that the transfer volume of $USDT on @solana grew for the 1st time to 5% in January. Any idea why? I cannot find any clue...

[Bertrand Darnault @DarnBert]

@karpathy @paulg Same experience with night dives. The combination of silence, weightlessness and lack of visual stimulation relaxes all the senses.

Had a magical experience diving under a full moon with bioluminescent plankton. We swung our hands to use the plankton as a flashlight.

[Bertrand Darnault @DarnBert]

@jp_koning @nic_carter @Nouriel @MountainUSDM @jp_koning the rebasing method for USDM is described here: https://t.co/9ygUdoOHUZ