Logan

[nic carter @nic_carter]

Bitcoin succeeded beyond its creators’ wildest expectations. The maximalist ideology built around it did not. https://t.co/d3F8Iibu2S

[Logan @LoganUnbound]

@DzambhalaHODL Your married dad humor arc is going to be legendary

[Logan @LoganUnbound]

@DzambhalaHODL Awesome, congrats!

[Logan @LoganUnbound]

@PeoplesBread Mossadegh literally advocated separation of church and state. There is no direct line politically or philosophically from him to khomeini. Quite the opposite.

[Logan @LoganUnbound]

@PeoplesBread The revolutionaries were not mossadegh supporters by any stretch, and you’re calling a 26 year gap between events a “direct result.” Pretty reductive.

[Logan @LoganUnbound]

@PeterMcCormack Fair

[Logan @LoganUnbound]

Totally fair. I should've qualified a bit more perhaps. I think my take is aimed at those who don't have a trove of bitcoin, who are maybe sitting on 1-5 coins (or less) and thus can't sell to insulate income when and if necessary, since bitcoin would likely be falling temporarily in price just when they'd need to do so and the stack isn't that big; AND/OR don't have a big enough stack to borrow against on favorable terms for the same reason. For those folks, I think you have to protect the crown jewel of the balance sheet, i.e. the bitcoin, against the depredations of income fragility, AI uncertainty, unseen risks, household debt overhang, etc. all of which I think will accelerate.

Two-step process for lots of folks, particularly folks who've only come to bitcoin in the last couple years: Step 1 is get the btc. Step 2 is insulate yourself against scenarios where you'd have to part with the btc. And those scenarios are increasing, not decreasing in terms of probability imo.

[Logan @LoganUnbound]

@Geiger_Capital https://t.co/rCjncyOEjt

[Logan @LoganUnbound]

@milesdeutscher https://t.co/rCjncyOEjt

[Logan @LoganUnbound]

@BTC_for_Freedom https://t.co/rCjncyOEjt

[Logan @LoganUnbound]

@brando_sui @PantsStanky @ikadotxyz I didn’t say Sui wasn’t the rails. All I said was lightning won’t be. I like Sui a lot personally.

[Logan @LoganUnbound]

@gckaloudis Bitcoin has been outperformed by both gold and the S&P during that time.

[Logan @LoganUnbound]

Yeah I agree entirely with your point about many bitcoiners approaching thing in a pre-kantian way. That point is a good one and well taken. You’re more philosophically grounded than me, and I agree Bitcoin does raise philosophical questions.

DFW is more my wheelhouse than philosophy, and I think what he’d say is that otherwise intelligent people tend to build self-reinforcing systems for interpreting the world, self-reinforcing perceptual systems, mistake the systems for reality itself, and then kind of disappear under the seductive, cozy blanket of a totalizing theory.

In infinite jest terms, for some bitcoiners bitcoin is “the entertainment.”

[Logan @LoganUnbound]

@ChrisWhodl Hell yeah, always a good time

[Logan @LoganUnbound]

@ktreywalsh Same as it ever was

[Logan @LoganUnbound]

But being based on "the new gold" is not what we already have currently. It would be a return to a hard-money standard, no?

There will always be new kings, even in a bitcoinized world because the era of being able to frontrun fiat money is over. A fiat millionaire who only sort of believes in bitcoin or doesn't care at all can buy more of it right now than the true believer pleb who makes $50k a year or the farmer in South America, etc. And the farmer actually paying for goods in bitcoin is setting himself behind even further.

[Logan @LoganUnbound]

Frank, I was typing an answer to your last comment to me and realized you and Brian had a whole separate convo, so answering here and also chiming in on Brian's points a bit:

Yeah I think both of those things are true, and, w/r/t stables, a function of multiple realities: taxes - no de minimus exemption, Gresham's law, and the overarching goal to put all of capitalism (not just payments) onchain. I think bitcoin is still the apex asset and best collateral in this world, but the vision of something like, e.g., Solana is a vision of the world optimizing not for a decentralized network of small circular economies opting to make micropayments in bitcoin but for decentralized, permissionless lightspeed capitalism en toto. People will still save in bitcoin, but spending bitcoin in a normal, everyday way on a global consumer level is so far away.

To @BrainHarrington's point, I think what Strategy is doing is trying to engage in the lightspeed capitalism vision by saying look, bitcoin is the apex asset, but people are going to fiat currency as long as bitcoin continues to go up. Just like I don't want to spend my TSLA stock. So let's use bitcoin's apex asset properties to create a product that can pay people in the currency they use. It's a way to harvest a fiat income from bitcoin's supremacy, while stripping it of its vol.

There is really no non-ideological reason to "spend" bitcoin in an everyday way right now. The reality is for most people in most situations, it's economically illogical or, perhaps just suboptimal (spending an appreciating asset for a everyday goods/services, which depreciate or are consumed) to use bitcoin as money in this way. I think Saylor knows that's reality.

When we say "if bitcoin is going to replace the old system..." that's actually structurally impossible on the bitcoin blockchain. It can't and won't. Infrastructurally it cannot, which is why ideas like "bitcoin is the asset, _____ is the infrastructure" I think are increasingly directionally correct.

[Logan @LoganUnbound]

@frankcorva Thank you sir. Honestly was just a long way of saying you're right and right in deeper ways than most will take away.

[Logan @LoganUnbound]

@thetrocro It’s not delivery, it’s digiorno

[Logan @LoganUnbound]

@BarbellFi I've come around more and more to this idea too. Paying off debts is a move toward antifragility, in the Taleb since, with the full effects of AI disruption imminent. High recurring expenses = fragility.