David Marulli

Author of Bitcoin Consolidated, 30 years in Commercial Real Estate, I write about Bitcoin, Money, and Time

[David Marulli @Waykup7]

Bitcoin Consolidated is officially published.

I wrote this for people who are trying to make sense of Bitcoin without the noise.

Link below.

[David Marulli @Waykup7]

@River Love it!

[lindeymagee @lindeymagee]

It’s the best money. And the preferred payment method for this little Trojan horse of a book!
https://t.co/2zKDITmju4

[David Marulli @Waykup7]

@hodlorado Thinking about golfing on the 14th. You around?

[David Marulli @Waykup7]

When will our phones have Bitcoin emojis?

[David Marulli @Waykup7]

@lukedewolf @YoungBTCato I’m reading it now. Its excellent!

[David @david_eng_mba]

Bitcoin Is 56% Below Trend. The Trigger Is a +$26B Flow Swing.

Important question:

Are flows large enough to move the liquid float?

Current stack:

BTC: $59.7K
Max gamma: ~$60K
P10 repair: $63.7K
4.1Y adoption spine: $76.7K
400d cycle clock: ~$90K
Power-law trend: $134.5K

That means BTC is:
-6% below P10
-22% below adoption spine
-34% below the 400d clock
-56% below trend

Structurally cheap.

But not launched.

Why? Flows

Liquid float: ~2.5M BTC
Liquid-float value: ~$149B
30d net flow impulse: -$11.5B
Current EVR: -7.7%

EVR = Escape Velocity Ratio

It measures net absorption versus liquid-float value.

Launch threshold: ~+10% EVR.

That equals ~+$15B of net absorption over 30 days.

But from today’s -$11.5B flow impulse, the required swing is bigger:

-$11.5B → +$14.9B

= +$26.4B swing in 30d flows.

The ladder:

$60K = pin
$63.7K = P10 repair
$76.7K = adoption repair
$90K = cycle repair
$134.5K = full structural mean reversion

This is not a 30-day timing call.

It is a medium/long-term accumulation setup with a measurable trigger.

Valuation loads the spring. Escape Velocity Ratio tells you if ignition is live. Flows decide when Bitcoin moves.

[David Marulli @Waykup7]

@david_eng_mba I like your work.

[David Marulli @Waykup7]

People will say “I’d love Bitcoin at 60k” until Bitcoin is actually 60K. Then they hate it.

[David Marulli @Waykup7]

The blockchain preserves history. Lightning preserves motion. A Lightning payment flashes across the network much like a bolt of lightning flashes across the sky. It appears, transfers energy, and disappears. The blockchain remains, quietly recording only the beginning and the end. One is permanence. The other is movement.

[David Marulli @Waykup7]

@GaryCardone Artist to artist. Never burn. Always keep.

[David Marulli @Waykup7]

@GetBittr 😂

[David Marulli @Waykup7]

It’s a bit less plug and play than the umbrel, but in my opinion, the Sever One is a superior product. Combine it with an air gapped hardware wallet aimed to the node, download electrs, sparrow, & you’ve got a closed system. The 4 terabytes give you room for the blockchain, mempool, electrum, and plenty more.

[David Marulli @Waykup7]

@riekert_billy @BitcoinIsaiah @start9labs I had an Umbrel. Then I heard Matt Hill speak @SpaceDenver and got the 4 terabyte Server One. It’s a bit more complex than setting up an Umbrel but well worth it.

[David Marulli @Waykup7]

@riekert_billy @BitcoinIsaiah Check out @start9labs

[David Marulli @Waykup7]

I think Bitcoin should be approved as a replacement asset for commercial real estate in 1031 exchanges.

[David Marulli @Waykup7]

Truth doesn’t require force. It simply persists. That’s Bitcoin.

[Documenting ₿itcoin 📄 @DocumentingBTC]

Bitcoin began as one network, but different views about its rules led to new ‘forks’ of code. These copies became separate blockchains. The original chain is by far the most valuable to this day, despite many attempts to change. Here is the version history of Bitcoin projects:

[David Marulli @Waykup7]

@DocumentingBTC Evolutionary stability

[Lawrence Lepard, "fix the money, fix the world" @LawrenceLepard]

Bitcoin is a REVOLUTION.

It is much more than number go up. It is an invention which can free humankind from the long sad history of monetary debasement, which empowers few and taxes everyone else. In a fiat system the wrong people win. We all pay for it. It is unjust and unfair. Throughout all of human history we never had a monetary standard that did not dilute over time. Now we do. Those of us who are partisans and are fighting for it understand the stakes. Freedom, fairness, prosperity, less war, etc.

Unsound money is the issue of our age. Currently few see it, but this will change. This Fourth Turning is well on its way and the monetary issue will be resolved.

As I observe the current Bitcoin landscape and the attacks on its leaders i am reminded of the opening of Thomas Paine's second writing, The American Crisis. Written in December 1776 after Washington had gotten his ass kicked on Long Island and retreated from Brooklyn and through New Jersey, Paine wrote:

"These are the times that try men's souls. The summer soldier and the sunshine patriot will, in the crisis, shrink from the service of their country: but he that stands by it now, deserves the love and thanks of man and woman. Tyranny, like hell, is not easily conquered; yet we have the consolation with us, that the harder the conflict, the more glorious the triumph. What we obtain too cheap, we esteem to lightly: it is dearness only that gives everything its value."

Sound money has to win. Sound money will win. History will be kind to sound money partisans. This is about a lot more than number go up. Don't forget why we are in this fight. Spread the word. The system they run is evil. We know the antidote. Time is on our side.

[David Marulli @Waykup7]

If Bitcoin really is governed by a scale-invariant process, our mathematical description of that process will probably evolve as we collect another 20, 30, or 50 years of data.