If you enjoyed “Hic Sunt Dracones”, my new monthly newsletter is out.
This month a deeper dive into the bear market, obituaries and capital flows.
Happy reading.
We are experiencing the first bear market in network hashrate in Bitcoin's history.
This is the longest stretch without a new network hashrate ATH in the ASIC era.
~258 days since the last ATH and still ~25% below the peak.
I wrote about this last month: https://t.co/BYCdthC4pS
JUST IN: Zcash crashes 48% after Claude AI finds critical vulnerability allowing unlimited minting of $ZEC.
It went unnoticed for 4 years until it was patched on June 1st.
Bitcoin is both multidisciplinary and interdisciplinary.
Understanding the different schools of thought helps - different audiences respond to different messages.
The economics that resonate with a macro investor may not be the same arguments that resonate with an engineer, entrepreneur, energy producer, or human rights advocate.
Starlink V3 satellites have >10X bandwidth of V2 and there’ll be >10X launched, which means >100X more bandwidth.
Also, altitude will be 350km vs 550km, so min latency can be cut in half.
Light travels 300km/ms in space, so physics round trip min latency drops to <5ms.