Steven Ellis

[Steven Ellis @cold_sats]

@ForrestGalt @thelibraryvc @Utopia_artist @gaius1337 Epic

[Steven Ellis @cold_sats]

@ggcripto @udiWertheimer Who is Google in this analogy?

[Steven Ellis @cold_sats]

@pt0kes Thoughts on squats? Low bar / high bar?

[Steven Ellis @cold_sats]

$100: It will never work

$1k: It's not secure, gov will shut it down

$10k: It's too expensive, bubble going to pop

$100k: Retail isn't going to pump it anymore

$1m: It's boring, not enough upside

$10m: Only rich people hold it

Excuses evolve, #Bitcoin stays the same

[Steven Ellis @cold_sats]

@udiWertheimer @Deeztokens_ I thought it was a funny joke that we were all in on

[Steven Ellis @cold_sats]

@dr0ther @ColorCombos @adam3us @Jethroe111 @LukeDashjr @GrassFedBitcoin @ocean_mining @boomer_btc @stephanlivera @JeffBooth Miners typically mine what pays most. Dust is not lucrative, “spam” is. So most miners don’t filter “spam”

[Steven Ellis @cold_sats]

@dr0ther @ColorCombos @adam3us @Jethroe111 @LukeDashjr @GrassFedBitcoin @ocean_mining @boomer_btc @stephanlivera @JeffBooth Aligned economic incentives

[Steven Ellis @cold_sats]

@ColorCombos @adam3us @Jethroe111 @LukeDashjr @GrassFedBitcoin @ocean_mining @boomer_btc @stephanlivera @JeffBooth I’m more interested in understanding your argument for why they do work, could you explain?

[Steven Ellis @cold_sats]

@ColorCombos @adam3us @Jethroe111 @LukeDashjr @GrassFedBitcoin @ocean_mining @boomer_btc @stephanlivera @JeffBooth Very few nodes relay sub 1 sat/B transactions and they still get mined. Won’t matter if it’s 2%, 17%, 85%

[Steven Ellis @cold_sats]

@w_s_bitcoin Why you have to say this

[Steven Ellis @cold_sats]

American adults:

< Age 40: ~20% hold bitcoin and ~10% gold

Age 41+: ~5% hold bitcoin and ~15% gold

Skate to where the puck is going to be, not where it has been

[Steven Ellis @cold_sats]

Saw a bunch of close long time friends this weekend

Most hold bitcoin now thanks to my many years of evangelizing

Had various conversations about what I think of bitcoin at this price, do I have a target etc

My general answer boiled down to:

-U.S. debt / spending is on an unsustainable path (along with many other countries)

-The likely outcome is either default (unlikely), massive spending cuts (unlikely) or default via sustained inflation (more likely)

-In the more likely outcome, all assets will continue to go up (stocks, houses, commodities, bitcoin)

-Bitcoin is viewed as a risk asset and has historically correlated with stocks with higher beta so will likely go up the most

-Past that there's a question of whether the world becomes hyperbitcoinized and bitcoin transitions to a safe haven (sovereign reserves, mass adoption of L2s, fiat backed by bitcoin, etc) but none of this is necessary for bitcoin to moon and reach gold parity or more

I don't have targets. I don't know if we're at a short term top (I don't think so but who knows). I just stay exposed. Buy and hold forever. Use as needed for life improvements. Do it with as much % as you're comfortable with (we're young, IMO go high risk)

Most people I know understand the bitcoin value prop nowadays, they don't need to be convinced why it's useful

Most don't want to pick stocks or crypto either, they just want to invest and forget

Bitcoin has proven itself. You don't have to speculate on pmf, utility, execution, etc. It just exists and will ride this macro wave

It might also do more but you don't have to believe it will to hodl

I think this line of thinking generally resonates

[Steven Ellis @cold_sats]

Bessent didn't say anything new today

September rate cuts are still near certain

CME gap filled, short term rounded bottom forming, daily trend strength ramping up, weekly uptrend pointing up, monthly could get explosive

I don't think the golden bull run is cancelled yet

[Steven Ellis @cold_sats]

Damage control / attempt to regain goodwill?

So far the market doesn't care
https://t.co/JRZRwECnz3

[Treasury Secretary Scott Bessent @SecScottBessent]

Bitcoin that has been finally forfeited to the federal government will be the foundation of the Strategic Bitcoin Reserve that President Trump established in his March Executive Order.

In addition, Treasury is committed to exploring budget-neutral pathways to acquire more Bitcoin to expand the reserve, and to execute on the President’s promise to make the United States the “Bitcoin superpower of the world.”

[Steven Ellis @cold_sats]

Is the market overreacting?

BESSENT TODAY:
-Will not buy more bitcoin
-Will "use confiscated assets and continue to build that up"
-Will stop selling bitcoin
-Current bitcoin is worth $15-$20B

"Not buying" doesn't necessarily mean "Not accumulating", but his tone was quite definitive

Bessent already confirmed earlier this year that they would use a budget-neutral approach to build the reserve and many speculated on ways they could accumulate

"Not selling" doesn't mean "we recently sold" but they confirmed that earlier this year so why say it again?

Was he throwing gas on the fire of bad PPI numbers this morning to spook the market?

Or was he just clarifying the intention to not grow the small reserve?

Odd timing with bitcoin just hitting a new ATH yesterday

[Steven Ellis @cold_sats]

@Hobbes_00H Yea I think so. Why did he choose to say all this today? Come on man

[Steven Ellis @cold_sats]

@zukoushitu @ABCOrdinals 🧡

[Steven Ellis @cold_sats]

@asanoha_gold @Dennis_Porter_ Looks pretty bottomy to me

[Steven Ellis @cold_sats]

@prihani @w_s_bitcoin I’ve been into Bitcoin since 2014 and I have no idea what amount bits stands for and I don’t really care to learn