floristotle

Mostly here for learning. I aim to amplify the nuanced and underappreciated voices of the #bitcoin community.

[Brett Scott @Suitpossum]

Lessons I learned paying $9000 for a pizza with Bitcoin https://t.co/r0VaPvZ8Fl

[floristotle @floristotle]

@marcvanderchijs What is your way of comparing different LLMs?

[Bart Mol @Bart_Mol]

Bitcoin's hashrate is nearing an all-time high of 1 ZH/s, while hashprice is approaching an all-time low.

How do mining companies keep expanding their fleets while their revenue falls?

The answer is simple: they dilute their stocks and accumulate debt.

I reviewed the 2024 annual reports of the largest US-listed miners, and the figures are quite revealing:

- MARA: +40% ($1.85B)
- RIOT: +49% ($0.95B)
- CORZ: +32% ($0.055B)
- CLSK: +69% ($1.2B)
- IREN: +187% ($0.77B)

To be clear, these companies diluted their shares by at least 32%!

Moreover, some also raised debt:
- MARA: raised $2.225B to buy Bitcoin
- RIOT: raised $0.594B to buy Bitcoin
- CORZ: raised $1.085B to finance growth

Is this a problem? If you're a shareholder, yes—your shares are diluted substantially. For the rest of us, not necessarily.

It means miners are financing most of their growth through debt, not profits.

This feels like a big gamble to secure the largest share of the hashrate before a bull run starts. But what if the bull run is behind us?

If the hashprice drops further for a prolonged period (next 6 months), I believe we'll witness unprecedented wreckage.

[floristotle @floristotle]

Really enjoyed reading this! Learned a lot, and gave me a greater appreciation for the invention. Also very suitable for non-bitcoin-fans because of the tech and economics angle. Thank you @AaronvanW

[Nick Parker @NickParkerPrint]

This is a great example of 'stuff only Apple can do'.

They're stuffing logic and an ultra precise capacitive sensor in a grain of rice to get away with shooting invisible, potentially-blinding lasers in everyone's faces without risking any injuries.

Startups can't do that.

[Aaron van Wirdum @AaronvanW]

In return for a loan deal with the IMF, El Salvador had to give up some of its pro-bitcoin policies. It only made the Bitcoin law better.

https://t.co/6zB6zHVJS1

[John Paul Koning @jp_koning]

I've been writing about bitcoin for over twelve years. I just reread everything I've ever had to say on the topic. Here's how my thoughts on bitcoin have changed since my first post in 2012.

👉 https://t.co/faAgmNbMbb

[Bart Mol @Bart_Mol]

The Lightning Network is not perfect.

It is fucking cool though.

[Bart Mol @Bart_Mol]

"Thoughts on all things bitcoin."

Spends the first 70 minutes discussing bonds, obligations, convertibles, equity offerings, leverage, and cash dividends.

Cherry on top: BTC is not a currency, and we should not change it further.

This is what corporate capture looks like.

[floristotle @floristotle]

@Bitcoin_Teddy @MarloesdeK misschien wel leuk voorbeeld voor een artikel?

[Amir Taaki ⛛ @lunardragon420]

I was debanked as a tech founder. I cannot open any bank account in the UK anymore. No explanation was given, just "here's a check, now leave".

Worst yet I'm being harassed at airports. Detained for many hours, questioned and arbitrary restrictions created for me. I was told I'm not allowed to return to my home in Switzerland due to needing a visa. I'm a UK citizen, I don't need a fucking visa plus I'm a legal resident there.

I've also been approached by agents at tech confs trying to get info from me.

We didn't even release darkfi yet and they're playing dirty!

[Herbert Blankesteijn @hmblank]

This #bitcoin buying spree of #MSTR is becoming dangerous. Not healthy if one party owns this much of an asset. Like a monopoly. Will other parties be put off? What if MSTR decides to sell after all? What if #Saylor dies? Sounds like a systemic risk to me.

[floristotle @floristotle]

@marcvanderchijs Makes me feel uncomfortable that he owns more than 1% of the supply.

[Max Gagliardi @max_gagliardi]

Multifamily refi with a BTC collateralized loan 🤯

Bitcoin is changing the way lenders think about underwriting real estate risk

Every asset class is converging to Bitcoin

[Bart Mol @Bart_Mol]

Time to celebrate a new Bitcoin all time high.

Grab a beer, sit down at the fire and enjoy our new anthem.

YANBE - Bitcoin Warriors Dance Tonight

Made with @sunomusic

[Aaron van Wirdum @AaronvanW]

As someone who wrote a book on the origin story of Bitcoin I felt I still had to watch Money Electric— perhaps just to comment on it in a Take. Even watching it for that purpose was a waste of my time.

https://t.co/gGdm7bW0QT

[floristotle @floristotle]

Always this dilemma on X: should I keep following this bitcoiner?

I forgot wat cool things he/she does.

They show up on my timeline with this kind of crap.

[The Kavernacle @TheKavernacle]

The DNC today

[CryptoTaxGuy @CryptoTaxGuyETH]

Enough politics.

Build more censorship resistant privacy preserving software.

Both sides of the aisle will hate it. That’s how you know it’s important.

[floristotle @floristotle]

@Ben_deWaal 😅😂