Primarystorage

20 years structured finance. Not a Bitcoin maxi. Not a TradFi evangelist. Unifying both makes a better financial system.

[Primarystorage @primarystorage_]

@jdorman81 @johnnyutah He could also just try to run a real business for once 😂

[Primarystorage @primarystorage_]

@marc02200 Only 8% discount ? Is overpaying from a time value money perspective- leave the cash in treasuries until the bond comes due and he would have had more money.

[Primarystorage @primarystorage_]

@GlennOnrampBTC First intelligent post regarding this ever. Also what this tells us - is debt window is closed fully. He is getting priced at around 6-9% for bonds right now - because the convert arbitrage has pressed out all the vol yield. No more free money

[Primarystorage @primarystorage_]

@Jackkk So he did a collar trade which has been around since options were invented. The hedge is the collar. Like any wealth advisor sells this trade to long stock holders 😂😂

[Primarystorage @primarystorage_]

@defyneric Plaid layer

[Primarystorage @primarystorage_]

@d_1awrence Covered Calls
Convert Arb
Bases trades
Margin lending

All these still print yield. That’s the yield that used to be in the price, now it’s still their just on a diffrent balancehseet.

[Primarystorage @primarystorage_]

@BitPaine The fact he doesn’t have a custom writing style installed based on the thousands of emails and slacks ect he has written - is honestly kinda concerning.

[Primarystorage @primarystorage_]

@a16zcrypto @SamBroner There are about 3000 financial institutions with a direct Fed Account. Ergo 3000 different dollars. Sending funds from BoA to JP Morgan is LITERALLY swapping diffrent dollars. But it’s priced in the backend via rates. So front end stays stable. Wake up

[Primarystorage @primarystorage_]

@a16zcrypto @SamBroner lol this is actually how TradFi works - sell wells dollars for BoA dollars. That’s is LITERALLY how it works. That’s why we have credit default swaps. And that’s why each bank pays different rate for overnight. 😂

[Primarystorage @primarystorage_]

@ArchLending So you are saying he should sell - given that 2 years of interest is his tax bill.

[Primarystorage @primarystorage_]

What’s so hard to understand?

You look at price not moving, but

Base trade prints
Covered call prints
BTC backed lending prints
Conver Arb Prints

So what used to be in the price is now extract.

BTC implied price - if you stuff all extracted yield back in is like 250-300k

[Primarystorage @primarystorage_]

@techexe really good write up. Just missing two maybe 3 more layers in your analyses and than you have full circle. Good work

[Primarystorage @primarystorage_]

@dotkrueger @IvanOnTech @coffeebreak_YT @nic_carter I am just going to put a date here August 30th 2026

[Primarystorage @primarystorage_]

@tmrohan They still won’t reply to emails

[Primarystorage @primarystorage_]

@itz__aria do you ever check Dms?

[Primarystorage @primarystorage_]

@guilleflorvs He is not automating his job. He removes busy coordination work.

[Primarystorage @primarystorage_]

@TrungTPhan There is still a difference and “price” growth in actual high end jewelry.

[Primarystorage @primarystorage_]

@geoffreywoo Using agents to evaluate startups seems like you would miss out on what’s really original. AI is trained on the average anything that doesn’t fit the model is going to be disregarded.

[Primarystorage @primarystorage_]

@ruggedpikachu If all we worry about is quantum hacking bitcoin. Than you need to finish your thought experiment. Which ends with Bitcoin going higher the moment 1 quantum wallet moves. I wrote about that a couple hours ago.

[Primarystorage @primarystorage_]

@AdamBLiv So you running cover calls and are part of the range trade box. Go naked long to farm premium while capping upside.