Mortally wounded
Lock. Frozen redemptions ? Genesis
Bloodthirsty during carnage?
.
Look at the past?
Cowboys
Go west
The wild Wild West
Bribes
Criminals
Economically murdering people
Don’t be static
Bitcoin is my day job
Emotions?
.
Read and watch the past thing
Cycles
$50M into bitcoin
.
$16,000 a Bitcoin
Take the long view
Less than 4 years, speculator
.
4-10 years not long enough
10+ , 100+ year time horizon
.
Spartan & Stoic Bitcoin Economics
.
75% draw down
.
How people deal with adversity –> stoicism?
Think 100 years
.
Invest in something for 300 years?
.
Attitude –>
BATMAN
.
THINK LONGER
20 years
200 years
.
$500M
Stock to flow
Hardness of a commodity
35 year half life of gold
Non linear mathematics
.
Stock to flow is 0–> bitcoin, 21 million
Stock to flow is infinitely
–> never spend or use your Bitcoin
P goes to infinity
.
Half life of infinity
Not 100 years
Property
2%, 2%-> 4% a year
4/70… 16 year half life
17 years half life
.
Triple net
Supreme Frugaliy
Godlike Frugality?
Theory of monopoly and money
Bitcoin is the monopoly
6%–>? The real cost?
–> they may just take the money and never get it back.
50 years, cost to capital ..
.
$1M, 4.5% interest on 1 year bond
450 basis points
Fail once 50 years
650 basis points
Tax –> 400 basis points after tax
.
The wisdom of fear
.
Real rich people drive Toyotas
.
Toyota over Tesla?
.
Fail every 10 years
.
30% counterparts risk for get paid only 4% after taxes
Buy a negative -26% yield thing…?
Last 3 years?
.
Last Longer!
Bodybuilding and weight lifting still to age 70?
.
No bodybuilder or weight lifter has made it to 70 years old
Clothes for 100 years?
.
Risk of owning equity
… read disclosures
.
Public equity
Amazon is down 50%
10x more risk
Negative real yield of 40-50%
1/2 chance going to 0. In cycle.
Doesn’t understand securities
.
Related party issues
Liquidate or not liquidate
.
Never check prices unless you’re planning on buying?
.
No, zero loan
0
.
Honest & Competent
Loan $0 dollars and $10M
.
Orders of magnitude, 3 orders of magnitude less!
Honesty & competency
.
What is a “token”?
.
Don’t need CEO, marketing or a “hackathon”–?
Token vs Security
Digital commodity –> BTC
.
What’s best for the human race?
.
Do the virtuous thing ***–> not the “right” thing?
Do the manly thing
.
Peer to peer
.
Bitcoin is freedom, Bitcoin is liberty?
Solidified freedom is Bitcoin?