Top .01%
.
The second sons of nobles
The second or third ,,, path forward in the NEW world!
Harder working
4,000 acres make my way.
Need to know basis.
“Not needing to”
99.5% against
Comfortable
4 months, wooden ship, 25% death
20,000 companies,,,, failed, and smashed!
20,000 retail destroyed by amazon and Walmart , hopeless.
Think about finances differently ,,, with Bitcoin
.
Bitwise
Flows to consumers
Subsidize cost of capital
Reflect consumer values
Bring new investors
Never sell your property! ***
Don’t sell your beachfront property!!!
.
5-10 years
Evolution
Securitize Bitcoin ***-> bitcoin treasury company, treasury asset
Offer securities to investors that slice risk volatility and performance off of Bitcoin
Low risk, low performance
.
Life lessons from go karting
Strife, strike,
70, 30 delta fixed income instrument
20-40 vol, 60 vol
Take the leverage of selling those securities –> feed back into the equity
Ignore all the analysts
.
60 vol, 60 performance
90 vol 90 performance equity
90 ARR 90 vol
60 ARR 40 vol, strike
30 arr, 30 vol
.
Equity itself as building block
Derivatives
Things to build upon it
Financial instruments
Do what others cannot do!
What can’t you do?
Pure high octane leverage bitcoin!
High octane!
1.5-2x bitcoin
2x, 200x leverage … option tools?
Everyone gets the amount of volatility liquid risk, they want!
.
$100-400-800
1.6, 6.4T level
.
Same exact structure
6.4T company
Commodity
.
What if you were a $1T company?
Scaleable?
Maintain a balance
.
Investing wrapper
Levered vehicle structures
.
Risk preferences seek yield
Humans can verify truth
.
Balsa wood
.
Impossible to feel rich or BE rich in America
Why?
Cost,,, !
.
“un-sexual”?
.
The composition of man and woman are different!
.
Rubber bands?
Levered on
Token , not a commodity ***
Don’t lever up on proprietary tokens
A lot of people will die!
Put leverage on STEEL! Doesn’t deflect
Bitcoin is digital steel
Doesn’t deflect , $10B $100B leverage
.
10,000 years … nothing better than steel?
98% applications good
The rubber ship
Hurricane and snaps in half ,,, “never did that before!”
God gave you the answer! Or insist on being different?
Keep the steel , pick a different innovation!
.
Sufficiently decentralized and global
0 to 1
.
Fog lights ,,
100% long term capital into Bitcoin
Working Capital fiat currency
Long term capital –> Bitcoin
Red and blue
.1% are good
Fake cop?
Run the monopolies? Everyone else struggles
How to find a monopoly?
Bitcoin is the crypto monopoly!
Bitcoin is the only crypto
.
P&L — > balance sheet
99% to succeed on balance sheet ! ***
99% to fail in operating business Fiat standard
Don’t dismiss balance sheet!
.
INVERT to fix!
Play DEFENSE with P&L
.
borrow money against, 10-100x!
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Financial engineering
.
What to pray for?
Bitcoin standard company
Bitcoin standard individual
.
Avoid re-hypothecation no layer 2?
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Technical and security issues
Sell equity at a premium ***
3x NAV, sell dollar bills for $3 all day, risk free money printer
.
High optionality public equity
Lowest risk way
$500M order , in 20 minutes!
Scale be slower ..,?
Wrapper
$10T of Bitcoin backed bonds
Complain –> too simple?
.
Very complicated ideas that don’t work! ***
Sell the covered calls?
Custody issues?
Convenient compliant simple
Solve very simple ideas! ***
Buy the upside without the downside, convertible bonds
Why wouldn’t you buy it? 
.
Do what is working!
High beams
.
The biggest no brainer
Become capital attractive
How to become more attractive?
.
Unlimited upside, no downside?
.
$15×30… $450 a month unlimited?
$15 a month?
Courage test?
.
How to become more courageous
.
No risk of injury to atlas lift and rack pull
.
No risk to elevated trap bar rack pull
.
Resign ***
Re-resign
.
Supportive board
Do you want to win or just NOT LOSE? –> give up the chance to win!
.
.
Just keep buying!
5% supply, 7.5% of supply, $10M a coin
10%, $50M a coin … $400T of wealth
Ratchet keep cranking and massive leverage here!
Everyone is winning!
$12B BTC yield
…
PRODUCTIVE is like earnings!
100 acres of manhattan you put buildings on it
.
Heroic king, father of independence
Territorial integrity and unity of the Khmer nation
.
Use as collateral
$100B a year revenue?
.
Security risk
What NOT to innovate?
.
Everything to gain nothing to lose
.
The philosophy of life & winning?
.
I don’t agree ***
Gold is not a medium of exchange
$300T real estate not means of exchange
Walk AGAINST the stream!
.
3-5% a year money getting destroyed
Debasement tariff war, chaos entropy
$10T a year lapse
WIDER boulevards!
Wealth creation must be volatile!
.